HELP? Alliance & Leicester online saver.

panther

After receiving the Customer ID & PIN and setting up all the necessary security details online. On Thursday I transferred £5000 from the registered current a/c to the A&L online saver a/c. Everything appeared to go ok and the 5k was showing in the "view pending" transactions. I've just checked again and now there is no mention of the 5K! The "Active Summery" shows the date & time I made the transfer but the money is no longer showing in the "View Pending" and my statement balance is still zero!

I know it said the initial transfer can take up to 8 working days (subsequent transfers will take up to 4 working days) but should it stay in the "view pending" until the funds have gone into the account and show on the statement?

Plasticman

I don't think mine stayed in the 'view pending' until it appeared in the account (but not completely sure now!) but it sounds too quick for it to appear anyway unless your current account is also with A&L. It didn't take 8 days for my first one but I think it took 4.

from_suffolk

It took about two weeks for my account to become active but after that all is well.

panther

Thanks for that. I'll give it a bit longer and check again.

lipidicman

Any news on this? I am setting an A&L saver up and this is making me a little nervous!

thefirs

A+L's online banking facilities are notoriously clunky. I have found that payments both within A+L and to outside accounts get mysteriously delayed or forgotten, that the balances often don't update until the following day, and in one case got hit for their £29.50 fee (refunded upon complaint) having had the temerity to transfer out money that was showing as available funds.

I only opened the premier current account to exploit the free annual travel insurance and benefit from a £25 bounty; I even had to remind them when this was payable.

As for the online saver, they are paying 0.35% above most other banks at the moment. After 20% tax this is £70 pa on their maximum deposit of £25k, so you must make your own mind up whether it's worth the trouble.

It's worth taking sequential screenshots as a record of a large or important transaction, and try sending them a £29.50 "admin fee" invoice every time they get something wrong!

lipidicman

So you think online saver is bad too? How hard can it be, its BACs transfer out and DD payments in? Do they really have problems with this, or are you referring to their current accounts?

When you say they are 0.35% above other banks, which of these do you recommend?

panther

All is well, the money has now showed up and appears in the balance. I sent an email to A&L and got a reply saying:

"The pending screen is used to show payments you set for a future date until the day they go to processing. As your payment went into processing immediately it left the pending screen straight away."

It's a new account but I'm happy with the service so far.

lipidicman

Glad to hear it was just a misunderstanding about how the 'pending' thing works

The first transfer takes 8 days, then 4 for the rest. So I've done a £10 transfer before I move from another BS to my bank then to a&l - keep the costs down

monki_man

I've had no problems with A&L online saver account. It does take a bit of time to transfer the funds over from one bank account to my A&L.

monki_man

Does anyone know how the interest is calculated?