A&L Premier Direct - interest rate less than 1%

ginvzt

My A&L Premier Direct account just switched to less than 1% interest from what was 6.5% until May. And annoyingly I can't open a new premier direct account with them as I already have one!!!! That means, I need to switch my bank again!!!!!!

I am changing job in June, so will have to wait until then to switch it as I already provided new company with my account details for the salary to be paid...

Oh well, need to choose better next time... So, what is the best account to switch to? I will have my salary transfered to it and then 2/3 of it will be transfered into joined account for 'household' expenses.

roddydogs

ginvzt wrote: »

My A&L Premier Direct account just switched to less than 1% interest from what was 6.5% until May. And annoyingly I can't open a new premier direct account with them as I already have one!!!! That means, I need to switch my bank again!!!!!!

I am changing job in June, so will have to wait until then to switch it as I already provided new company with my account details for the salary to be paid...

Oh well, need to choose better next time... So, what is the best account to switch to? I will have my salary transfered to it and then 2/3 of it will be transfered into joined account for 'household' expenses.

Explain-how are you now getting less than 1%? are you confusing it with "B of E rate less 1%?

ginvzt

roddydogs wrote: »

Explain-how are you now getting less than 1%? are you confusing it with "B of E rate less 1%?

Sorry!!!!! yes, you are right - it is BoE rate less 1%. Ok, so it is not that bad - 4% at the moment. But it is so annoying knowing that new customers are offered 8.5%!!!! I am actually getting quite fed up with A&L treatment for old customers.

roddydogs

ginvzt wrote: »

Sorry!!!!! yes, you are right - it is BoE rate less 1%. Ok, so it is not that bad - 4% at the moment. But it is so annoying knowing that new customers are offered 8.5%!!!! I am actually getting quite fed up with A&L treatment for old customers.

yes, but the 8.5% is only for 1 years also!

roddydogs

roddydogs wrote: »

yes, but the 8.5% is only for 1 years also!

best thing is to close your a/c, wait 3 months, join again thru Quidco, or get a friend to recommend you, get £25 each, start again with 8.5% for i year, or whatever the offer is then. use it as a savings a/c- you can always put in £500, then withdraw it.If you use it as a current a/c, theres of course all the mucking about with D/Ds and the like.

jacksons_mum

roddydogs wrote: »

best thing is to close your a/c, wait 3 months, join again thru Quidco, or get a friend to recommend you, get £25 each, start again with 8.5% for i year, or whatever the offer is then. use it as a savings a/c- you can always put in £500, then withdraw it.If you use it as a current a/c, theres of course all the mucking about with D/Ds and the like.

i like your idea about using it as a savings account, but will it not require your work details and your salary to be paid into it in order to sign up?
do you think i could get away with just transfering the £500 from my A&L savings account each month then transferring it back out again?

YorkshireBoy

jacksons_mum wrote: »

i like your idea about using it as a savings account, but will it not require your work details and your salary to be paid into it in order to sign up?

If you enter "employed" on the form you'll be expected to enter your employment details. However, it's not necessary to pay your salary in.

do you think i could get away with just transfering the £500 from my A&L savings account each month?

No. Has to be 'new' money.

jacksons_mum

thanks, what do you mean by new money? do you mean not from another A&L account?

KTF

Yes, the £500 has to come from a non-A&L account. You can transfer it over then transfer it out again if you want though.

Marked_3

Hi ginvzt
I was in a similar position to you a few weeks ago in that the rate on my Premier Direct account was cut. However after phoning to close my account I was switched to their 8.5% account.

I called A&L on 01162011000 - which is their head office apparently - asked to close my account and was transferred to the appropriate department. When asked why I was unhappy and wanted to close I said that I wasn't unhappy with the service but that I could get a better rate elsewhere so had no intention of keeping the account open as a result. They then suggested that they could switch me to the 8.5% account - which I was happy with - so I agreed and a few days later it was all setup with no need to change card cheque book etc. (should be noted that all money was moved out of the account prior to calling as this may have affected their decision making).