A&L premier account query

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Wiggly_Worm
Wiggly_Worm Posts: 217 Forumite
in Budgeting & bank accounts
OK, I've read all about their lovely 0% overdraft, and I have wept over my Barclays 15.5% overdraft, and have decided the two must meet. Now, the t&c say I need to be paying in £500 per month for this account. This is not possible - lumme if I had that much cash I'd be laughing :D Can I put in £500, then take it out again, each month? Would this count or would they be cross with me? I'm just taking my first wobbly steps to sneak and game my way out of debt and I do not want to mess up! Or is there another way to transfer my Barclays debt to a cheaper place?

Cheers in advance
:TProud to be dealing with my debts :T

Comments

  • methrift
    methrift Posts: 14 Forumite
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    A&L account requires one to "fund" it by £500 each month.What u do with it later, is not a problem.So,in essence u can draw the money as soon as it shows on ur balance.
    Though this answers part of your question, it doesnt fully answer the most important bit.."way out of debt". This needs more info from ur part..ie how much is ur debt/whats ur outgoings/ur financial status etc.
  • Zebra
    Zebra Posts: 6,702 Forumite
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    There is no reason why you can't keep your Barclays account, and just keep transferring £500 between the two.

    In fact I have just opened an account, and plan to do something similar.

    There are some other points to note aswell:

    A&L will consider matching your current overdraft, and there is a £50 bonus if you are recommended by an existing customer.
  • mrsw
    mrsw Posts: 1,425 Forumite
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    I too have just opened a Premier account with A&L, but I don't seem to have an overdraft facility. Do I have to request one?

    Does anyone know whether overdrafts show up on your credit report?
  • Kevicho
    Kevicho Posts: 3,216 Forumite
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    i got 400 quid overdraft straight away with mine

    So far have had no problems with them

    Worth a call to request what you can
  • BoltonMinx
    BoltonMinx Posts: 1,382 Forumite
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    I had a £250 o/d allowance when I opened my premier account (about 4 wks ago) and had to send them recent bank statements showing I have been in credit for at least 2 days in 2 months or some other such thing. So if you're in permo-overdraft land, you won't be able to get the match.
    "There are only two lasting bequests we can hope to give our children; one of these is roots, the other wings" - Hodding Carter

    :A ~~~ S    pread some good Karma ~~~ :A
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