Most Cashback on Current Account

BigSammyA

Hi All

Myself and a friend are buying a house, and so will nedd a joint current account to put funds into to pay the mortgage, bills etc. We don't care about the interest rate really as money will go in by standing order, then more or less go straight back out. We're therefore looking for an account with the most cashback / incentives.

A+L (who we're probably gonna go with for the mortgage) said they could offer a joint current account that gave £250 cashback once opened, and also gave 3% if over £600 goes in a month, 5% if over £1000 went in each month.

Has anyone seen any better cashback / incentive offers?

Ta

newfoundglory

With £250 cashback and 3% for over 600 a month, I cant you see you getting a better deal anywhere else!

Some other providers will pay more interest that 3% for less a month, but the £250 seems to be very worthwhile. You could open that account, pocket the 250 then switch to a better deal at the later date.

BigSammyA

Yeh, I thought it looked pretty good too.

I've checked online and they seem to be offering just £25 cash back, but their mortgage guy definitely said £250 cashback, and that it wasn't linked to the mortgage deal (ie anyone could get it).

Dont think there are any tie-ins either, so as you said, switching to a better deal once you get the cashback could be the way forward!

I'll update if / when we go ahead with it...

M_Thomson

BigSammyA wrote:

Yeh, I thought it looked pretty good too.

I've checked online and they seem to be offering just £25 cash back, but their mortgage guy definitely said £250 cashback, and that it wasn't linked to the mortgage deal (ie anyone could get it).

Dont think there are any tie-ins either, so as you said, switching to a better deal once you get the cashback could be the way forward!

I'll update if / when we go ahead with it...

I think he was mistaken. I would imagine that he meant £25 rather than £250. If they offered £250 to everyone they would have a stampede at A&L!!!

BigSammyA

Hmmm

Does seem a bit too good to be true.

Spoke to my mate who was in the meeting, and he deffinitely recalls him saying £250 too. Will have to check the leaflet he gave us on it.

newfoundglory

I'm sure I remember reading something about how its possible to get £125 out of A&L? (or maybe it was another bank!)... since £250 is £125 x 2, I guess that perhaps the guy meant 125 each making a total of 250?

MarkyMarkD

No.

The £250 is an extra mortgage cashback for people with an A&L Premier Account, or an existing A&L mortgage. We just got it.

BigSammyA

Ah, thanks.

Do you have to pay for the premier account?

Gonna prob go with the A+L mortgage / current account combo but don't wanna have to pay a monthly subscription for the current account, despite £250 cashy-B...

grumbler

BigSammyA wrote:

Do you have to pay for the premier account?...

No. However, minimum monthly credit is required: £500 for Premier and £1000 for Premier Plus.
http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=home&ct=primarymenu
If each of you open a single account (not a joint one) you can have £200 in total only for opening accounts: 2x£25 for opening online or by phone and 3x£50 for recommending and being recommended.

Best Current Account article.

If needed, later you can close one of two accounts and trasform the other one to a joint accout. I think (not sure) £250 for taking a mortgage can be an extra to the above £200 if you do everything correctly.

jo_b_2

MarkyMarkD wrote:

No.

The £250 is an extra mortgage cashback for people with an A&L Premier Account, or an existing A&L mortgage. We just got it.

Is this credited when you take out another mortgage deal with A+L? I have both a Premier Plus account and a mortgage with A+L, fixed rate due to end in Nov.

Assuming the offer is still running in Nov, would I get that cashback simply for taking out a new mortgage offer?