A&L Online Saver 5 - Faster Payments down again?

OnlyMe_08

This is the 4th time attempting to get an FP working on this account.

Apparently, since migrating to Santander, the first payment to the linked account goes as a bill payment, then subsequent payments go as FP (so I've read) and as long as within £250.

I use the quick transfer tool, rather than payment/transfer - does this make a difference?

Can't wait to get away from this account; so has anyone confirmed when the bonus rate ends - is it 2nd August or 12 months from account opening / first deposit (my welcome letter only refers to .... 'a competitive rate for 12 months' etc.)?

elektra

the notes I made when opening the account were that bonus was payable till 2nd August.

This is also consistent with AL interest rate page as at a few weeks ago ( before they merged accounts with Santander system)

kostigovs

On a different note I found earlier this week that internet access to A & L was denied. Having spoken to A & L they resolved the problem-although my wife is blocked from accessing any of her accounts.

I now find that maintenance work is stopping me from viewing my accounts.

Am i alone in this situation?

elektra

I can view my account. Not tried any transfers out yet, will probably wait until Monday.

juicyjude

I also have an online 5 account with A & L. The bonus does indeed close on the 2nd August, interest on this account pays out in October. I want to close the account after 2nd August as the bonus finishes and I want to cut all ties with Shamtander. Does anyone know if I have to write to Santander to close the account, and will interest be calculated from Nov - 2nd august. Or do I have to wait till October to close? Many thanks for any replies.

Sceptic001

juicyjude wrote: »

I also have an online 5 account with A & L. The bonus does indeed close on the 2nd August, interest on this account pays out in October. I want to close the account after 2nd August as the bonus finishes and I want to cut all ties with Shamtander. Does anyone know if I have to write to Santander to close the account, and will interest be calculated from Nov - 2nd august. Or do I have to wait till October to close? Many thanks for any replies.

It seems that closing A&L online accounts is not a simple matter (see this thread). I read somewhere on the forum that someone managed to close their account via a secure message. If it works (can anyone confirm?), that would seem to be less stress-inducing than the phone method.

elektra

You don't have to wait until October to close account. Interest will be applied when you close account.

Who knows what the method of closure will be as they have migrated to Santander system.

Probably best to move bulk of money out first and then arrange closure. That is what I'm planning to do.

juicyjude

Yes but if you just transfer the bulk of the money out, what happens to the accrued interest? Sorry to be so thick

kostigovs

I closed mine last Saturday morning by using the in-house telephone in my local A & L branch. The staff member on the other end of the phone told me it could take up to 2 weeks (to close an account for heavens sake) and that whilst in the process of the account being closed I would receive a letter confirming my intentions. As yet I don't have the letter.

Because of my access problems reported above I went into my local branch yesterday. The manager told me that the account had been closed on 27/7 and also told me of the closing balance which included the accrued interest.

As yet the maturity proceeds have not reached my bank

juicyjude

Thanks kistigovs, this shower are so unbelievable. Good luck on your perilous "account closing journey". I think a lot of people will be contacting them to close this account next week. Oh well, lets see, hope you get it sorted soon just thinking about it stresses me.

stevejland

juicyjude wrote: »

I also have an online 5 account with A & L. The bonus does indeed close on the 2nd August, interest on this account pays out in October. I want to close the account after 2nd August as the bonus finishes and I want to cut all ties with Shamtander. Does anyone know if I have to write to Santander to close the account, and will interest be calculated from Nov - 2nd august. Or do I have to wait till October to close? Many thanks for any replies.

It depends when you opened the account, my partners welcome letter states bonus until 2/8/2010, but mine which was opened a few weeks later states bonus paid for a minimum of a year from account opening, mine was opened 25/8/2010.

Regards
SJL