Best way to transfer to A&L DirectSaver

Fella

Hi,

I have an A&L DirectSaver which I recently thought (!) I transferred £5,000 into. However, it transpires that A&L have also given me a PlusSaver account & that's where I transferred the money.

I understand the DirectSaver pays 6.1% & the PlusSaver pays 5.0%.

So, what's the best way (i.e. date) to transfer the £5K from the PlusSaver to the DirectSaver?

....Or doesn't it matter.....? I know that if you withdraw from the DirectSaver you lose all interest for that month but what I'm not sure about is

A) Whether any similar rule applies to the PlusSaver

&

B)Whether the DirectSaver still pays 6.1% if you have a zero balance for part of the month & then a £5K one.

Hope that makes sense!

Finally, DAK whether both the DirectSaver & the PlusSaver interest allow you to be paid monthly?


Many thanks for any replies.

regards
Fella

StevieJ

Transfer to your current account, then tranfer to Direct saver.
Plus saver has no penalties so you will not lose out.
Direct saver only penalises when you tranfer out so if you tranfer in mid-month you will still receive the proportionate interest for that month.

Beate

My Direct Saver pays monthly, my Plus Saver seems to pay annually.

If you do the transfer by quick transfer (which is the one between your own accounts), it will be done instantly so transfer as soon as possible to take advantage of the Direct Saver interest.

oldfella

Direct saver only penalises when you tranfer out so if you tranfer in mid-month you will still receive the proportionate interest for that month.

---

you loose all interest for the month of a withdraw

LittleVoice

The minimum balance for the Direct Saver is £1K.

If you make a withdrawal, try to do it on the first day of a month so that the loss of interest is only on the money left in the account not also on the amount withdrawn for the length of time in was in during that month.

If you make a withdrawal but want to keep the account open, withdraw all but the minimum £1k and put anything you don't need to use straight away into another account for the remainder of the month so you do gain a little interest on it. You can then return this sum to the Direct Saver the following month.

Hugeass304

Is that minimum balance of £1K a recent change to the T&Cs? I'm sure I've taken mine down to a few pounds when withdrawing with no problem

Beate

It used to be £5k, if I remember rightly.

jamesd

Transfer in to Direct Saver as soon as possible since you don't lose interest for moving out of the Plus Saver account.

When transferring out of the Direct Saver account do it at the start of the month and in any month when you withdraw any amount withdraw it all except one Pound because you lose all interest on the account for the whole of a month that has any withdrawal.

When you put more money into the Direct Saver account you get interest proportional to the time it was in the account. It's just like a normal savings account when adding money.

Plus Saver interest is always annual. Direct Saver monthly.

jamesd

You can still take the balance down to one Pound. Minimum balance affects the minimum balance on which interest will be paid.

However, since you still lose interest on 1000 for the whole month if you've taken money out it makes more sense to put 999 into a different account and leave just 1 in the Direct Saver for the whole of that month. You could move the 999 back the next month if you like, to get 1000 total and start getting the interest on it at the Direct Saver rate.