A&L Premier 21 - 10% AER

CannyJock

Have been asked to recommend an account for a 16 year old. Best one I can find is the A&L Premier 21, 10% AER.

Sounds too good to be true. Is only on first £ 1000, but even so, great rate and opens up access to a 10% ISA.

Any catches on this current account that I can't find in their T&C's ?

EDIT: Scratch the ISA, drops from 10% to 6.25% on 1st June

System

CannyJock wrote: »

Have been asked to recommend an account for a 16 year old. Best one I can find is the A&L Premier 21, 10% AER.

Sounds too good to be true. Is only on first £ 1000, but even so, great rate and opens up access to a 10% ISA.

Any catches on this current account that I can't find in their T&C's ?

The two that I can see are that £250 needs to be paid in per month, depends if he/she has a job or lots of pocket money! Also, everything has been to done online, from what I can see.

Th next best are Nationwide's Smart Account and Clydesdale Cybersave. The former has a cashpoint card and the latter a Maestro debit card.

If he/she needs direct debit access, LloydsTSB have an under19's account.

CannyJock

Heng_Leng wrote: »

£250 needs to be paid in per month

Can't see any reference to this in their legals: http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-legals#p21

YorkshireBoy

CannyJock wrote: »

EDIT: Scratch the ISA, drops from 10% to 6.25% on 1st June

Yes, but 1st June 2009.

CannyJock

Ah. Remind me to drink more coffee before posting. Cheers for that.

System

CannyJock wrote: »

Can't see any reference to this in their legals: http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-legals#p21

I can't see it either. Scrap that, must have been too early for me, before my cup of tea.
:rotfl:

On the plus side, they can use the Post Office to pay-in cash with their A&L Debit card.

YorkshireBoy

It did have a £250 per month funding requirement when it was launched last April. Not sure when that was removed, but maybe that's where the confusion came from?

http://www.alliance-leicester-group.co.uk/upload/pdf/PR2404071.pdf

$"£!$&^*"$!&*(

YorkshireBoy wrote: »

It did have a £250 per month funding requirement when it was launched last April. Not sure when that was removed, but maybe that's where the confusion came from?

http://www.alliance-leicester-group.co.uk/upload/pdf/PR2404071.pdf

just recently, i actually cancelled my account because of the funding limit, but may re-open one again soon.

Dave_Q

I rang them yesterday and they confirmed that there is now no minimum monthly funding requirement.