Alliance & Leicester 12% Premium Regular Saver

emberto1946

Hope I'm posting this in the right place - bit new at this.

My salary is paid into a Halifax High Interest Current account paying 6.17%. I pay £250 per month into a Halifax Regular Saver paying 7% as does my wife.

If I open an Alliance & Leicester Premier Current Account and pay £500 into it by DD from my Halifax account, can I then transfer 2 x £250 (1 for my wife and 1 for me) into two of their Premier Regular Saver accounts and get free travel insurance to boot. I would effectively clean out my Alliance account each month but can't see anything that says I have to maintain a minimum balance?

LittleVoice

For the straightforward 12% saver, you can have only one - linked to the A&L current account. You can't have two. (Though if you took out a Legal & General insurance product, you can also have a 12% saver.)

If you want an account for your wife, the easiest thing is for her to open an A&L account too. (Do this on the Recommend a Friend basis and you both get £25 for your trouble.)

There is no minimum balance on the account. Only requirement is that you pay in a total of £500 in a month - not necessarily in one deposit. You can send £250 straight back to your Halifax account if you want.

emberto1946

Thank you LittleVoice. This shows what we "amateurs" can learn from the experienced "experts" who frequent this site.

CannyJock

I bit on the last A&L 12% hook a year ago and did exactly what others have mentioned, set up a fixed number of standing orders to pay in £ 500 per month for twelve months from a non-A&L account. Then set up matching standing orders with A&L to transfer £ 250 back to my non-A&L account, leaving a £1.00 balance.

My account matures in 10 days and I'll be saying thankee very much and taking my money out until the next time a good offer comes along.

Maybe a difference in the marital status, but my partner has done the same and she wasn't blocked, it's per person not per household. We also did the recommend a friend thing a year ago where I got £ 50 for recommending her and she got £ 50 for being recommended. The £ 100 was paid 8 weeks after the account was opened and technically could have been closed after that.

munk

If you do go with the A&L premier current + regular savings setup, it's worth noting the following:

• Quido offer £50 cashback if you sign up for the A&L account via their site.
  
• The A&L Premier Direct current account (internet only version of the premier current account) offers 6.5% for 12 months on balances of up to £2500 and you can still continue the 12 months 12% regular savings with it - well worth it (figures were correct a few months ago, fairly sure they're still the same but check to be sure). As such it's worth keeping £2500 in the Premier Direct account to earn as much interest as possible.

You still have to go through the rigmarole of transferring £250/500 as described above to avoid paying the monthly funding fee, but it's not much of a hassle once a month (or just set up DDs to do it automatically like above).

knights

munk wrote: »

If you do go with the A&L premier current + regular savings setup, it's worth noting the following:

• The A&L Premier Direct current account (internet only version of the premier current account) offers 6.5% for 12 months on balances of up to £2500 and you can still continue the 12 months 12% regular savings with it - well worth it (figures were correct a few months ago, fairly sure they're still the same but check to be sure). As such it's worth keeping £2500 in the Premier Direct account to earn as much interest as possible.

I didn't think you could have a 12% regular saver if you have an A&L current account, or indeed if you have had one in the previous 3 months.

I believe it has been discussed on this site, probably on the 'Best Regular Savers', board when the wisdom has been, (if you want another regular saver), you have to close down all the accounts, wait 3 months and then apply again, (assuming it is still available). You then have to open the relevant current account as well etc.

regards

munk

knights wrote: »

[/LIST]I didn't think you could have a 12% regular saver if you have an A&L current account, or indeed if you have had one in the previous 3 months.

I assumed that the OP understood he can only open a single a&l premier current account as detailed in the posts above (like in LittleVoices post above ). Like you say you can only have one premier linked regular saver account running at a time per person and only if taken up as part of a new application.

jeanssis

Hubby & I have a joint current A&L a/c which we opened some time ago really just for the purpose of getting the free annual worldwide travel insurance each it was then if we transferred £1,000 monthly into the a/c.

Now they've changed it. We get European travel insurance for us both, which is fine as we have a Spanish home too & we need only £500 monthly to be transferred.

I've been reading posts & am confused now as to whether I could use the 12% offer now.

chesky369

If they give you a free overdraft facility for a year, then that's an added bonus - you can plunder this and save it which adds up.