A&L 10% Regular Saver Interest early?

[lipidicman]

Anyone else have one of these.

My first payment was in January. Paid in the max like clockwork. Now I have £2500 in there and find the interest was credited this month. Shouldn't it be on maturity.

I can only find the terms for the new 12% saver on the site

The only thing I can think of is it is about 12 months since my CA was opened so will they take more payments?

How are your 10% savers running?

[RocketMan]

I opened one of the 10% ones just before the change, I am 100% sure that it said it would run for 12 months before it would close and the interest would be paid. I guess the best thing would be to phone them, the phone number for the Premier Regular Saver is 0845 926 2626.

Hope this helps

[Judi]

Lipidicman, i also made my first payment last January and presumed the interest would be paid into my account on maturity but i have just checked my account. I have had my interest added too.

[mary]

Hi folks,

I started a thread yesterday about this: yes it happened to me. See

http://forums.moneysavingexpert.com/showthread.html?t=295896

[a&akay]

Ditto. I even sent an R85 for both my known current account details and my unknown (at the time for them to fill in) regular saver details. My current account is and has always been gross but I now find reg saver is net. They now say I can register as gross and recover the tax through them rather than through IR, as we are still within the tax year, but as I had already pre-empted this am not too impressed.

[mleonard79]

After seeing this thread I thought I'd better go and check mine as it started in Jan too but mine is sitting at £2,500 and no interest has yet been added. This seems a little random!

[brranger]

I've Had mine and not due to close till Dec 25th, If they don't add any more they will have stiffed me for £15, The rotters, never noticed that they don't have a secure message tab on the website before as never needed it.

How do we get hold of them online?

Is it just a globe computer mistake. as mine started in Dec.

[oldfella]

suggest you ask A&L whether the 12 month interest period starts when you open the account, or when they receive the first payment.

if its the first, you should complain as that seems very unfair.

Mike

[brranger]

Been into branch today told that there was a mistake across the company and the RS will continue and we will earn interest on the interest.

Could be good if its true.

[Daft_Monkey]

Same here. Wondering if we will earn interest on gross or net interest.
Looks like Gordon Brown is getting an early Christmas present from A&L at our expense...

[mleonard79]

Hi everyone,

Just to update I now too have had the interest added 2 months early - so if it was just a blip or a mistake across the board last month this seems a little strange. Have those of you that got paid it early last month been paid interest on what's in there this month? Also as it has been paid in net interest what do I do to recoup the tax they've taken off me (I haven't worked this year so I would assume I'm entitled to it?) I'm assuming they'll send me a tax certificate for it at the end of the tax year just like a normal savings account - is that right? Thanks for any info.

Regards

Michelle

[Kazza242]

Also as it has been paid in net interest what do I do to recoup the tax they've taken off me (I haven't worked this year so I would assume I'm entitled to it?) I'm assuming they'll send me a tax certificate for it at the end of the tax year just like a normal savings account - is that right? Thanks for any info.

Yes, they should send you a tax certificate in April 2007. When you opened the account, did you complete an R85 form (to register for gross interest to be paid) and send it back to A&L? If so, you they should rectify their mistake. If you didn't, then you'll have to reclaim the tax deducted by completing a R40 form. Send it to your local tax office.

Here (http://www.hmrc.gov.uk/taxback/forms.htm) is the link to the forms download page. The R40 (2005) Notes (PDF 59K) (http://www.hmrc.gov.uk/forms/r40notes.pdf) form provides some useful info when completing the form.

[mleonard79]

Hi Kazza,

Thanks for that. No I didn't complete the R85 form as I opened the account last December at which point I didn't know I wouldn't be well enough to work much this year. I'm also registered self-employed hence why I asked about the tax certificate as I'm sure I can list it on my self-assessment return and get it back that way next year if I have to. Thanks for the info.

Regards

Michelle

[shazkhan111]

has anyone worked out why a&l would pay interest early is there a glitch

[mary]

They told me at the time it happened that it was just that, a glitch in the system.

