A&L OS2 - Transfer Limit?

YorkshireBoy

I need to transfer a large sum from my A&L Online Saver 2 account to my external linked account.

For some reason, I had it in my mind that A&L had a £10K/day restriction on the amount that can be transferred out of the account.

I've read, and re-read, the online help files and my T&C's but can find no mention of the limit now.

Has anyone come across an A&L 'unwritten' rule that you only find out about when you try to action large transfers?

Thanks for any help or experiences.

mk-donald

My A&L Online Saver 2 a/c is linked to my A&L current a/c - ie instant INTERNAL transfer rather than 3 days BACS.

I've transferred £24000, £19999, £21500 between those A&L linked a/cs during the last few months. Presume you don't have more than £25k as that used to be the limit for interest payable.

Hopefully same absence of limit for your external transfer - just £1 left in my OS2 now as rate is so awful as I'm one of the original 177 a/c holders getting just 4.25%.

MarkyMarkD

I'm pretty certain that there is a £25k per day limit, as I wanted to transfer more than that to buy Standard Life shares and couldn't without spreading it over 2 days.

You definitely CAN have an external linked account - Online Saver is open to anyone whether or not they bank with A&L.

mk-donald

MarkyMarkD wrote:

I'm pretty certain that there is a £25k per day limit, as I wanted to transfer more than that to buy Standard Life shares and couldn't without spreading it over 2 days.

You definitely CAN have an external linked account - Online Saver is open to anyone whether or not they bank with A&L.

That MAY have been a constraint of the Online Saver 2 account as "0% interest is paid on funds over the £25,000 maximum investment limit." and hence the system may have been set up to only move out the most they'd expect anyone to have in the a/c.

Yeah double checked re the external - I had imagined wrongly that was only for A&L current a/c holders/transfers and 'external' obviously used for a valid reason.

masonic

MarkyMarkD wrote:

I'm pretty certain that there is a £25k per day limit, as I wanted to transfer more than that to buy Standard Life shares and couldn't without spreading it over 2 days.

When did you do that? More recently than this article (mid-March), where they suggest the external transfer limit for A&L is only £3000/day.

YorkshireBoy

Thanks guys.

MarkyMarkD wrote:

I'm pretty certain that there is a £25k per day limit, as I wanted to transfer more than that to buy Standard Life shares and couldn't without spreading it over 2 days.

I'm not clearing it out entirely, so if it's £25K that'll do me.

You definitely CAN have an external linked account - Online Saver is open to anyone whether or not they bank with A&L.

Yes, I had the OS2 before I opened the Premier Direct. I didn't bother changing the linked account to the Premier Direct because, at the time, it had a few more restrictions for onward funds transfers than my main current account.

The price you pay is a 3 day delay to the external account (before you can do anything with the money), but since this will be my only withdrawal this year it's not a (major) problem.

YorkshireBoy

masonic wrote:

When did you do that? More recently than this article (mid-March), where they suggest the external transfer limit for A&L is only £3000/day.

I think this article relates to the current accounts. I spoke to both A&L and Barclays at the time, and both told me the restrictions only applied to online requests. Telephone requests (once you'd registered - separate process) had no such restrictions.

My A&L OS2 account is linked to my external current account via a DDI. My external account is the only account linked to the OS2, and was the source for the money in the first place. I think that's why I can't find anything in the T&C's, or online, that limits the size of the transfer.

MarkyMarkD

A transfer from Online Saver can only be to the linked account (internal or external) which is far lower risk, so I expect that's why the limit is £25k instead of £3k.

And I was making the transfer online - it may indeed be possible to make larger transfers by phone, but I've never tried.