New A&L Isa rate - 5.2% variable

MiserlyMartin

pingi wrote:

http://www.alliance-leicester.co.uk/savings/isa-tscs.pdf


If I BACS money in instead of using DD will the a/c pay interest from the day of receipt?

TIA

I have scanned the T's&C's and can't find any mention of the time it takes for BACS to clear and pay interest. But I assume that the 4th working day rule still applies.

One question I have is that if we want the years subscription to hit the ISA BANG ON the 6th April, (BACs apparently takes 3-4 working days) should we get a BACS transfer done on the 3rd April from our current accounts?

burnoutbabe

i have the original direct isa cash isa - about 17k in it now. So worth swapping to the issue 2 as its £85 more a year on the balance.

but they did say i had to go into a branch to do it, and take 2 forms of ID as well. Seems OTT for an existing customer but have an appointment booked for wed anyway.

HGLTsuperstar

I am also lucky enough to still be getting, and have checked this, 5.15% on the original A&L ISA, so am thinking its probably not worth transfering for an extra 0.05% especially as this rate will then drop way below my current rate.

ericpode

I'm thinking of opening one of these before the new tax year, so I've had a quick look through the terms and conditions to see if there are any fees for transferring OUT to another provider (once the 5.2% period comes to an end). I couldn't see a fee mentioned.

Can anyone confirm that transfers-out are free of charge? Or indeed whether there are any other caveats?

Also I'd like to get the money in and earning interest as soon as possible. as I have an A+L current account I suspect that it may be quickest to transfer the funds from elsewhere into the A+L current account (losing perhaps 3 days interest), and then get A+L to take the full £3000 from the current account which hopefully would happen instantly (provided that they will do this). Is this the best way of getting the money into the ISA while losing the minimum number of days interest?

grumbler

ericpode wrote:

Can anyone confirm that transfers-out are free of charge? Or indeed whether there are any other caveats?

No charge. See ISA Transfer Lloyds TSB to A+L thread.

djblamire

ericpode wrote:

transfer the funds from elsewhere into the A+L current account (losing perhaps 3 days interest), and then get A+L to take the full £3000 from the current account which hopefully would happen instantly (provided that they will do this).

I would be interested in knowing this too - If a transfer from an A&L current account to an A&L ISA takes place on the same day ?

Thanks in advance,
Daniel

jimclark1967

ericpode wrote:

Also I'd like to get the money in and earning interest as soon as possible. as I have an A+L current account I suspect that it may be quickest to transfer the funds from elsewhere into the A+L current account (losing perhaps 3 days interest), and then get A+L to take the full £3000 from the current account which hopefully would happen instantly (provided that they will do this). Is this the best way of getting the money into the ISA while losing the minimum number of days interest?

This would be an ideal plan of action. A&L get you to nominate a current account to link to the ISA for exactly this purpose.

I'm assuming that the funds coming from "elsewhere" aren't already in an ISA? (in which case you'd have to arrange for the banks to transfer them directly using an A&L ISA transfer form.)

JC

jimclark1967

djblamire wrote:

I would be interested in knowing this too - If a transfer from an A&L current account to an A&L ISA takes place on the same day ?

It would start earning interest immediately though might not clear for withdrawal for a day or two.

JC

MiserlyMartin

As April 6th is getting scarily close, is it possible to pay the money in slightly before this (eg April 3rd) so that the money hits the ISA bang on April 6th, or will the A&L system probably reject any transfers done early? I ask because I've never been this much on the ISA ball as this year and have never had to think about this stuff before.

Chillum

I have recently applied online for an Alliance & Leicester Direct ISA issue 2.

I have been accepted.

So far I have not been asked to provide any identification which has happened before when I have opened new accounts.

Is it just me or is this a little odd?