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Alliance & Leicester - The account must be opened with a minimum balance of £1,000

epsilondraconis
Posts: 1,758 Forumite
I have opened an Alliance and Leicester savings account that pays a reasonable interest rate, whilst enabling withdrawls which is fine. My question relates specifically to the terms associated with the account, it indicates that to obtain the bonus interest rate, "The account must be opened with a minimum balance of £1,000".
I opened the account by sending a payment from my current account to the savings account of £1 to confirm that the money was going into the correct account. I then transferred a larger amount, in excess of £1000.
If you take the A&L wording literally, because I didn't open the account with £1000 and I opened it with £1, it could mean that I will not receive the bonus interest rate thus causing the rate to plummet.
Has anyone had previous experience of this and whether this wording really does mean that the first payment to the account has to be at least £1000. I'm not too sure if I'm reading to much into these terms or not. The account has been opened for only a short while and so won't be too much of a loss if I need to transfer it out.
I'll give A&L a call; however I didn't want them to blag it on the phone and then when it comes to the interest being credited to the account, the lower rate is used.
Thanks in advance...
I opened the account by sending a payment from my current account to the savings account of £1 to confirm that the money was going into the correct account. I then transferred a larger amount, in excess of £1000.
If you take the A&L wording literally, because I didn't open the account with £1000 and I opened it with £1, it could mean that I will not receive the bonus interest rate thus causing the rate to plummet.
Has anyone had previous experience of this and whether this wording really does mean that the first payment to the account has to be at least £1000. I'm not too sure if I'm reading to much into these terms or not. The account has been opened for only a short while and so won't be too much of a loss if I need to transfer it out.
I'll give A&L a call; however I didn't want them to blag it on the phone and then when it comes to the interest being credited to the account, the lower rate is used.
Thanks in advance...
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Comments
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:whistle:
Dum dee dum dee dum...
Bump.
If no one is able to help with my Alliance and Leicester question, could I ask a slightly easier one. Does anyone have proof for the Birch and Swinnerton-Dyer Conjecture?
Thanks in advance...0 -
For your main question about A&L, unless it states otherwise, I would assume that you will not get the bonus interest.
An account that Halifax used to offer had a minimum opening balance of £2500, and with that one, if you opened it with £1 and then sent £2499 straight away, you would not get the high interest rate. I would imagine that this A&L account would work in the same way.
My apologies that I am unable to supply the proof of the Birch and Swinnerton-Dyer Conjecture at present.0 -
Just a suggestion -
Apply for a second account and, if you are accepted, transfer directly between the old and new accounts.
.Warning: In the kingdom of the blind, the one-eyed man is king.
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It's a pretty subtle nuance and it's unlikely that anybody here will be able to give you a robust reassurance that you're in the clear.
There is an interest rate checker on their web site. Key in the first three digits of your account number and it tells you the current interest rate. You might be able to use this as evidence of the rate you are getting. (I forget how it's worded - it might not help in your case).
If you want to be safe (as it sounds like you do - most people wouldn't have even noticed it!) then call them up and ask for written confirmation that you will get the better rate. If they won't supply it, then get out and put your money somewhere else.
And that Swinnerton-Dyer has got shifty eyes. I wouldn't trust 'im0 -
epsilondraconis wrote: »:whistle:
Dum dee dum dee dum...
Bump.
If no one is able to help with my Alliance and Leicester question, could I ask a slightly easier one. Does anyone have proof for the Birch and Swinnerton-Dyer Conjecture?
Thanks in advance...
Of course, if you get an answer to the second question you won't need an answer to the first because you win the million dollar Clay prize.
Mark0 -
Thanks for the replies.
I'll give A&L a call to get their feedback. I've forgotten the password on the account and so I need to ring them about that anyway. Had I not been so busy at the moment, I probably wouldn't have transferred the initial £1 without first looking through all of the T&Cs. Oh well, I guess you live and learn.
As for the Birch and Swinnerton-Dyer Conjecture, what is all that about! It's amazing, the more I know, the more I realise how little I really know about anything. Is it just me, or do other people also wish that they were slightly more intelligent than they currently are? There is so much exciting stuff out there to look at and attempt to understand - I just wish I had more time. I feel my life is ebbing away just dealing with mundane drivel.
Oh well, back to reality. I'd better phone A&L to get my password reset. Sigh...0 -
epsilondraconis wrote: »I'll give A&L a call to get their feedback.
Don't believe a word Customer Services says. They know less about the various Ts & Cs than you do. They will, of course, pretend they know it all.
It will take you a year to find out the truth, when interest is actually paid. You will have no proof of what was said unless you get it in writing.
Apply for another account of the same type and move your balance across. That way, there will be no doubt.
.Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote: »Don't believe a word Customer Services says. They know less about the various Ts & Cs than you do. They will, of course, pretend they know it all.
It will take you a year to find out the truth, when interest is actually paid. You will have no proof of what was said unless you get it in writing.
Apply for another account of the same type and move your balance across. That way, there will be no doubt.
.
Sorry I wasn't clear. I'll call them and if they indicate the interest rate will include the bonus rate, I'll then ask them to write to confirm it. Unfortunately that particular savings account doesn't appear to be available any more, well, not at the same rate anyway and so I don't appear to be able to open another of the same type. The account started with 186 - it was the online saver issue 5.
As you quite rightly say, the interest is yearly - I believe paid later this year, and so don't want to be caught out.
Thanks for your help.0 -
epsilondraconis wrote: »:whistle:
Dum dee dum dee dum...
Bump.
If no one is able to help with my Alliance and Leicester question, could I ask a slightly easier one. Does anyone have proof for the Birch and Swinnerton-Dyer Conjecture?
Thanks in advance...
I don't know the answer to your original question I'm afraid, but your second question is much easier.
The answer is 'No'.0 -
There is an interest rate checker on their web site. Key in the first three digits of your account number and it tells you the current interest rate. You might be able to use this as evidence of the rate you are getting. (I forget how it's worded - it might not help in your case).
Could you tell me where on the site the interest rate checker is? I'm not seeing it.0
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