Alliance and Leicester ESaver 2

V6Matt

I have an Alliance and Leicester ESaver2 and I am looking to withdraw the funds and put them into a fixed rate account that I hold.

Part of the terms stipulate that if I withdraw in any one month, then I will lose interest for that month with the exception of a 'particular' month.

I should be able to find this month in my account, but I can't find it? (I joined in Oct 08 if anyone happens to know?)

Also should I pull the money out at the start of Feb, then I wont lose anything? or will they backdate a month?

Thanks

YorkshireBoy

eSaver Issue 3 was launched earlier this month. If you applied in October last year you have an eSaver Issue 2 don't you?

If so, your 'particular' month is July...

http://www.alliance-leicester.co.uk/customer-service/pdfs/Savings-rates.pdf

I believe you can withdraw the funds on the 1st of any month without paying a penalty.

masonic

I've had issues 1 and 2 running together and have withdrawn the full balance from one at the beginning of the month, creamed off what I need and moved it into the other issue for the next month. You don't lose any interest if you withdraw the full balance on the 1st of the month.

pink_numbers

It's July.

Also, if you speak to the customer services and transferring between A&L accounts (for example, when I went from eSaver Issue 1 to 2), they sometimes allow you to keep the interest rate. I had some funds that I couldn't transfer on the 1st, but the lady kindly put a note on my account saying I should still get interest on what's left in the old account, despite me withdrawing money.

V6Matt

YorkshireBoy wrote: »

eSaver Issue 3 was launched earlier this month. If you applied in October last year you have an eSaver Issue 2 don't you?

If so, your 'particular' month is July...

http://www.alliance-leicester.co.uk/customer-service/pdfs/Savings-rates.pdf

I believe you can withdraw the funds on the 1st of any month without paying a penalty.

You are absolutely right (I was confusing it with a Bradford account I used to hold!)

Great, thanks

There doesn't seem to be any comment in the terms that I have found, that would prevent me removing all of the money at the start of feb and then be backward penalised.

The penalty only seems to apply to the month that a withdrawl was made.

SavingSteve

100% right Matt.

In theory you DO lose interest, but only one day (or two as the first working day of Feb is the 2nd). So you will lose interest on all days in Feb that your money was in that account, so really only the 1st and the 2nd.

Also note, A&L have a $25,000 daily limit on withdrawels to non-A&L accounts.

chairmanofthebored

Correct me if i'm wrong but don't you get a "free withdrawls" month every year?

I've got the eSaver 3 account and for me it's in February.

SavingSteve

YorkshireBoy wrote: »

eSaver Issue 3 was launched earlier this month. If you applied in October last year you have an eSaver Issue 2 don't you?

If so, your 'particular' month is July...

http://www.alliance-leicester.co.uk/customer-service/pdfs/Savings-rates.pdf

I believe you can withdraw the funds on the 1st of any month without paying a penalty.

chairmanofthebored, as YorkshireBoy states above, for the issue 2 it the 'free' month in July

surfsister

yes it varies according to the number after the esaver, 1/2/3 etc

So if I withdraw my cash 1st of month I won't actually lose much interest, what i want to do is put it in an ISA in april?

michaels

masonic wrote: »

I've had issues 1 and 2 running together and have withdrawn the full balance from one at the beginning of the month, creamed off what I need and moved it into the other issue for the next month. You don't lose any interest if you withdraw the full balance on the 1st of the month.

Be careful, I think they have severely cut the issue 1 interest rate now

masonic

michaels wrote: »

Be careful, I think they have severely cut the issue 1 interest rate now

Yes, I was writing in the past tense for a reason.