Alliance and Leicester

YorkshireBoy

superstar wrote: »

Can you explain this more?

Like any current account application you'll be credit scored. If your income (you said you had a student account?) is small they may not give it to you.
After all, I assume they're looking for new money, not recycled money which, by the way, does satisfy the funding requirement.

chesky369

"I can't afford for it to wind up (i know you will get it back, but when, how long? nobody knows) - What am i going to do till then>? These are the issues i need to think, IMO."

You can't live your life with absolutely NO risk - it just ain't possible. You have to take sensible precautions (i.e. the 35k rule). As Alastair Darling recently proved, this government is unlikely to let a UK bank go down the drain. However, none of these things is impossible. In the EXTREMELY unlikely position of your bank going tits up, then the UK financial authorities will shell out. We don't know exactly how this will happen, which is yet another reason to not put all your eggs in one basket, regardless of the 35k limit anyway, since it might take some weeks. In these circumstances, if a major UK bank goes bust, then our individual accounts (which will eventually be refunded) will be the least of our problems.

superstar_2

I realised that the HBOS HICA account only pays 6.17% for balances up to £2500. So, can i pay in say £1000 a month by standing order and keep my balances up to £2500, then withdraw £1000 back so that when the next standing order is paid in, the balance does not exceed £2500.

Does that make any sense?

debbie42

Where are you transferring the money to/from?
I do pretty much what you are suggesting with the Halifax, but it's my main current account so gets a lot of throughput anyway. I do make sure that I don't exceed the 2500 in the current account, and if I have more than that it gets shifted (temporarily) into a web saver.

superstar_2

debbie42 wrote: »

Where are you transferring the money to/from?
I do pretty much what you are suggesting with the Halifax, but it's my main current account so gets a lot of throughput anyway. I do make sure that I don't exceed the 2500 in the current account, and if I have more than that it gets shifted (temporarily) into a web saver.

Debbie42
Yeah, I think we are in the same boat. It would be through my web saver account. Does the balance include £2500 or up to £2500 which is £2499? Not that £1 matters, but just to clarify this fine prints.