A&L Stoozing

PJH_2

I am now at the end of my A&L 0% overdraft so will be charged the 50p a day (up to £5) that they have just brought in, for me this is a nightmare because i only use my overdraft at the very end of the month, going into it by no more than a few quid for a few days - therefore i will pay a very heavy penalty.

I'm prob going to move to Abbey, but i was wondering if it is worth using my full A&L overdraft to stooze? I could transfer my full overdaft of £2000 into a ICICI 6.4% account and as long as i paid £5 each month into my A&L the overdaft would just tick over.

I would be paying A&L £60 a year but i think i would be making about £100 in interest - not a brilliant payback but it's pretty hassle free. Maybe i could try and increase my overdraft before i move accounts?

My only issue is - i will no longer be paying my salary into A&L so the only movement of money would be the £5 pay in, per month. Would A&L pick me up on this or would it be hassle free?

YorkshireBoy

PJH wrote: »

My only issue is - i will no longer be paying my salary into A&L so the only movement of money would be the £5 pay in, per month. Would A&L pick me up on this or would it be hassle free?

I would imagine they'll pick up on it, and want to reduce/withdraw the facility.

You ask "would it be hassle free?"...have you factored in the requirement to fund the account with (at least) £500 per month to avoid the £5 per month underfunding fee?

Personally, I'd close the account and re-apply in 3 months time as a new customer (which I'm about to do ). Using one of the people on the referrer's board to refer you will mean you get a much easier £80/90 (if the incentive is £40/50 each). Then, if you want, stooz the new overdraft because, as a new customer, you'll avoid the £5 per month overdraft usage fee.

Milarky

YorkshireBoy wrote: »

Personally, I'd close the account and re-apply in 3 months time as a new customer (which I'm about to do ). Using one of the people on the referrer's board to refer you will mean you get a much easier £80/90 (if the incentive is £40/50 each). Then, if you want, stooz the new overdraft because, as a new customer, you'll avoid the £5 per month overdraft usage fee.

You also get the linked 12% regular saver or the (less attractive) 6% intro plussaver rate depending on which current account you open. There is nothing to stop you opening both but the 'recommend a friend' can only apply to one. The way around that appears to be to apply through Quidco for the Premier account after being accepted for the Premier Direct account by A&L directly - £40 RAF/Premier Direct and £50 Quidco/Premier/12% Regular Saver

russetred

I'm curious does this mean Hubby could close his A&L current account then in say 3 months I could refer him for the premier direct account and we both get the incentive.Then he could apply via quidco for the premier with the 12% reg saver.That would be great as he is not going to have a salary to pay in the £500 for a couple of months.