HELP? Alliance & Leicester online saver.

lipidicman

Do you mean with this account in particular? - it is calculated daily and added to the account yearly (aug 31st each year)

see:
http://www.alliance-leicester.co.uk/savings/onlinesavertcs.pdf

for more details

monki_man

Thanks Lipidicman, very useful

Dagobert

Hello,
Am I understanding correctly that money can only be transferred in and out via a registered current account? In other words, savings can only be moved by transferring them first to the c/a, then to A&L.

This would double the time the money earns no interest. If that second transfer takes 4 days that would be approx £13 (and the same on the way out). The two transfers would also inevitable span a weekend.

grumbler

Dagobert wrote:

Am I understanding correctly that money can only be transferred in and out via a registered current account? In other words, savings can only be moved by transferring them first to the c/a, then to A&L.

YES

This would double the time the money earns no interest. If that second transfer takes 4 days that would be approx £13 (and the same on the way out). The two transfers would also inevitable span a weekend.

Generally speaking YES, but nevertheless NO.
Open A&L current account (not necessarily Premier one) and make it 'registered' for the online saver. Transfers between these two accounts are same day. In this case I do not see any difference between A&L online saver and any other saving account.
You speak about £13. I guess this is before tax on full £25K allowance. Do not forget that you can get £6 just for opening A&L online saver (read THIS) and up to £50+£10 for opening Premier current account. Premier current accounts demand at least £500 monthly credit though.

MarkyMarkD

It is a misconception that you can only transfer into an A&L online saver via a linked current account.

The Online Saver User Guide gives the BACS details required to make a direct transfer from any account which allows outward BACS transfers.

And if you make a payment in from another bank's current account, it will be collected by DD so there won't be any lost interest per se - just the shortfall between your savings account rate and current account rate.

Dagobert

Thanks, Mark, for pointing out the BACS option, which I had overlooked.

And if you make a payment in from another bank's current account, it will be collected by DD so there won't be any lost interest per se - just the shortfall between your savings account rate and current account rate.

Does DD not take a few days just like BACS?

Lychee

MarkyMarkD wrote:

It is a misconception that you can only transfer into an A&L online saver via a linked current account.

The Online Saver User Guide gives the BACS details required to make a direct transfer from any account which allows outward BACS transfers.

And if you make a payment in from another bank's current account, it will be collected by DD so there won't be any lost interest per se - just the shortfall between your savings account rate and current account rate.

just to be sure, would it be OK for me to link the A&L online saver to another online savings account then? I just want to move my money from old online savings a/c to A&L without having to go through an external current account. Not sure what is the difference between BACS and DD... ?

Also, I received a letter from A&L on 24 March to say that my Online Saver has been opened but more than a week later, I am still waiting for my Customer ID & PIN. How long does it usually take to arrive??

Thanks

lipidicman

The basic requirement seems to be that the other account must have a direct debit facility.

I think my details came within a week - you get the DD bit first, then the pin later - if it is more than two give them a ring

wotnoshoeseh

So far I've had no trouble with their on-line saver account. Transfers go through on the same day, and show up almost instantaneously.

Also, if you are regularly saving and using your current account, it might be worth looking into the A&L Direct (mini-cash) ISA fund as it's paying 5.40%. :j

Does anyone know of anywhere paying any better than this in a mini cash ISA?

Cheers.

ED

Mini cash ISAs for new tax year are currently being debated in another area of MSE, here :

http://forums.moneysavingexpert.com/showthread.html?t=40575

+ see the full ISA forum section here :

http://forums.moneysavingexpert.com/forumdisplay.html?s=&daysprune=-1&f=18

(Wow, beat grumbler to it!)