AA 5 year 5.15% bond: did you specify a linked account in online application?

bitsandpieces

I applied for the AA's 5 year 5.15% bond, mentioned in the e-mail, and my online application has gone through. However, they say they will want a cheque from the 'linked account' which they say I would have specified when applying - to confirm my identity.

I can't for the life of me remember giving the details of *any* other account when I applied for the AA account, but it's possible I could just have forgotten (the application was a little rushed). Anyone else who has applied - did you give the details of a linked account in the course of applying?

Thanks. Seems like a daft thing to be asking - but I have just ordered a cheque book for my bank current account (don't normally use cheques) so, esp if there's a post strike, I may not have cheques from this account for a fortnight. On the other hand, I could easily get a cheque drawn up by my building society.

web_ferret

I used the birmingham midshires website this morning which is identical to the AAs apart from the graphics.
It asked me for account number & sort code.

Baldur

My 1 year fixed rate bond with the AA, which has just matured, certainly asked for sort code & a/c number of the nominated linked account - the details are also used to set up a Direct Debit instruction.

KingL

bitsandpieces wrote: »

Anyone else who has applied - did you give the details of a linked account in the course of applying?

Yep - there was a question "do you want to pay interest to an external account?" and if you said yes to that, the next page asked for Sort Code, holders name, Account Number and a freeform 'Reference code'.....

MagicBurd29

bitsandpieces wrote: »

I applied for the AA's 5 year 5.15% bond, mentioned in the e-mail, and my online application has gone through. However, they say they will want a cheque from the 'linked account' which they say I would have specified when applying - to confirm my identity.

I applied this morning and no, it didn't ask me for any linked account details, and I am not previously known to AA directly (although I am a long-standing HBOS customer).

The folks designing anti-money-laundering procedures seem not to be taking account of the drive to reduce paperwork and costs - cheques will be largely phased out soon, and we get nearly all statements (bank, utility etc) online now. It's even more challenging for a spouse, many of whose bills are in their other half's name.

stratford_2

I applied for the 5 year account earlier and did not specify a bank account - this is because I asked for the interest to be added to the AA account. (This is the same for the 2 year postal account which is still on the AA website). HTH.

bitsandpieces

Thanks for the replies - I didn't opt for interest to go into an external account (reduces the temptation to spend it!) If any others chose this option, it would be great if you could let me know whether you had to specify account details.

By the way, the AA told me over the phone that - as the bond's withdrawn - they would need paperwork (along with cheque) returned to them by Oct 23rd in order to open a bond. This seems v tight, esp if there's a post strike. Just thought I'd mention it, in case others are at risk of being caught out...

oldagetraveller

Why not put your funds into this http://www.ybs.co.uk/savings/online/ebond/index.html?int_cmp=sav_bondSav_onlineFOM_oct09 instead?
Payments into the account can be by BACS and debit card.
However, there is strictly no access to the funds during the term except under exceptional, at their discretion, circumstances.

bitsandpieces

Thanks for the suggestion, but you've said why in the post:

oldagetraveller wrote: »

there is strictly no access to the funds during the term except under exceptional, at their discretion, circumstances.

oldagetraveller

bitsandpieces wrote: »

Thanks for the suggestion, but you've said why in the post:

Without trying to appear argumentative:D, if you're looking for a 5 years term fix, surely that's the point of these accounts, you're prepared to go the distance?
Have you worked out the interest rate if you do withdraw early and lose 90 days interest, is there a minimum period before you can withdraw/close the AA/BM account anyway? How does that compare to the rate offered for a shorter term?

Bromley86

>Without trying to appear argumentative:D, if you're looking for a 5 years term fix, surely that's the point of these accounts, you're prepared to go the distance?

But some people need the flexibility of being able to take a lower effective rate if required. Like me .

The effective rate on that 5.15% is the about the same as the 1 year & 2 year fixes currently available.