Alliance & Leicester Current Account now paying 8.5% - HotUKDeals
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Just noticed that A&L have upped the rate on their Premier Direct Current Account from 6.5% to 8.5%. This rate is fixed for a year, plus they are still offering £50 (£25 each) if you refer a friend. Worth moving accounts for that kind of deal.

If you are between 16-21 years old, they are offering an even higher 10% rate on their Premier 21 account.
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#1
not a bad rate of interest , should note that its on balances up to £2,500 , very sim to the switcher deal abbey was offering, noticed if you looking a overdraft they charge 50p a day up to a fiver a month and say its interest free, most banks can offer interest free overdraft with no overdraft, so that would prob offset the interest on the account
#2
Thanks for this heat added.

Like these easy £25's

Edit - just noticed that quidco offer £50 if you open an account via their linky. However, the recommend a friend route could result in you getting more than £50 so gone for this route. I have a friend who is already an account holder so have asked them to recommend me. Once my account is set up I should be able to do the same for at least another two peeps.
#3
If you stop paying in £500 per month they will try to start charging you £5 per month just for having the account.

It'll take more than short-term gimmicks to draw me away from my Nationwide FlexAccount.
#4
ABSOLUTELY STONKING!!! ....EQUATES TO 8.8% NET (including the £50 joining incentive through quidco) if balance kept at £2500.
use it as a savings/current hybrid acct
maintain balance of £2500 and then move salary when paid in to abbey account pay your DD and SO from that accouint..
this way you should satisfy minimum funding for the acct.
HEAT AND REP ADDED THANKS OP !!!
#5
awful company - steer clear. deny logging calls say if you freeze a joint account, then they re open it without telling you so your ex partner can take all the money out!
#6
jakenjo
awful company - steer clear. deny logging calls say if you freeze a joint account, then they re open it without telling you so your ex partner can take all the money out!


Never had a problem myself in the last 5 yrs
#7
Just opened an E-Saver with these and have £20 quidco tracking. Its 6.5% AER which aint too bad either and a £1 deposit to open.

Worth it just for the quidco.
#8
That Premier 21 account does look interesting. No minimum amount that needs to be paid in either.

Will probably shove £1000 in there.
#9
The worst bank ive ever used, ive had complaints at the banking obmudsman 3 times which were found in my favour and bearing mind you get next to nothing for anything over £2500.....
Ive just moved to the Coventry Building Society www.thecoventry.com who pay a whopping 6.1% on the WHOLE balance , up to £250,000 and have a fantastic account switching service. Although you do have to pay £1000 + a month in
An interest rate like that means no need to move money about all over the place, aside from my ISA i keep everything in the coventry current account as 6.1% is better than most bank's instant access savings account rates.
They leave the alliance and leicester standing for customer service also.......
#10
Your_da
Never had a problem myself in the last 5 yrs

until something goes wrong!
#11
Had an ICICI account for 2 yeras no problems they pay 6.14% monthly interest no tie in's or silly rules
#12
jakenjo
until something goes wrong!


That is the same for most retailers. Im sure I could find people with the same view of any other bank mate
#13
Im with alliance and leicester and I have this account (***) and I have to say ive found it to be very good, the online banking function is also very easy to use, especially compared to my other natwest account!
#14
jonneyt;1556297
If you stop paying in £500 per month they will try to start charging you £5 per month just for having the account.

I haven't paid £500 in the last two months and I haven't been charged anything.

Are you sure?
#15
Stelph
Im with alliance and leicester and I have this account (anyone whos thinking of being nice and leting me recommend them then please PM me!) and I have to say ive found it to be very good, the online banking function is also very easy to use, especially compared to my other natwest account!


Personally I find Natwest to be the best I have used, and Barclays by far the worst. Voted cold from me, not a fan of accounts like this.

Alex.
#16
Does anyone know if existing Premier direct current accont holders can get this new rate? Or are we now stuck with the lower 6.5% rate for the next year?
#17
mikeyp;1556451
Just opened an E-Saver with these and have £20 quidco tracking. Its 6.5% AER which aint too bad either and a £1 deposit to open.

Worth it just for the quidco.

