The AA Internet Access ISA?

10_66

If nothing else comes along within the next couple of weeks' time, I was going to open an AA Internet Access ISA (3.35%) for 2011/2012.

As I haven't used the AA Financial Services before, I just wondered what experience others have had with them. I know the account's operated by BM, and the system seems to be a bit antiquated in having to wait for them to request an inital cheque to fund the account etc, but I wondered what they're like as far as transfers out go, as this seems to be where problems arise with ISAs (in my experience!).

Dagobert

I have an AA internet savings account with them and I just opened the internet ISA.

For an existing internet customer, the procedure is as follows: during the application process you are requested to log in. You have to specify a linked account (even though a linked account had already been specified for the internet savings account).

They also stated the the linked account had to be a cheque book account.

You had to enter the initial deposit amount and it was also stated that that had to be the full amount that you wanted to invest. (So, no later top-up possible if that's true.)

Once I had specified the linked account, on which a DD will be set up, I was given the choice between a DD and cheque payment. The text stated that, in case off DD, the money would be taken once the DD had been set up, which would take 10 banking days. As the money must be received by the last banking day of the tax year, it is too late for DD payments.

I therefore chose to pay by cheque. All I have to do now is post the cheque and make sure it is received by 5th April.


As I was going through the application process it was not clear to me in advance that I would be offered the choice between cheque and DD. As I did not want to fund the ISA from the Barclays account linked to my internet savings account, I specified a different current account. Maybe, if I had chosen the current account already set, the system would have been clever enough to recognize this and not needed to set up a new DD? In this case it would not have been too late for DD payment.


Obviously, any new customer will only have the cheque option now as we don't have 10 banking days left.

Dagobert

At the end of the application process, I was given instructions for my cheque payment.

When I logged in subsequently, however, a message was displayed that £5100 would be taken off my linked TSB account on 7th April (in 10 working days).

So, even though I had chosen cheque payment for 2010/11, the system still generated a DD transaction.

I just phoned to have the pending transaction removed.


If you do have to phone, phone the HBOS switchboard 0131 442 7777 and ask to be put through to AA Savings. Saves you having to pay for an 0845 number.

Jabba_flabba

Just opened one of these accounts for the new financial year (2011/12). I got to the end of the application process thinking that I would transfer the money from the linked account by DD, but no - the final page of the application reads:

Activating your account. Within the next few days, further instructions on how to complete your application will be sent to you by post - these will include:

• A letter confirming your linked account details
• A letter requesting a cheque for the full amount and cofirmation slip

Once we've deposited your cheque and received your signed confirmation slip, you'll receive a welcome letter by post with your username and your access token by email.
...

Surely in this day and age, they're not expecting me to snail mail a cheque out to them (as the only allowed deposit method)? After all, it's an online account - if it were a postal account, I would expect to have to send a cheque.

I wonder if this is erroneous and a hangover from last year's (yesterday's) application process?

10_66

Jabba_flabba wrote: »

...Surely in this day and age, they're not expecting me to snail mail a cheque out to them (as the only allowed deposit method)? After all, it's an online account - if it were a postal account, I would expect to have to send a cheque...

This is why I decided to go with Barclays Golden ISA 3 @ 3.25% instead. Online transfer immediately (I have an old unused Barclays current account, so qualify for online application). I don't understand by BM uses such an antiquated system, when Halifax (same group) uses a far better system.