A&L Direct ISA issue 2 closing 11/4/06

meanmachine_2

MarkyMarkD wrote:

If you have many A&L accounts, all linked to the same external bank account, EACH one will have its own DD mandate as the DD mandate includes the other party's reference. So each time you set up a new A&L account, you will be setting up a new DD mandate, and the 8 WORKING days AUDDIS set-up time will apply.

Transfer the money by BACS and it will take 2-3 working days. It's your own delay by using DD in this case.

And how, pray tell, do you avoid this when you have to set up a new account to receive this higher rate?

My point is - and I'm tired of making it - is that A&L ADD additional days onto this transfer, so that, when you tell it to make a transfer on the same day it rises from its slumber, Bagpuss style, adds another four days to the process, making it all incredibly slow.

ING did not take this length of time, and also its transfers on a day-to-day basis are much quicker.

I can't believe there's an A&L apologist on these boards - their standard of service is very poor compared to other banks. Trust me on that.

Still, once bitten, twice shy, so I should have known better. I was going to sign up with the Halifax but they cancelled my appointment at the last minute.

I really can't win, can I?

YorkshireBoy

meanmachine wrote:

And how, pray tell, do you avoid this when you have to set up a new account to receive this higher rate?

My OS2 account is linked to my external current account, but I've linked my Direct ISA to my new A&L current account to speed things up. This might also be an option for you.

My point is - and I'm tired of making it - is that A&L ADD additional days onto this transfer, so that, when you tell it to make a transfer on the same day it rises from its slumber, Bagpuss style, adds another four days to the process, making it all incredibly slow.

They only add an extra 4 days to the first DD collection, and the impact of this can be minimised by sending £1 and moving the rest of your money via the standard 3/4 day transfer. I accept that ING is a day quicker. Indeed, I've noticed that all A&L transfers, whether in or out, take a day longer than I'm used to with Barclays and Yorkshire Bank. This is a price I'm prepared to pay for better rates on my savings.

ING did not take this length of time, and also its transfers on a day-to-day basis are much quicker.

I agree ING transfers are very quick, and can be made in as little as 36 hours (technically 2 days), but would suggest that the initial ING transfer took as long as A&L say their first transfer takes.

I can't believe there's an A&L apologist on these boards - their standard of service is very poor compared to other banks. Trust me on that.

I've only been with them for 3 months, but so far I haven't had any problems. Am I the exception to the rule?

meanmachine_2

YorkshireBoy wrote:

They only add an extra 4 days to the first DD collection, and the impact of this can be minimised by sending £1 and moving the rest of your money via the standard 3/4 day transfer. I accept that ING is a day quicker.

But the money is sitting in my current account - where it earns 0.1% interest. By doing what you suggest I lose even more interest!

As I say, it was my own fault.

I have an online saver with them and one with ING and have all but given up on the A&L one.

Sadly ING don't have an ISA, otherwise I would have gone with them in a shot.

YorkshireBoy

meanmachine wrote:

But the money is sitting in my current account - where it earns 0.1% interest. By doing what you suggest I lose even more interest!

Sorry, I thought you were moving your savings from ING to the A&L OS account. In which case, I'd have left the money with ING until I'd sent the initial (8-day) £1 deposit to A&L.

Timed carefully, the subsequent transfer of the rest of your savings would then have taken a total of 7 days from ING, through your current account, and onto your A&L OS account. The lost 'in transit' interest would have been quickly recovered with the additional 0.65% interest in the A&L OS account.

exel1966

Being aware of A&L taking longer than other banks to process transfers caused me to question them a while back. Now I'm not sure if all banks do this, but the reason they gave is that all funds are moved after close of business (overnight) on the day of request rather than immediately. Is that why perhaps ?

Horasio

meanmachine wrote:

I should think that any account opened before the 12th will carry the bonus - otherwise A&L would be breaking the original terms.

anyone applying AFTER the 12th won't get the bonus - at least that's what I'm hoping too.

Basically, if you've got your ISA account number already, you'll be OK.

By the way, extremely p*ssed off already with their transfer speed - or lack of. 10 days to move money from one account to the next! Pa-thetic!!!!

I agree there is no need to take that long to transfer :mad:

veggiedan

i applied on the 4 april and as soon as got number for this years isa a/c paid the money in at the branch by cheque for £3000 on the 6th got transfer form for other isa holdings in post monday 10th ,sent that of to the halifax yesterday, i hope that this tranfer is also at the higher rate of 5.2 .just shows how quick some deals close though !!!!

sashacat

I've only been with A&L since January but I have had no problems with them. I have had several lots of £50 for referring friends (although I know this has now dropped to £25) and all my transfers have been quick. I opened my ISA with £0 and then transferred money from another bank...no problem

pin

BTW is seems according to the T&Cs if you transfer out you will lose 180 days of interest.

exel1966

pin wrote:

BTW is seems according to the T&Cs if you transfer out you will lose 180 days of interest.

Only for the Fixed rate Mini Cash Isa - NOT the Direct ISA Issue 2.