We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
alliance and leicester new acount overdraft question
sketch_2
Posts: 2 Newbie
Hello people!
I have recently opened an Alliance and Leicester premier direct acount on the recommendation of this site. This is because i have an overdraft of £2000 with my old acount which is costing me £20 a month in interest. A&L overdrat is interest free for the first year. I earn around £800 a month and am always overdrawn usually by the maximum £2000 by the end of the month.
My problem is this: i have just found out on the phone that i am to provide a bank statement from my old bank and that this should show me to be in credit at some point (i forget the exact rule, i will find this out) but the point is i am never in credit! oh dear! It seems like a waste of time even opening this new account. I'm sure also that nowhere did it say that i must be in credit.
Any advice or tips on what i should do much appreciated. I'm quite nw to all this money saving stuff!
I have recently opened an Alliance and Leicester premier direct acount on the recommendation of this site. This is because i have an overdraft of £2000 with my old acount which is costing me £20 a month in interest. A&L overdrat is interest free for the first year. I earn around £800 a month and am always overdrawn usually by the maximum £2000 by the end of the month.
My problem is this: i have just found out on the phone that i am to provide a bank statement from my old bank and that this should show me to be in credit at some point (i forget the exact rule, i will find this out) but the point is i am never in credit! oh dear! It seems like a waste of time even opening this new account. I'm sure also that nowhere did it say that i must be in credit.
Any advice or tips on what i should do much appreciated. I'm quite nw to all this money saving stuff!
0
Comments
-
You need to be in credit for a few days each month to qualify for the A&L free OD. I think it is 2 days, but others will know better.
Check martin's article on bank accounts.If you've have not made a mistake, you've made nothing0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards