Alliance & Leicester esaver Interest mystery

treecity

I have an A&L esaver with monthly interest paid into my current account, as I do with other Building Societies.

On my web statement it shows:

01 JUL 2008: Interest (and then nothing in the "money in" or "money out" boxes)

On ringing them they tell me that nothing will be shown as the interest is paid directly to my bank.

With other Building Societies, they show gross, net, amount of tax and you can see a credit and debit for the same day.

This can't be correct that they don't show the amount of interest can it?

Anyone else have any experience of this?

Hugeass304

I have a feeling that if the interest is credited to your current account it will be done on the 6th of the month

treecity

Hugeass304 wrote: »

I have a feeling that if the interest is credited to your current account it will be done on the 6th of the month

Hi, yes, thanks.

But, not what I'm asking...

The question is why does the interest not show on my A&L esaver account at all? Surely it should show as a credit and a debit and also the amount of interest that has been deducted?

molly_mandy_2

With A & L esaver interest amount doesn't show. As you say, it just says the word 'Interest', showing interest has been paid, but doesn't say how much. You only find out when it arrives in your linked account.

Very annoying but that's how they do it. Can't think why they just don't show the amount in the online statement.

treecity

molly_mandy wrote: »

With A & L esaver interest amount doesn't show. As you say, it just says the word 'Interest', showing interest has been paid, but doesn't say how much. You only find out when it arrives in your linked account.

Very annoying but that's how they do it. Can't think why they just don't show the amount in the online statement.

Thanks for confirming!

What a crazy system though.

So, basically, I will have to work out how much tax was taken off for self-assessment? Surely they have to declare how much money is deducted for tax?!

molly_mandy_2

They'll give you the totals of interest paid and amount of tax deducted in your tax certificate which they send out every April.

But not knowing as you go along is still annoying !!!

xyzzy_2

My wife didn't get a tax certificate last April for her Esaver account. She tried to view the statement online as descrived above, but of course no interest shown. She rang and they said "we can read out the amounts to you, but if you want a statement it will cost you £15". Can a bank refuse to issue a tax certificate? They are deducting money on behalf of the Inland Revenue, so surely they must issue documentation to support this? Was she given wrong information by the person she spoke to, who maybe thought she wanted a printed statement, not a tax certificate. She definitely did not receive one earlier - she is very methodical with these things.