M&S transfer to A&L interest question

AceT

If I transfer all my money from M&S to A&L then will I lose my interest for the year? I noticed the small print on my M&S letter says 'Interest will be credited to your account annually on 5 April'

Debt_Free_Chick

You earn interest every day, but they only put it into your account on 5 April - see page 4 of the key features and point 5 on page 12 of that document.

When you transfer, they should add the interest for the year on before they pay the full amount to A&L. So if you transferred on 31 March, they would add on 360 days interest and include that in the amount transferred.

You should then start to earn interest with A&L when they receive the money, but you won't earn interest whilst the money is in between the two. So, if it takes 5 days for the money to get from M&S to A&L, you won't earn interest for those 5 days.

HTH

Canny_mal

Just to make you aware... in the A+L terms and conditions it states that interest will not start being earned on chqs paid in (whether it be a personal chq or a transfer chq from a previous ISA provider) until 5 WORKING DAYS AFTER the date the funds are added to your new A+L Direct ISA.

Therefore if the chq is recieved by A+L on any day other than a Monday you'll loose another 7 days interest (5 working days + weekend) in addition to the time it takes between the old provider closing down your ISA with them and the procedes of which reaching A+L.

Also A+L stipulate 8 working days between a chq being paid in and the funds being available to withdraw.

AceT

Thanks for the replies !!