A&L esaver1 to esaver2

tawse57

Hi,

I have 10K in the A&L esaver1 since last March. I would like to open an esaver2 now for the better interest rates and am wondering what is the best way to minimise losing interest on my current esaver1 account.

If I take £9,999.00 out on the first leaving just £1.00 in my esaver1 is that the best way to minimise interest loss? I suppose I would have to transfer it out to my nominated account and then transfer it back to A&L into the new esaver2 account?

Just don't want to lose my interest since last March on my esaver1 so any advice would be welcome.


Thank you,


T.

EalingSaver

Why would you lose the interest since last March? the conditions as I understand it are no interest in any month in which you make a withdrawl. Period. Not checked what the minimum balance etc. is, but don't see how that is really relevant either. You could transfer the lot on the 1st of the month and close the account, then move the money into the new esaver (assuming it will have to go through the nominated).

But I do have to question whether it is really worth it. The difference in interest rates is only 0.1% as I recall, albeit that the new one doesn't make that up trhough a bonus. Personally I'm not bothering at the moment.

tawse57

Thanks for the info. I must be mistaken, I thought the rates on the new one were higher, although I also understood that it too relied on a bonus. Will have another read - read about it online before it was officially announced so my info could well be wrong.