Interest not paid on A&L Direct Saver

molerat

Checked my A&L Direct Saver account yesterday and no interest had been added.

The account was cleaned out bar £1 on 1st May. £1500 was paid in on 7 June and more later.

E-mailed A&L and got the following reply :

I can confirm that due to the withdrawal from your account on 1 May 2007, no interest has been credited to your account on 1 June 2007.

To which I stated that it was now July !! and got the following :

I can confirm that no interest has been credited to your account on 1 July 2007, as the balance of your account was below the minimum investment limit during June.

I have replied that the min investment is now £1K and am awaiting their response. :mad:

Gordon_the_Moron

Was it £1000 at the time though, it was originally £5000 I believe and I don't know when it went down.

Da Moron

masonic

Your balance was below £1000 during June, though. You didn't pay your £1500 in until the 7th.

LittleVoice

I believe it is better to close such accounts on the first of a month rather than just reduce to the minimum balance. You would still be losing interest on, in this case, £1K and if you close the account you collect the interest to date.

oldfella

I think you should complain - the terms are
No interest is payable on any balances outside of the minimum (below £1,000) and maximum (above £100,000) limits.

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nothing about loosing all interest for the month

Mike

molerat

Your balance was below £1000 during June, though. You didn't pay your £1500 in until the 7th.Yesterday 11:56 PM

Interest is payable from the day of investment within the account limits.

Was it £1000 at the time though, it was originally £5000 I believe and I don't know when it went down.

Da MoronYesterday 11:02 PM

The letter I received from A&L said 2 June

I believe it is better to close such accounts on the first of a month rather than just reduce to the minimum balance. You would still be losing interest on, in this case, £1K and if you close the account you collect the interest to date.

I kept the account open with £1(withdrawing on the 1st of May) and re-invested in another calendar month

Beate

oldfella wrote: »

I think you should complain - the terms are
No interest is payable on any balances outside of the minimum (below £1,000) and maximum (above £100,000) limits.

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nothing about loosing all interest for the month

Mike

That's incorrect. It's in the terms and conditions that you do not receive any interest in a month where you withdraw money from the Direct Saver. That's why this account, just like the HSBC Online Saver, is only really good for long-term savings which you leave untouched.

oldfella

That's incorrect. It's in the terms and conditions that you do not receive any interest in a month where you withdraw money from the Direct Saver. That's why this account, just like the HSBC Online Saver, is only really good for long-term savings which you leave untouched.

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you are misreading the posting - the withdrawal was made in May, there was over £1000 in the account for part of June, but no interest on 1 July

JET34

I opened one of these account's in june(12th) and deposited £3000.00 in to it I didn't get any interest but I put it down to not having it in a month yet!!
Perhaps you need to have it there for a full month before interest is paid.

KTF

The min used to be 5K but it was recently lowered to 1K. I forget when this was though so the month might have been put there before the min was lowered.

Hugeass304

I'm a bit confused now. I have one of these accounts and I've always followed the advice given on this site. If the balance on an account is 50K and I need to withdraw 1K, I've withdrawn £49999 to leave £1 in the account for the rest of the month and then returned the £48999 back to the account on the 1st of the next month. Are we now saying that if the £48999 is returned to the account on the 2nd of the month then it will accrue no interest for that month because the account was below the minimum balance on the 1st?