Alliance and Leicester Online Saver Account

Stonk

Dan29 wrote:

Yes just leave £1 or £2 in the account and the interest will be paid at the normal time. You can then transfer it to your Issue 2 account

If you want to liquidate the interest you have accrued so far rather than wait until the normal payment date (1 September, IIRC), phone up and ask them to close the account. They will transfer the balance and interest out to your linked account.

xfg

Which is better interest-wise; to keep £1 in the Issue 1 account until September, or close the account as soon as I've moved the money out and have my interest now?

If I leave it, would it just be a few pence interest on the £1 more than the interest that would be paid into my current account if I close the account or would the fact the Issue 1 *had* a fair bit in it this year affect the interest paid?

Or is that a stupid (and sleepy ) newbie question and it wouldn't make any difference?

mossie70

Stonk wrote:

If you want to liquidate the interest you have accrued so far rather than wait until the normal payment date (1 September, IIRC), phone up and ask them to close the account. They will transfer the balance and interest out to your linked account.

Hi Stonk,

Please could you explain what you mean by "liquidate the interest"? Do you mean that if I was to close that account now, then the interest that the account has earned this year will still be paid into the account (after it has been closed) even though we have reached the end of the tax year?

Many thanks.

Dan29

xfg wrote:

If I leave it, would it just be a few pence interest on the £1 more than the interest that would be paid into my current account if I close the account

Yes. So interest-wise you're better off closing the account and getting the money now.

Dan29

mossie70 wrote:

Please could you explain what you mean by "liquidate the interest"? Do you mean that if I was to close that account now, then the interest that the account has earned this year will still be paid into the account

Yes he's saying that if you close the account, A&L will pay your balance plus the interest into your current account. This is virtually the same amount of interest that you'll get in September so it makes sense to have it now if you don't mind closing the account.

panther

Hi again,
I've just checked my saver 2 account and it is now showing the transfer I made from my linked current a/c. However, on the A&L Summery page it shows my balance with the correct amount I deposited but the "Available Balance" is still showing as nil. Should the available balance be showing the same as the balance?

xfg

Yes. So interest-wise you're better off closing the account and getting the money now.

Ah, so if I did that and didn't spend it I'd get interest on my interest come September? Nice!

Thankyou.

I deposited but the "Available Balance" is still showing as nil. Should the available balance be showing the same as the balance?

It'll catch-up.

glewis

alliance-leicester savings rate of the Online Saver Issue 4 - dropped from 3% to 2.5%

mars_2

And you just posted on a thread 3 years old glew, people will be getting all excited reading about interest rates at 5.25% ha ha

meggsy

mars wrote: »

And you just posted on a thread 3 years old glew, people will be getting all excited reading about interest rates at 5.25% ha ha

Phew, I was just thinking I had made a mistake almost emptying my account this afternoon :eek: