A&L Savings - linked Account

Paul_Varjak

No longer wish to disclose personal information

MarkyMarkD

Although it says that it has to be a linked "current account", I would suggest that any account which has a sort code, account number and the ability to accept DD instructions would work. Most non-current accounts won't accept DD instructions, which is probably why they say "current account".

Why, out of interest, would you want to link two savings accounts in this way? Most people want to move money for transactional purposes, not between savings pots (at least, not on a regular basis).

buses7675

Hi All,

Talking of A&L transfers, so far as I can see with internal transfers they do appear to occur pretty instantly - The balances of the accounts involved in a transfer are already updated on the main screen as soon as a transfer takes place.

Of note here though, although the balance is updated, the statement for the accounts may not reflect the change until the next day (although when paying into savings accounts, additions do seem to appear instantly on the statements), but surely interest is earned on the running total (which is updated) rather than based on what has been properly added to the statement.

Anyone any idea exactly how A&L do determine when interest is earned with internal transfers?

Cheers

Steve

MarkyMarkD

Paul_Varjak wrote:

Yes, I do wish to move money for transactional reasons, but I want to move money to current account 'instantaneously'. This is not possible between accounts with different banks (it takes 3 working days at least) so I want to move money to Halifax Websaver in advance (where it could sit for 7 days) and then to Halifax Current account at a moment's notice - thereby preserving interest as best as I can.

If I had both an A&L Current and savings account it would not really be so much a problem, especially as A&L offer the highest current account and savings account rates. But even A&L take one day to move money between current account and savings accounts whereas with Halifax it is immediate - even on non-banking days.

I could change my current account to A&L but the nearest branch is miles away and their 5% current account will probably revert to 0.1% interest rate in January next year, whereas the Halifax looks set to keep its 3.04%

Good points, Paul, although I don't 100% agree ...

I have current and savings accounts with A&L. The "one day to move" is not strictly true - I think it's more of a "may take one working day" - but I wouldn't seek to rely on the money being there in the current account to meet a payment without the buffer of an agreed overdraft to ensure no mishaps. In other words:

- if a DD is due on Wednesday
- move the money from savings to current on Wednesday
- account never actually goes overdrawn (for interest calculation purposes)
- but payment is made on the strength of the agreed OD limit, NOT the balance.

I checked my last 8 transfers (both ways) from Online Saver to Premier Plus Current Account. 7 took place same day; 1 took 1 working day.

[Following bit not necessarily for Paul, but general comment ...]

With ANY bank, you CANNOT transfer money "same day" between savings and current accounts and expect them to clear a payment due that day. The direct debit/cheque clearance runs are processed overnight (first thing in the morning) and will hit your account before your transfer takes place in almost all cases. So they've already decided to bounce your payment by the time you push your transfer through at lunchtime or whenever.

I personally hope that A&L won't cut the rate to 0.1% - this wouldn't be very likely IMHO given that the "old" Premier account still pays a lot more than that - but I can see the disincentive to moving your account if you are getting a decent rate at the Halifax.

You can do all your A&L banking at the post office - mine is 100 yards away! And it has an A&L ATM which is free for me to use

Walletwatch

True, which is why I fund my Halifax and Abbey current accts from the corresponding web savers one day before the debit is due for my regular saver. A good point on having an agreed overdraft facility, so you can hold back funds in the savings account till the last date, but would this not affect my credit rating, considering I'll be hardly using it?

MarkyMarkD

I don't think a properly-maintained authorised overdraft, for what after all is a fairly trivial amount compared to most people's credit card stoozing balances (;)) is going to damage your credit rating.

Lychee

I've opened an A&L online saver and want to close my IF online savings account and have the money transferred directly to A&L from IF. both accounts are currently linked to a HSBC current account.

is it possible to link IF online savings to A&L online saver so I can directly transfer the money myself?