A&L current account / regular saver

AddictedMoneysaver

I'm in the process of setting up a few regular savers accounts (as per the advice in Martins fountain savings method) and noticed A&L have one which offers 12% gross AER but you need to have a Premier Current account and the t&c on the account state you need to have your main income paid into the account - a minimum of £500 per month.

Now my question is - I'd rather keep my bank account with Halifax as my main account as my mortgage is also with them, but am I right in thinking I could transfer £500 into the A&L account on the first day of each month (when I get paid) and then transfer it straight back out into my Halifax account to meet the criteria?

For anyone else thinking of doing this you can also get £50 from quidco for opening the A&L account and the account comes with Free annual European travel insurance which sweetens the deal a bit

debbie42

I did something similar a while back, with a slightly different offer, but a Premier Direct current account. I didn't transfer my normal banking across. I never did, actually, as I didn't prefer the A&L account to my existing one, but the offers were good.

davidlee

AddictedMoneysaver wrote: »

Now my question is - I'd rather keep my bank account with Halifax as my main account as my mortgage is also with them, but am I right in thinking I could transfer £500 into the A&L account on the first day of each month (when I get paid) and then transfer it straight back out into my Halifax account to meet the criteria?

I would go for the 2nd one.

tiggerpud

I'm quite interested in this offer - will this work then...?

Transfer £500 into Premier Current Account each month of which £250 then goes to the 12% Premier Regular Saver each month. Move the surplus £250 back to my usual current account then start again next month. i.e £500 in - £250 to Reg Saver and £250 back....

I've read the terms and it seems to be OK but knew you guys would know for sure!

Oh I will also go via Quidco for my extra £50!

Thanks

Lesley

Mickey_Monk

As long as £500 goes into the account every month it doesn't matter how long it stays or who it goes out to.

I did this for the 10% ISA a couple of months ago.

I still have my Nat West account. I haven't transferred any D/Ds or S/Os across to A&L.

I have my salary paid in each month and the same day I manually BACS it to my Nat West account. It just means I don't get my salary for an extra 3 or 4 days.

wooders

How does the interest work on this

I'm assuming the £250 is in the savings part at 12% GOT THAT!
But arent A&L current accounts running at 8.5%??

Maybe confused but why would anyone keep the natwest account? aparts from the hassle of moving dd and so etc

wooders

Another question please

Would £3000 over the year at £250 pm be better of in

a) this A/L savings account 12% (with 40% and 20% taxes)

OR

b) paid into an isa at say 6% (no tax)

Or is there another, better way

ta

YorkshireBoy

wooders wrote: »

I'm assuming the £250 is in the savings part at 12% GOT THAT!
But arent A&L current accounts running at 8.5%??

The 12% regular saver is bundled with the lower paying Premier current account...not the Premier Direct, which is the one that pays 8.5%.

Maybe confused but why would anyone keep the natwest account? aparts from the hassle of moving dd and so etc

'Time with bank' is one of the main stability factors in credit scoring.

YorkshireBoy

wooders wrote: »

Would £3000 over the year at £250 pm be better of in

a) this A/L savings account 12% (with 40% and 20% taxes)

OR

b) paid into an isa at say 6% (no tax)

The return over a year would be higher in the regular saver. It may not be the best option long term though.

babe_ruth_3

For anyone else thinking of doing this you can also get £50 from quidco for opening the A&L account and the account comes with Free annual European travel insurance which sweetens the deal a bit

Is quidco better that the recommend a friend deal from a&l?

YorkshireBoy

babe_ruth wrote: »

Is quidco better that the recommend a friend deal from a&l?

Depends if you're an existing Quidco user or not.

If not, then you'll lose £5 of your £50 in fees, leaving you with £45.

There are people on the referrers board who will rebate £20 of their £25, meaning you also get £45 through the RAF scheme...and possibly sooner.

If the Quidco transaction doesn't track, or there are other problems, you could get nothing!