A&L Online Saver 5.15% Issue 2

anticlaus105

Just got off phone and they say you are ok to hold issue 1 and 2. Said interest rate would be as advertised.

charlieboycat

iomexico wrote:

I rec a letter in Sept stating the interest rate on my online saver account had changed to 4.75%
So charlieboycat where did you get 4.85% from???

Either a slip of the finger (ie. a typo) - or I was thinking of the current Cahoot Issue 1 rate instead of the A&L Issue 1 rate. Sorry for any confusion caused.

Cagey

Applied on line last night & listed the on line saver 1 account. Received an e-mail today saying I would get my on line saver 2 account number within the next few days.

charlieboycat

Cagey wrote:

Applied on line last night & listed the on line saver 1 account. Received an e-mail today saying I would get my on line saver 2 account number within the next few days.

Assuming you are already internet-registered with A&L for your Issue 1 account then you don't need to wait for the letter telling you the new Issue 2 a/c details - just use the "add further account" facility within online banking. This worked for me - albeit not until the day after I got the initial email.

charlieboycat

By the way - for those with Issue 1 accounts open with money still in them, there appears to be no facility to transfer funds direct from the Issue 1 a/c to the new Issue 2 a/c. One up to Cahoot in this respect.

Unfortunately this means that one can't suck new money into the Issue 1 a/c and transfer immediately into Issue 2. Have to wait 8 days for the Issue 2 direct debit to take effect. Also means that at the end of the 0.9% bonus period the funds can't be switched back to Issue 1 a/c (should one so wish) but have to withdrawn by BACS (3 days lost interest).

smudgie2

Interested to read your comments Charlieboycat and agree re Cahoot. I am up and running with Cahoot and feed into the original Saver Account and then on arrival immediately transfer accross into the new Bonus Saver. To be fair to both Cahoot and A & L (what am I saying) they appear to be meeting different markets but both with a six month bonus. i.e.
Cahoot account does not achieve the 5.25% rate until there is a minimum deposit of £15K whereas A & L are paying 5.15% from low initial deposit but have a max holding of £25K as on their issue 1 and no interest paid on anything above that figure which means that should anyone have the max of £25K you remove the interest immediately it is paid on Sept 1st.
I did have the max with A & L they now have the priveledge of looking after £5 of my money and the rest of £24.995 is now with Cahoot for six months.
It suits me but again to be fair feel that the A & L deal is very good for any deposits below £15K. Horses for courses methinks!

ioscorpio

Why can't you transfer online from your Issue 2 account to your nominated premier account and then transfer it to Issue 1 account therefore no loss of interest.

MarkyMarkD

You beat me to it, iomexico, but I think that you mean the other way around in fact.

charlieboycat

iomexico wrote:

Why can't you transfer online from your Issue 2 account to your nominated premier account and then transfer it to Issue 1 account therefore no loss of interest.

Maybe possible, but it pre-supposes (a) that one has an A&L premier account, and (b) that the A&L premier account is the nominated account for both A&L online saver accounts. As it happens, my two A&L online savers have different nominated accounts - neither of which is an A&L premier a/c.