A&L 5% interest account

susy_2

Murray wrote:

Thanks for this info!

I would like to open 2 of these accounts, 1 for me and 1 for my partner. Does anybody know of any reason why we cant recommend each other? I cant see anything in the T+C's saying that we cant but it does seem a bit too good to be true!!

I have copied this from their site, (hope that's ok) don't know if it's of any use or if it applies to the PP account.

Who can apply for an Online Saver?
You can apply for an Online Saver if you are a UK resident, aged 18 or over. Accounts can be opened in single or joint names but you can only maintain one account per person. If you decide to open a joint account you cannot also maintain another account in your name, sole or joint.

Murray

Hi susy, I was really just refering to the recommend family/friend offer.

We are going to open an account each (not a joint) & I wanted to know whether we could be cheeky and recommend each other so we get £100 each!! (+£25 for opening online +£25 for taking out the credit card)

I think its unlikely but just wanted to check whether any other MSE's had experience of this.

susy_2

There's nothing wrong with being cheeky. (Being cheeky has saved me a lot of money, on the basis of - if you don't ask, you don't get). They can only say no. Go ahead and ask them! Good luck.

isasmurf

Milarky wrote:

The best 'revenge' is to use A&L's online saver account [5.35%] - linked to the PP bank account - to hold your 'stoozed' [in the credit card parlance] overdraft.

A word of caution - A&L's Online saver has dropped out of Moneyfacts "Best Buy" tables. which either means they are dropping the interest rate or closing it to new customers or both!

davidcampbell

Milarky wrote:

A really good feature is that everything done online is retained after a session had ended [with other banks it gets wiped clear after logging out] and remains permantly viewable - or at least with a very long retention period. This I haven't seen anywhere else but is invaluable if you as the customer want to query a past action - or check later on what you have done.

that is a fantastic idea. well done A+L. i havent seen it elsewhere either milarky. this defientely will win them a few points when im deciding on who gets my new current account.

DC

Milarky

susy wrote:

Thanks Milarky. I hadn't really looked at their savings account, but I have now which raises more questions.

1) I don't really understand why you have to have a current account connected with the savers account? Does this mean you cannot put cash into the savers account or take cash out? If I wanted to make a withdrawal from the savings account, would I have to transfer from the savings account into the PP account and then withdraw the cash from that account and would this be instant? What you said made it sound like that, but it seems a long way around things.

2) If the savers account pays more than the PP account, is it worth moving the money back and forth at all?. Should I just open their basic current account, connect it to the savers account and just use it for 'stoozing'?

3) Do I open the PP account or other A&L account before applying for a savers account?

1) It's simply a condition of how the Online Saver works that it must be linked to a current account as only the method for paying in or withdrawing. The account number itself is eleven digits long so doesn't seem to conform to the 'eight digits plus sort code' format needed to credit it from any 'non-linked' bank account [i.e. via a 'BACS payment']. With other accounts which work like this one [eg ING Direct] you can still credit money yourself but this won't work here... The only advantage of linking it to an A&L current account is that the transfer carried out 'internally' and is instantaneous, whereas with an existing bank account paying money in and out must be done by the direct debit method instead [just like ING Direct] will be subject to a delay of at least two working days. So if you don't mind an account that works like the ING you can stick with the bank account you've already got, but if you prefer instant credits and debits, you need to get an A&L current account too. [NB ING allows upto 3 bank accounts - in your name - to be linked whereas Online Saver only allows one account]

2) Moving money back and forth [via an over-the-counter cash 'withdrawal/deposit'] is only done in order to meet the monthly minimum credit requirements on the A&L bank account held, nothing to do with how the Saver account works. There is a daily limit - of £250 I think - to these withdrawals however. Given this, you might prefer to get a 'Premier' [£500 required] account instead of a 'Plus' [£1000] account, and use that in combintion with the Saver account instead. Keeping [nearly all] the interest free overdraft on the bank account in the Saver account most of the month is still an object of all this tooing- and -frowing of course.

3) Not necessary, since you can open the account without having to have any current account with A&L

madfrenchgirl

ok they are stupid ***edited***!!!

They are refusing me for:

1) i do not appear on the electoral lists for at least 5 years
2) they cannot trace me into their database for credit hisotry cos the Lloyds is not part of it

I kept on explaining to them that i had been a full UK resident for the past 3 years, and that I was not reponsible for the lloyds not being in their stupid database but they just did not care. Guess I am stuck with the Lloyds. Shame cos the A&L credit card was quite good!

Any idea anyone!?

ioscorpio

I already have a Premier account, if I apply for a Premier Plus account will I still get the £25 bonus

grumbler

iomexico wrote:

I already have a Premier account, if I apply for a Premier Plus account will I still get the £25 bonus

Premier Plus Current Account Important Information :

'...
5. ...This offer does not apply to existing Alliance & Leicester current account customers opening a new account or upgrading their existing current account.'

Milarky

True, Grumbler, that is what it says. But I upgraded without expecting anything to be paid and thay still credited the account with £25. Nice surprise!