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Not allowed to move money between 2 online A&L accounts!
tawse57
Posts: 551 Forumite
Hi,
I opened up an A&L online saver about 14 months ago by putting a lump sum into it from a third party building society account of mine.
I read in the Daily Mail about a fortnight ago that A&L had dropped the IRs substantially on this, and that the new best IR account was now their esaver account. So I immediately opened an eSaver with A&L.
As you lose a month's interest if you make a withdrawal before the end of the month I waited until today to move all my money from the online saver to the esaver. Guess what - I am not allowed to do it.
I am not allowed to move money from one A&L acount to another one.
I have to move my money from my A&L online saver account to my linked non A&L account and then back to the A&L saver - losing all the interest for however long this take. How stupid is that?
I seem to recall that it took about 10 - 14 days to get my money from my non A&L linked account into A&L in the first place so I have no intention of losing potentially 28 days interest moving the money in and out again.
So I rang them up today, explained what I wanted to do and they could not help because it had to go through the linked non A&L account. Furthermore, one of their specialist account people could not ring me back because I only have my mobile number listed and they only ring landlines. I could register a landline but they would not be able to use it for THREE months.
The only other advice that was offered was for me to go into my A&L local branch on Monday morning and get them to try and do it - but I imagine they would tell me that it is an internet only account, which quite rightly it is, and that they will not be able to do anything.
So there you are - you can't move money from one A&L online account to another one! Isn't that just rubbish?
I am going to have a think about it today and tomorrow and on Monday I am most likely going to remove all my money from A&L!
I opened up an A&L online saver about 14 months ago by putting a lump sum into it from a third party building society account of mine.
I read in the Daily Mail about a fortnight ago that A&L had dropped the IRs substantially on this, and that the new best IR account was now their esaver account. So I immediately opened an eSaver with A&L.
As you lose a month's interest if you make a withdrawal before the end of the month I waited until today to move all my money from the online saver to the esaver. Guess what - I am not allowed to do it.
I am not allowed to move money from one A&L acount to another one.
I have to move my money from my A&L online saver account to my linked non A&L account and then back to the A&L saver - losing all the interest for however long this take. How stupid is that?
I seem to recall that it took about 10 - 14 days to get my money from my non A&L linked account into A&L in the first place so I have no intention of losing potentially 28 days interest moving the money in and out again.
So I rang them up today, explained what I wanted to do and they could not help because it had to go through the linked non A&L account. Furthermore, one of their specialist account people could not ring me back because I only have my mobile number listed and they only ring landlines. I could register a landline but they would not be able to use it for THREE months.
The only other advice that was offered was for me to go into my A&L local branch on Monday morning and get them to try and do it - but I imagine they would tell me that it is an internet only account, which quite rightly it is, and that they will not be able to do anything.
So there you are - you can't move money from one A&L online account to another one! Isn't that just rubbish?
I am going to have a think about it today and tomorrow and on Monday I am most likely going to remove all my money from A&L!
This is not financial nor legal nor property advice. Consult a paid professional if in doubt.
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Comments
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They've done it for me about 3 times now when I've phoned up. Maybe this is a new rule they have introduced in the last month.0
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It's not a "new rule".
The nominated account is fixed for the lifetime of the Online Saver.
If you want to change your nominated account, and even if you want to change it to an A&L current account, it's necessary to close down the Online Saver account, transfer out to your nominated account, and then back in again to a new Online Saver via your A&L current account.
They don't hide these 'rules'. See (amongst others) condition 35.5 in their savings account T&C's...
http://www.alliance-leicester.co.uk/savings/SA8887.pdf0 -
Thanks for posting the info. I note also that it says
'All enquiries about Your Account must be made by telephoning 0845 300 2562 and not at Our Branches.' which is as I suspected so the advice of going into my branch on Monday morning is pretty pointless.
Oh well, I will move all my money out of A&L on Monday morning and close the account down.This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0 -
This is an account to open for £20 with £1 from Quidco only IMO (the HSBC online saver is much better by comparison) A&L products almost defy definition if you were listening to Moneybox today on the T&Cs of their 'super' ISA. In the case of the A&L 'online' saver, restricting you to one linked account (which may not be an A&L account, of course) while they also offer 'online' banking of their own which this new account doesn't 'talk' to could only be devised by a very one-dimensional genius indeed.
Come 'faster payments' in May, I suspect A&L will (make its customers) suffer from an added day even before they will take the money from your account - as at present......under construction.... COVID is a [discontinued] scam0 -
Thanks Milarky. I opened an HSBC online saver last week but have yet to put money into it. I know HSBC offer less IR than A&L but if I cannot access my money at A&L then the extra IR is pointless.
I moved house back in October and changed my telephone number on my A&L account to a mobile number as I have a new landline and did not wish to give it out for personal security reasons... A&L tell me they cannot ring me except when I am on a landline and then say that even if I register a landline they cannot ring me for 3 months... this is AFTER they have taken all my other security questions from me... I feel a letter to that nice chap at the Daily Mail who exposes bad financial practices coming on.This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0 -
Take note that you can only move £25000 in any one day, so if you have more than that it will take even longer to get all your money out!0
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Take note that you can only move £25000 in any one day, so if you have more than that it will take even longer to get all your money out!
That's the online limit you can transfer yourself, but if you speak to them by phone, they can sort out larger amounts."Success is the ability to go from failure to failure without losing your enthusiasm" (Sir Winston Churchill)0 -
I was hacked off with my A&L savings account before I read this, and this has helped me decide to close the account (I can't even transfer money in from my A&L current account). Except I can't find a way to close the account on-line, so I've had to leave £1 in there and send a secure message. Grrr.Mortgage Free thanks to ill-health retirement0
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Liz_the_Whizz wrote: »That's the online limit you can transfer yourself, but if you speak to them by phone, they can sort out larger amounts.
They won't do it by phone because I have not given them a landline number since I moved house, just my mobile. They said I would have to wait THREE months after I give them a landline number. This is nuts as when I rang them I answered the numerous security questions so it feels as if they are just trying to find an excuse not to move my money.
I have sent them a secure message this afternoon - that is not easy to find on their online banking either (hidden away in Help) - asking them again to move the money but also informing them if they cannot/do not that I will be removing my money on Monday and Tuesday and closing my account with them. I also have an ISA with them and will be looking to move that out also to another ISA provider.This is not financial nor legal nor property advice. Consult a paid professional if in doubt.0 -
Though this was a while ago, when I came to close my Online Saver Issue 1 account by phone, I was able to get the money transferred instantly into my new Online Saver Issue 2 account with no loss of interest.YorkshireBoy wrote: »If you want to change your nominated account, and even if you want to change it to an A&L current account, it's necessary to close down the Online Saver account, transfer out to your nominated account, and then back in again to a new Online Saver via your A&L current account.0
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