8.5% A&L Premier Direct current account for existing account holders - it's possible!

Ike1

Hi -

After putting up with a paltry interest rate on a Premier Direct current account that I opened a couple of year ago, I decided that it was time to close the account and re-open a new account in 3 months to get the new 8.5% rate.

However, when I called A&L to close the account this afternoon, they offered to switch it to the 8.5% rate without the need to close the account. The whole thing will be sorted by next week!

I thought that others of you in a similar situation would be interested to know!

Ike

YorkshireBoy

...they offered to switch it to the 8.5% rate...

For how long?

Ike1

The 8.5% rate is fixed until the end of April 2009 (on balances up to £2,500). The rate will then revert to 1% below the B0E rate. However, I'll be planning to switch again when the rate drops! More info at: http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=premier-direct&ct=HomepagePremDirectTextSecondaryRight

james10999

You've missed the trick there I'm afraid!

I got offered this deal as well when I phoned up, but I continued to close the account for one simple reason:

You got £50 - £55 cashback via cashbacksites when you sign up for A&L after waiting 3 months from the closure of the accounts as a new customer. You can also earn more by putting in a referral request which I believe there is further help from the board on how to claim this.

YorkshireBoy

james10999 wrote: »

You can also earn more by putting in a referral request which I believe there is further help from the board on how to claim this.

It's one or t'other I'm afraid, since A&L introduced 'electronic' referrals.

Dagobert

Did they also offer the 0% o/d rate for one year?

Milarky

Ike1 wrote: »

Hi -

After putting up with a paltry interest rate on a Premier Direct current account that I opened a couple of year ago, I decided that it was time to close the account and re-open a new account in 3 months to get the new 8.5% rate.

However, when I called A&L to close the account this afternoon, they offered to switch it to the 8.5% rate without the need to close the account. The whole thing will be sorted by next week!

I thought that others of you in a similar situation would be interested to know!

Ike

I called up to close my A&L premier direct account today also and was offered a 'new rate' of 8.5% for 12 months after being 'transferred' to the 'account review' section (or somesuch) I did not ask for this but simply gave the reason for closure as 'end of promotion period rate'. Funny I asked about this a week ago and the CS person was adamant that they'd never heard of this offer. Now, when I actually phone 'to close' it triggers the offer 'that never was'

Obviously, in the current climate, A&L are just using this rate offer (which as james above points out 'saves' them £50 or so against new accounts) to retain a large percentage of accounts that they would otherwise have to close. I suppose it makes sense all round [having to wait 3 months, not knowing if you will be accepted, hassle of a new account number etc] and represents the long awaited 'customer loyalty' program which they seem to have overlooked before now. [Hmm! it's easier to to build a customer base with carrots than it is to hold on to the numbers once built up isn't it?]

milocoon

Yes I did this tonight and told them I was thinking of closing my account and moving to Abbey for 8% interest. With very little effort they told me there was a "Special Offer" on at the moment and after about a minute I was told I was on the 8.5% straightaway. I asked about the free overdraft but they wouldn`t do that (i don`t tend to need that anyway). So for a 10 minute wait in the phone queue I got 8.5% until 1st august 2009.

:money: :j

If you don`t ask you don`t get, but you need to threaten to leave !

YorkshireBoy

Has anyone managed to lift an existing 6.5% intro rate (4 months to go) up to 8.5%?

I've tried myself, but came up against a brick wall.

milocoon

Yorkshire Boy, I`ve been with them for many years and also have an online ISA with them so I suspect that`s why they didn`t want to lose my business.
If you`re still on a special introductory deal they probally think you`re being cheeky but it`s still worth a try, quote the "Special Offer" I was given till 1st August, if they don`t budge then ask them how you close your account and ask for any DD details etc (might spook them)

Good Luck

:money: :j

Anon

You can get £50 cashback from Quidco and £100 for opening the Premier Current Account using their switching service (and credit with £500 - £100 payable after 15 weeks). May be an option as you only have £500 in play (plus a few SO/DDs depending on which account you switch). Obviously 1% interest on Premier Current compared to 8.5% in Premier Direct, but may be worth it (previous customer, account closed over 3 months - sure they will put a stop to opening and closing accounts if you do it too often, like FD refused me as I was a customer over 10 years ago!).

Anon