We have an existing joint account and we both applied for our own esaver accounts and so received £20 each in our quidco accounts.:thumbsup:
So anybody taking up this deal,go via quidco for your £50 and still try to make use of the reccomend a friend thing,if you know somebody who can reccomend you and there is a chance you may get both cashbacks.Once you have established your account,,revisit quidco here:
:http://www.quidco.com/alliance-leicester-esaver-account/
Simply open an esaver account and within a couple of hours,another £20 is sitting in your quidco account.
#18
smashed
That is the same for most retailers. Im sure I could find people with the same view of any other bank mate


no it's not mate - i haven't had any trouble with my current bank - they have helped me with heaps of problems!
#19
jakenjo;1556420
awful company - steer clear. deny logging calls say if you freeze a joint account, then they re open it without telling you so your ex partner can take all the money out!

Sounds like a bitter experience.:roll:
#20
I got charged £25 for going into the red by £1. And warned when I forgot to transfer the £500, so I have now set up a monthly bank transfer from my other bank.
I don't think the "(£5 max per month) applies if agreed overdraft is used" is fair.
#21
I personally would not go for Alliance Leicester right now if you are looking to put a lot of money in.

This MoneyWeek article flagged them up as one of the highest risks.

Alliance & Leicester is being made to pay 200 basis points (2%) over the odds for 5-year money (i.e. about 6.33%) so no wonder they are offering savers in excess of 6% - they have to in order to get any funds at all. The implication is that a high savings rate from Alliance & Leicester reflects a higher risk that you won’t get your money back. Such fears obviously only apply to people with very large sums because the system insures savers up to a certain amount (£35,000). Still, I don’t think you want to have your life savings in a bank that the bond market views with such suspicion.
#22
jase.2

An interest rate like that means no need to move money about all over the place, aside from my ISA i keep everything in the coventry current account as 6.1% is better than most bank's instant access savings account rates.
They leave the alliance and leicester standing for customer service also.......


Be careful doing this because if someone steals your debit card details they may have access to all of your money rather than just part of it. Security wise it's better to have a savings account without card access.
1 Like #23
Can i just suggest using this site for Money Matters...

http://www.moneysavingexpert.com/

Fantastic site with all the latest details on it!
#24
jakenjo
awful company - steer clear. deny logging calls say if you freeze a joint account, then they re open it without telling you so your ex partner can take all the money out!

Sounds like a pretty specific beef. Sorry to hear of your probs.
We've found them good on- line for our needs this past 18 months. Interest is so much better than the HIgh St. banks.
#25
sandman2ooo
Personally I find Natwest to be the best I have used, and Barclays by far the worst. Voted cold from me, not a fan of accounts like this.

Alex.


I've never had a problem with A&L or Barclays. But have had serious problems with Natwest. So each person has different experiences.

Anyway, I'd also like to know if current account holders can get this deal to. Is interest given per month?

I'm also trying to work out how much you'd make if you always had £2500 in the account and you had a direct debit set up to transfer £500 in and then out every month so that you didn't get charged the £5.
#26
sophamundo
I personally would not go for Alliance Leicester right now if you are looking to put a lot of money in.

This MoneyWeek article flagged them up as one of the highest risks.


They are fine to use upto 35k then, for savings accounts that is. :thumbsup:
#27
mikeyp
They are fine to use upto 35k then, for savings accounts that is. :thumbsup:


Well yes, but you are only fully protected for the first few grand aren't you, and then for only 90% of your remaining funds up to £35000. So it is well worth considering!
#28
I worked in the Banking Sector for a long time..... just remenber there is no such thing as a free lunch.
#29
I`ve been with A+L for 23 years now and never paid bank charges, This offer is ONLY for NEW customers, once the offer finishes then you will get Base Rate minus 1% so I get 4.25% at present.
#30
sophamundo
I personally would not go for Alliance Leicester right now if you are looking to put a lot of money in.

This MoneyWeek article flagged them up as one of the highest risks.


it's true that A&L are in a weaken financial state but if you deposit less than the 3000 gbp then your deposit is protected regardless of what happens to them,.
#31
milocoon,please see post 14 of this thread as regarding referral posts.
#32
Is this the rip off account that doesn't pay you interest AT ALL if you make even the smallest withdrawal in any month apart from a blue moon following 3 days of rain in July?? :cry:
#33
GreenGem
Is this the rip off account that doesn't pay you interest AT ALL if you make even the smallest withdrawal in any month apart from a blue moon following 3 days of rain in July?? :cry:


No, thats the E-Saver account they do I think. The interest rate on that at the moment is 6.5% with £20 quidco. So I have just opened one and was accepted in minutes (notification via e-mail).

