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

johnmoney05

stevejland wrote: »

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

Right. Just digged out my letter. I opened mine on 4 Sep 2009. The letter said "A competitive rate, including a variable bonus for 12 months, after which the account reverts to a tiered variable rate depending on the balacnce."

gwapenut

Is there a daily withdrawal limit on the esaver 5 account? I find an obscure error message every time I try to transfer all of my savings out.

By whittling it down to £10k I managed to do a transfer, but now I get the same error message even with amounts of just £1 ...?

OnlyMe_08

So, is today the day everyone's going to transfer funds out of their OLS5 account?

If so, shame that no bank has recognised this and offering a decent rate for people to move to them.

Dustykitten

I closed my premier direct account no problem a few weeks ago. Just phoned and requested it be closed, had to leave it untouched for a few days (it was empty anyhow) and then they send a letter confirming with a cheque for the interest of about 50p.

Can I do the same with my online saver5 - my bonus stops today. Most of my cash is out already. Will I still get my bonus interest even though it says interest is paid in October?

Many thanks

dali21

Has anyone tried to access their A & L online saver account? The website is very slow and then gives an error message after you log in. Presume A & L are aware that many account holders are going to withdraw money today...

antispam246

Just accessed it multiple times without issue, did all my FP's without issue from both premier direct account (in and out) and issue 5, no issues.

I'm in the same boat as most people here, wondering how best to approach the ending of these accounts. Although slighlty more complicated.

I have two Online Issue Saver 5 accounts. From all my notes I made, the bonus ends year from opening, however to contradict myself, i've also noted that the bonus is payable until 2nd August, so somewhat confused. My issue 5 accounts have different ending account numbers but it seems the A&L website no longer has the great interest rate search facility they used to, where you entered last 3 digits of account number to check interest details (gone in takeover?)

I've been under the impression the my first issue 5 ends 2nd August and the second issue 5 ends 26th August. On that assumption I was going to move all the funds from issue 5 (1) to issue 5(2) today then on the 26th August move all funds from Issue 5(2) to Issue 6(1) then in December from Issue 6 to Issue 7. I just can't figure out if it's a year from opening or 2nd Aug for Issue 5 bonus ending. I guess I should call, but for some reason I don't trust i'll believe what they say..

Edit: Ok, so the website now points to a PDF file for old rates. At the bottom it states

For products with a bonus, refer to your welcome letter for details of end date. (v) indicates bonus rate is variable and (f)
indicates bonus rate is fixed.

Going to dig out the files and see what they state for each then post back.

antispam246

Ok, going through my opening letters.

Every Issue, 5, 6 and 7 stated

"A competitive rate, including a variable bonus for 12 months, after which the account reverts to a tiered variable rate depending on the balance."

and the interest payable on 1 October.

EXCEPT.

My first Issue 5 Online saver account, which states

" A competitive, enhanced rate of interest, which reverts to a variable tiered rate on 2 August 2010"

and the interest payable on 1 October.

So, basically there are 2 versions of the Issue 5 account. The older one bonus ends 2nd August but the one I opened later on ends after 12 months. So based on that i'll stick to my original plan.

Edit: Good news! I was able to transfer 10k+ from old issue 5 to linked current account then linked current account to new issue 5 immediately (:

kostigovs

Dustykitten wrote: »

I closed my premier direct account no problem a few weeks ago. Just phoned and requested it be closed, had to leave it untouched for a few days (it was empty anyhow) and then they send a letter confirming with a cheque for the interest of about 50p.

Can I do the same with my online saver5 - my bonus stops today. Most of my cash is out already. Will I still get my bonus interest even though it says interest is paid in October?

Many thanks

Yes. I closed mine a week past Saturday. Cheque with £75 interest arrived today.

However I still get "essential maintenance" messages when I log in to my other accounts

juicyjude

Closed my online 5 A & L yesterday by phone. Took 15 minutes to speak to someone on an 0844 number! Said it would take about a week to transfer my funds to my linked bank account and I would be sent a closing statement through the mail, but he couldnt tell me what the closing balance would be. I will be anxious until I see it tucked away into my bank account. Anyone else transferred successfully on this account? Just dont trust Santander at all.

Newly_retired

Have left all but £1 in Online saver 5. Transferred the bulk to my linked A & L current account. I'll collect the interest in October, then close. Have doen this before over the phone without any problem. Moving some to a fixed rate with Coventry BS today.