A&L Stoozing
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PJH_2
Posts: 13 Forumite
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?
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?
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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?
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.0 -
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......under construction.... COVID is a [discontinued] scam0
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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."Sometimes life sucks....but the alternative is unacceptable."0
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