Alex.
#34
This is worth doing on the basis you can also get 12% odd on their esaver account you can open at the same time for a year with deposit of up to £250 per month = £3000 = £369 interest in year one (tax to be taken off of course)

If you keep the maximum interest bearing balance in the current account £2500 for 12 months you get another £212.50. I have opened one via quidco will stick £2500 in day 1 then a direct debit to transfer the £500 you have to pay in each month straight back to paying account the day after it clears....

£500 in interest + £50 quidco for not much effort worth doing in my opinion. After the 12 months close down the current account and keep the saver account, if interest rates remain competetive....
banned#35
Been using Alliance and Leicester for about four years now and have been very pleased. Started with their Premier Direct Current Account. I've since taken their PlusSaver, Loan and Credit Card all of which I've found to be excellent.

Initial account transferal service for Current Account was excellent (liaising with my old bank to transfer Direct Debits and Standing Orders), very competitive rates, and excellent customer service (and yes I have had cause to call them to query things).

I'd highly recommend their services.

Just for info, before A+L I was had accounts with both Nationwide and Natwest.
#36
My mortgage with them is at 4.79% fixed for 5 yrs - how can they pay other people 8.5%? They must be running out of cash or sth .............
#37
A&L, always seems good offer, but I just closed my account with them, again. :whistling:

Years ago, I was attracted to open an ISA with them, but their seemingly high rate dropped so quickly even before my ISA transfer was completed. Later I opened one of these Premier Direct Current Account for 6.5%, though it only pays up to £2.5K, but they require to put in £500 every month. Once my bank took 1 day more than usual to do a BACS transfer, they did not just refuse to pay out my DD also stung me for £25 immediately. Their customer services are appalling, and their website is rubbish. :x

Thanks, but not again!

PS, they never paid the £50 Quidco promised , even after my account had been opened for 12 months.
#38
lbart84;1556704
Does anyone know if existing Premier direct current accont holders can get this new rate?

Definitely NO.

lbart84;1556704
Or are we now stuck with the lower 6.5% rate for the next year?

Whatever rate you get was actually fixed to a certain date, maybe a year from your account opening. You better check your paperwork.
banned#39
alera
This is worth doing on the basis you can also get 12% odd on their esaver account you can open at the same time for a year with deposit of up to £250 per month = £3000 = £369 interest in year one (tax to be taken off of course)

If you keep the maximum interest bearing balance in the current account £2500 for 12 months you get another £212.50. I have opened one via quidco will stick £2500 in day 1 then a direct debit to transfer the £500 you have to pay in each month straight back to paying account the day after it clears....

£500 in interest + £50 quidco for not much effort worth doing in my opinion. After the 12 months close down the current account and keep the saver account, if interest rates remain competetive....


Can you break this down in noobish terms please? - Im a little confused on how to achieve the above? Just some steps on how to do this thanks!
#40
I think its pretty self explanatory :whistling:

You open the account; select the option for 12% saver account for first year. Deposit £2500 in the new A&l current account.

You set up a standing order of £500 a month into the new A&L current account, then 2 standing orders from the new A&l current account to:

(1) £250 per month direct debit to A&L regular saver (12.5% interest for first year)
(2) £250 per month direct debit to your existing current account (or saving account whatever) for the other £250 deposits that will attract no interest.

In this way you gain maximum benefit from the 8.5% on up to £2500 balance on the current account and maximum invest of £250 a month on the saver account @ 12.5%. All you are losing is the days it takes for the cash to clear….

Seems quite simple to me. Its all within the t&cs if they dont pay the quidco you query it and as you can demonstrate full compliance on both accounts I don’t see how they can fail to pay....

Of course this assumes that you have £2500 to put in as an opening balance and £250 a month to put in the saver account. But the interest rates in this scenario are better than you can get else where really unless you go equities route…..In theory its little effort for a decent return....

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