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10% on ISA on alliance&leicester

A&L are opening this, when u open a current account, u have t fund it with 500 GBP every month(no need of salary to be put in), u can set a two way transfer from ur a/c and back!, also they can offer upto 2500 overdraft interest free for 12 months + 5 pounds/per month after that for overdraft chargeno other interest.
Also u can put 2500 in the current account and earn 8.5% gross on it, however dont put any more than that as u dont any interest on the money in excess of 2500.

Comments

  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    saver1234 wrote: »
    A&L are opening this, when u open a current account, u have t fund it with 500 GBP every month(no need of salary to be put in), u can set a two way transfer from ur a/c and back!, also they can offer upto 2500 overdraft interest free for 12 months + 5 pounds/per month after that for overdraft chargeno other interest.
    Also u can put 2500 in the current account and earn 8.5% gross on it, however dont put any more than that as u dont any more interest after that!!!!

    A couple of points:
    • According to the rules, you DO need to have your salary paid in if you want the 10% ISA. I personally can't get my salary paid in to their current account, so have had to call them up and ask for an exemption from that rule, which they've agreed to
    • The current account that gets you the 10% ISA comes with about a 2.5% credit interest rate, not the 8.5% one.
    Still something I'm happy to apply for, but there are some catches, as I've just shown!
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Mikeyorks
    Mikeyorks Posts: 10,380 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Aegis wrote: »
    The current account that gets you the 10% ISA comes with about a 2.5% credit interest rate

    It's actually lower than that ..... at 1.5% :

    http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-credit-interest&ct=curracchome

    There was someone recently reporting they had been given the 8.5% account with the 10% ISA ........ but that certainly doesn't accord with the website / Branch offers.
    If you want to test the depth of the water .........don't use both feet !
  • Aegis
    Aegis Posts: 5,695 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Mikeyorks wrote: »
    It's actually lower than that ..... at 1.5% :

    http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=prem-credit-interest&ct=curracchome

    There was someone recently reporting they had been given the 8.5% account with the 10% ISA ........ but that certainly doesn't accord with the website / Branch offers.
    My bad. I was only applying for the ISA though. Don't really care about the current account rate, as I plan on keeping it overdrawn!
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Mikeyorks wrote: »
    There was someone recently reporting they had been given the 8.5% account with the 10% ISA ........ but that certainly doesn't accord with the website / Branch offers.
    I seem to remember someone redesignating their Premier account a Premier Direct account. Maybe that was it?

    Dangerous game if the ISA interest is reduced at payout though. :eek:
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