Aa One Year Internet Bond 7.21%

lkmc01

well I never got the account. But an hour ago I decide against it.

I was pig sick of the aa account before I'd even got my money into in. Which some would same maybe a blessing in disguise!! I sent off the ID documents and my cheque on the 29th September after being told on the phone that documents with the address flat5d on would still be accepted even through I had registered the account with flat5e. We live at flat5e, but the flat had recently been renumbered rom 5d to 5e and we hadn't moved.

Anyway I rang them up at 8am this morning (and got straight through!!) to be told that I could not use the halls of resisdence because it is not my home address. I told the lady on the other end that it was my home address and I am there all year round. She said that when I get the letter though explaining this which was sent yesterday I need tosend a letter off saying that it is my home address and I have no other address.

Post came.

The letter does not say anything about the fact that its a student hall of resisdence but instead the fact that my docs had flat5d on them instead of flat5e. This I asked if it was ok in my phone call before even sending the stuff off.

Anyway have decided about 10am this morning that I've had enough of my 11 grand sitting in my poxy 0.1% current account waiting for the money to be taken out, The confirmation slip which I sent off with the docs is dated the 3rd of October. In 4 working days they can not let me know soon that the account can not be opened!! I have all the docs and cheque back so am now going to open the halifax fixed rate web saver for 3 months instead.

Going to go for this one instead of the 6 months one as the interest difference on 11 grand is only £1.65 and I'll reinvest in after the 3 months is up. Plus putting your money away for 1 year in the current economic climate might prove a little worrying so I'm put it away for 3 months instead.

what I could of got on the aa savings account -

11,000 x 0.0721 = 793.1 interest over a year, 396.55 interest for 6 months. 198.28 interest for 3 months

what I could now get on the 6 months halifax fixed rate web account -

11,000 x 0.0688 = 756.80 interest over a year, 378.4 interest for 6 months. 189.2 interest for 3 months

what I could now get on the 3 months halifax fixed rate web account -

11,000 x 0.0682 = 750.20 interest over a year, 375.10 interest for 6 months. 187.55 interest for 3 months

I'dd rather put the money away for 3 months and lose 1.65 than 6 months as its such a small amount.

Plus I can open this account today instead of having to mess about with a cheque. I've already lost £18.23 (based on 6.82% gross) for not getting my money into the halifax fixed rate web saver for 3 months and out of the current account, when the new rates became available on 1st of October. I was holding out for the aa account taking my money out.

They could of told me earlier.

I've learnt a valuable lesson.

Froglet

I can understand why they have a cut off point for applying but i cannot see what the great hurry is to get the cheques off people.When i have opened a fixed rate account before there is never a time limit for receiving the cheque.With hundreds and probably thousands of people applying,why make it harder on themselves by demanding cheques be sent,even without the application forms.Surely this is just making more work and risking the documents going astray? In any case,without the signed forms surely the account cannot be opened,cheque or no cheque?

dougz_2

Froglet wrote: »

I can understand why they have a cut off point for applying but i cannot see what the great hurry is to get the cheques off people.When i have opened a fixed rate account before there is never a time limit for receiving the cheque.

Perhaps these are timing the term from when they get your payment, and your previous was just from when you applied?

In any case,without the signed forms surely the account cannot be opened,cheque or no cheque?

That is why it also needs to be accompanied by a signed declaration that you are agreeing to the terms, which is the main thing the form is for.

moneylover

I must be one of the last ones to get this account then. I tried last night without success but according to their call centre this morning the relevant server was down. My application was accepted at 8.15am today.

I am impressed with the two year Anglo Irish rate of 7% fixed for two years that is still open.

dandandan_3

Nice to see the 1yr fixed rate has dropped, not by 0.5% the BOE cut rates by but by a whopping 0.91%

Cheques have to be with them by 15th -no exceptions- I was just told.

bootman

I have just called to ask about the deadline, the chap said don't worry just return the forms as soon as you get them, they are allowing an extra 10 days for them to be received. He said they have had lots of calls about it today.

mary

dandandan wrote: »

Nice to see the 1yr fixed rate has dropped, not by 0.5% the BOE cut rates by but by a whopping 0.91%

Cheques have to be with them by 15th -no exceptions- I was just told.

A fixed rate internet bond is just that a "fixed rate", meaning it can't change
it's rate, so maybe you are looking at something else?

noh

mary wrote: »

A fixed rate internet bond is just that a "fixed rate", meaning it can't change
it's rate, so maybe you are looking at something else?

The 7.21% offering has been replaced with a new fixed rate offer at 6.3%

http://www.theaa.com/savings/year_fixed.html

dandandan_3

mary wrote: »

A fixed rate internet bond is just that a "fixed rate", meaning it can't change
it's rate, so maybe you are looking at something else?

Of course, by definition that's correct. I meant their 1yr fixed rate offering is now 6.3 - ie the new replaces the old with a lower rate.

Froglet

bootman wrote: »

I have just called to ask about the deadline, the chap said don't worry just return the forms as soon as you get them, they are allowing an extra 10 days for them to be received. He said they have had lots of calls about it today.

Well that makes sense,but it is ridiculous how many different things people are being told ,re the date the cheque must be received by. Why don't they all sing from the same hymn sheet,i wonder!!!