Alliance & Leicester Direct Saver

***xyz***

Hi, hoping you can give me some advice please.

I have a Direct Saver account with A&L paying 0.92%.

I notice they have an Online Saver Issue 4 account which pays 3%.

Would I be allowed to open an OSI4 and transfer the whole lot of my Direct Saver money to my linked account and then into this new Online Saver Issue 4?

elektra

Yes. Better still phone them and they will probably be able to close the direct transfer and transfer funds to Online saver4 for you. I think this is what I did when I went from direct saver to esaver.

freeasabird

Be careful, accoding to their website:

Interest earned every month that no withdrawal is made. In a month in which a withdrawal is made, no interest is earned on the account balance (except in July, when withdrawals are allowed without loss of interest). The AER will be lower if you withdraw.

You need to find out if transfers are affected by this.

Reaper

I don't see that it matters much. If you switch to an account that pays three times as much interest it will quickly make up for the tiny amount lost.

Alternatively transfer on the 1st April so only 1 day of interest is lost.

***xyz***

Thanks for the replies.

I'm not really worried about the loss of interest - which is nearly in minus figures!

I will give them a call and see if they will automatically add the new account to my list and transfer the balance over.

Doesn't sound too difficult, so I expect they wont be able to do it!!