A&L 10% Regular Saver Interest early?

Kazza242

mleonard79 wrote:

Also as it has been paid in net interest what do I do to recoup the tax they've taken off me (I haven't worked this year so I would assume I'm entitled to it?) I'm assuming they'll send me a tax certificate for it at the end of the tax year just like a normal savings account - is that right? Thanks for any info.

Yes, they should send you a tax certificate in April 2007. When you opened the account, did you complete an R85 form (to register for gross interest to be paid) and send it back to A&L? If so, you they should rectify their mistake. If you didn't, then you'll have to reclaim the tax deducted by completing a R40 form. Send it to your local tax office.

Here is the link to the forms download page. The R40 (2005) Notes (PDF 59K) form provides some useful info when completing the form.

mleonard79

Hi Kazza,

Thanks for that. No I didn't complete the R85 form as I opened the account last December at which point I didn't know I wouldn't be well enough to work much this year. I'm also registered self-employed hence why I asked about the tax certificate as I'm sure I can list it on my self-assessment return and get it back that way next year if I have to. Thanks for the info.

Regards

Michelle

shazkhan111

has anyone worked out why a&l would pay interest early is there a glitch

mary

They told me at the time it happened that it was just that, a glitch in the system.

hot_chick_2

Same thing happened to me and the OH , we were told to still expect more interest on completion of the 12 months.
Nice to have the small amount of extra interest.:beer:

lipidicman

So, I had my maturity letter with a projection. Seems right. Average balance of £1625, so £162.50 interest (they project 162.62 as a result of doing the full calculation rather than the average balance method which underestimates a little). Taking off tax leaves £130, so around £60 more than I would have if I had just left it sitting in a normal saver: brilliant.

mleonard79

Hi lipidicman,

I got a similar letter through today so it looks like althought they've paid some interest into the saver early I will still get the rest of the interest in the last two months so panic over!

Regards

Michelle

charlieboycat

Like others, my wife and I had interest credited on 1 November, although not due until anniversarys of first deposits. Also had letters confirming projected balances on closures - which were caveated with "assuming all 12 payments are made".

In my case the 11th payment due on 10 November was made by A&L as usual. However, my wife's 10 November payment (which would/should have been her 12th) was not transferred from her Premier Direct account. I only noticed this today and am still waiting for an answer from A&L.

Has anyone else had the same experience? I shall be most unimpressed if A&L penalise my wife for not having made the 12th payment when it was their failure to make the transfer from her Premier direct account.

lipidicman

charlieboycat, I had my 11th payment transferred (AFTER the early interest like you) The twelfth doesn't go in for a few days so I will let you know.

As you say, they shouldn't penalise as THEY set up the transfers (ie not SOs that you set up yourself like some other regsaver accounts)

brranger

does the fact that we had the tax removed off the interest payment in Nov mean that we earn less interest overall due to no interest being paid on that part since as it should of?

Ranger