Is it possible to cancel A&L Premier Current account and re-open later?

bgscotty

Hello.

I'd welcome a little advice...

I've decided to cancel my A&L Premier Direct current account (4.5%) and move to the Halifax (6.1%).

Is it possible to re-apply, after a certain period, for another A&L Premier Direct current account (currently at 8.5%)?

Also related to this, if successful, does it mean I would be eligible for the linked ISA (currently 10%)?

Or is this all more trouble than it's worth??!!

Thank you in advance.

BG

YorkshireBoy

bgscotty wrote: »

I've decided to cancel my A&L Premier Direct current account (4.5%)...

If you're out of your introductory period, and at BOE - 1%, it's currently paying 4.00% AER.

Is it possible to re-apply, after a certain period, for another A&L Premier Direct current account (currently at 8.5%)?

Yes, I've done this myself. The 'wait' is 3 months from account closure (which may be 2 weeks or so after you make the call, so check your credit reports/ask them for the exact date of closure).

Also related to this, if successful, does it mean I would be eligible for the linked ISA (currently 10%)?

The 10% ISA is linked to the lower interest paying Premier Account isn't it?

Or is this all more trouble than it's worth??!!

You can make your "trouble" more rewarding by applying via a cashback site (£50) or refer-a-friend scheme (£25 [or more]).

Milarky

Also related to this, if successful, does it mean I would be eligible for the linked ISA (currently 10%)?

It does not seem to be allowed by the terms on the ISA offer - that is you must not have held any A&L current for 3 months prior to applying. Also, you can't simply wait 3 months, apply for the Premier Account and ISA, then apply for the Premier Direct Account since the PD terms don't allow you to have held either account within 3 months. So with A&L you have to choose which goodies you want:

ISA 10% of up to 3,600 + interest free overdraft (500?) for one year

£360 plus c. £24 net = c. £384

Premier Direct 8.5% of up to £2500 for 15 months

£170 net plus c. £69* net = c.£239

This consists of: extra 3mths @ [8.5%-6.17%] differential interest over next best current account offered by Halifax beyond the 12 months: £14.50 gross - £11.60 net - - £1100 [xtra amount required to be kept in ISA] @ 6.5% fixed for 12 months: £71.50 gross - £57.20 net -- total £88.80

So the ISA option (if it is available) is hands down better. In either case, however, the returns are very good and it would be worth the trouble to the majority of poster on these boards to go for either option IMO