New AA ISA 3.5% service

Nine_Lives

penny_pincha wrote: »

I was only just looking at a 1 year term but I was going to open it with new money not transfer in. However, I'm not very keen on Santander as they seem to have the kind of reputation I am trying to avoid, after reading other posts on this site.:)

That's your problem then.

Listen to what others say, but don't take it as gospel.

There's a lot of scaremongering on this site. I'm sure some of the people only come out with it because they see others doing the same.

My experience of Santander - as far as savings go, they're brilliant, as the account doesn't need managing.
As far as the preferred current account goes, because it needs managing (1k cycled per month) they're horrible.

I'd have no hesitation going savings with them - as i am doing again.
As for a current account though, i'd certainly think twice.

Cherryjack

Sorry to ask this question.. but is the money as safe with the AA?

oldvicar

Just in case anybody is worried by some of the above posts that AA Savings is part of Santander, don't worry because it isn't. From the AA website:

The deposit-taker for the AA savings accounts is Birmingham Midshires, a division of Bank of Scotland plc, which is authorised for accepting deposits by the Financial Services Authority. It is entered in the FSA's Register and its Register Number is 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.

So AA savings is part of the old Halifax, HBOS part of Lloyds Banking Group, 43% taxpayer owned now.

If you're rich then take care that AA savings don't take you over the overall £85K compensation limit with the former HBOS group. From elsewhere on MSE:

These banks/building societies all share one lot of £85,000 protection

• AA
• Bank of Scotland
• Birmingham Midshires
• Halifax
• Intelligent Finance
• Saga
• Aviva

This means, if you have accounts with more than one of these, you should check how much it is and be aware of how much is protected.

Stompa

Stompa wrote: »

As an existing customer I'm able to make the initial deposit from my linked account. However they say "This deposit will be made following the 10 banking days it takes to set up your Linked Account" and "Please note payments made from your Linked Account can take up to four banking days to arrive following activation". Seems awfully slow and, given that they also told me that the initial deposit might be taken earlier than the 10 days, means that the funds may end up sitting in the linked account (which in my case pays 0% interest) for quite a while.

Well, I've just completed my application, and at the end got a message saying "You have requested an opening deposit for £2500.00 to reach your account on 27/03/2012". No mention that it might be taken earlier. I wonder how late I dare leave it before placing that amount in my current account?!