[hot chick]

Same thing happened to me and the OH , we were told to still expect more interest on completion of the 12 months.
Nice to have the small amount of extra interest.:beer:

[lipidicman]

So, I had my maturity letter with a projection. Seems right. Average balance of £1625, so £162.50 interest (they project 162.62 as a result of doing the full calculation rather than the average balance method which underestimates a little). Taking off tax leaves £130, so around £60 more than I would have if I had just left it sitting in a normal saver: brilliant.

[mleonard79]

Hi lipidicman,

I got a similar letter through today so it looks like althought they've paid some interest into the saver early I will still get the rest of the interest in the last two months so panic over!

Regards

Michelle

[charlieboycat]

Like others, my wife and I had interest credited on 1 November, although not due until anniversarys of first deposits. Also had letters confirming projected balances on closures - which were caveated with "assuming all 12 payments are made".

In my case the 11th payment due on 10 November was made by A&L as usual. However, my wife's 10 November payment (which would/should have been her 12th) was not transferred from her Premier Direct account. I only noticed this today and am still waiting for an answer from A&L.

Has anyone else had the same experience? I shall be most unimpressed if A&L penalise my wife for not having made the 12th payment when it was their failure to make the transfer from her Premier direct account.

[lipidicman]

charlieboycat, I had my 11th payment transferred (AFTER the early interest like you) The twelfth doesn't go in for a few days so I will let you know.

As you say, they shouldn't penalise as THEY set up the transfers (ie not SOs that you set up yourself like some other regsaver accounts)

[brranger]

does the fact that we had the tax removed off the interest payment in Nov mean that we earn less interest overall due to no interest being paid on that part since as it should of?

Ranger

[lipidicman]

It shouldn't, though I might have to do some calculations to satisfy myself of that!

[mary]

Some interest was added to the account on 1st November, but my final payment of £250 was transferred on 1st December. Just waiting for it to mature on 3rd January and then get my hands on the money. It now says £3,091.23 at present.

[lipidicman]

Right, when this is gone, I guess its a yorkshire to soak up the money from this and the expired B&B xmas

6.5% only, but £500 a month
(Already have Lloyds, Abbey and Halifax)

[mary]

So £3,000 + £1,500 + interest gives a good headstart towards the YBS. Where do you keep yours in the interim? My current account is with Lloyds using the online saver over weekends, but any surplus is with Coventry First at 5.65% (that's my holding pot for now).

[ctdctd]

So £3,000 + £1,500 + interest gives a good headstart towards the YBS. Where do you keep yours in the interim? My current account is with Lloyds using the online saver over weekends, but any surplus is with Coventry First at 5.65% (that's my holding pot for now).

Why at weekends?

[mary]

sometimes you need to have money in your current account to feed a regular saver on a Monday, so transfer the money during the previous week, when it arrives put it into your Online Saver on a Friday (or as soon as it hits the current account) and leave it there until early Sunday morning and it will have the benefit of having the Online Saver rate over the weekend rather than lingering in a pitiful current account over the weekend. Lloyds payments for a Monday usually go out Sunday afternoon, so make sure to transfer in the morning, so as not to get caught out.

[ctdctd]

When it arrives put it into your Online Saver on a Friday (or as soon as it hits the current account) and leave it there until early Sunday morning and it will have the benefit of having the Online Saver rate over the weekend rather than lingering in a pitiful current account over the weekend.

Ah, that explains it:-) Sounds a little complicated for the 5p or so it might earn over the two days, but they do say "look afer the pennies.........".

[charlieboycat]

Like others, my wife and I had interest credited on 1 November, although not due until anniversarys of first deposits. Also had letters confirming projected balances on closures - which were caveated with "assuming all 12 payments are made".

In my case the 11th payment due on 10 November was made by A&L as usual. However, my wife's 10 November payment (which would/should have been her 12th) was not transferred from her Premier Direct account. I only noticed this today and am still waiting for an answer from A&L.

Has anyone else had the same experience? I shall be most unimpressed if A&L penalise my wife for not having made the 12th payment when it was their failure to make the transfer from her Premier direct account.

Update: A&L have responded by agreeing that it was their computer(programmer)'s mistake and making the missing transfer - albeit 26 days late. So long as they pay my wife the full 10% on what's been in the Regular Saver I doubt she will complain about the lost 89p of extra interest.