Alliance and Leicester's online Premier Direct account - Query

antispam246

YorkshireBoy wrote: »

I no longer have a Barclays account so don't know if they've adopted FP's yet.

If they haven't, and your money has been sent via BACS (and actioned before 18:30 Wednesday?), then it should land at A&L on Friday morning.

I checked APACS and they state both accounts support FP, specifically receiving for A&L and sending for Barclays. Only thing I can figure is the amount transfered. I can't find what Barclays limits are on FP. Thanks though, guess I'll check again later on today.

Edit: Found it, it's 10k, so no luck there.

I re-read MSE Lawrences thread http://forums.moneysavingexpert.com/showthread.html?p=11215221 and was dismayed, although already aware, that both accounts fell into precise categories for being eligble for FP. So on that note, I went to check my A&L account again and bingo! it's there Not quite a few hours but better than 3 days, I guess

Thanks for all your help!

antispam246

YorkshireBoy wrote: »

Deposit £2,500
Fund with £500 each month (a condition of the account)
SO this £500 out to a Halifax 10% regular saver each month
Withdraw the £14 (or so) interest you'll earn each month to supplement your spending moneyAnything over £2,500 earns 0.1%, so 'spend' your interest each month as above.Interest is paid monthly.Yes, but only for the first year. After that, the rate falls to BOE less 1% (currently 4% AER). You can close the account after the first year, wait 3 months, and apply again as a new customer...and enjoy whatever rate the account is paying at the time.

Apologies to keep picking your brains. Just a further clarification after triple reading this.

Having deposited £2500 I should, ontop of that, pay £500 in each month, and then drip feed into a regular saver, such as the 10% halifax regular saver?

One more thing on that note, is the halifax 10% regular saver application process subject to a credit check?

EDIT: Sorry another thing, I know it's late but I've finally got into "must organize finances" mode, unfortunately at 3am. I've been sitting here working out everything in detail to ensure my current balance, debt recalls, monthly income can cover current account payments (A&L subject to previous question regarding £500 monthly payment), savings account deposit £6000, drip feeding from savings account £6000 to 10% halifax, then drip feeding from my Barclays current account (wage) into Barclays regular saver £250p/m.

Everything works out spot on IF I can do this.

Drip feed £500p/m from Savings account (£6000) to A&L and then again to Halifax. Basically covering A&L (subject to above query) and maximising Halfiax monthly payment.

I'll need to triple check timings to ensure I don't miss payment deadlines but if this is possible it should all work out really well and ensure I'm getting the most possible interest on my money as I possibly can whilst ensuring I still have enough to get me by