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A&L Direct saver
Joscar
Posts: 139 Forumite
I want to withdraw some money from my Alliance and Leicester Direct saver account. I know I will not receive interest in any month in which there is a withdrawal, so my plan is to withdraw all the money on the 1st November and pay back the part I do not need on the 1st December.
But I have some questions.
1.My interest is paid to my linked account at a different bank on the 6th, should I wait until the 6th to receive the interest before making the withdrawal? I thought not until I read in the FAQs..... If you choose to have interest credited to your linked account, it will be paid by the 6th day of the month after the account was opened and by the 6th of each month thereafter. We will increase the interest paid by the extra number of days it takes to pay it into your linked current account. Additional interest will be calculated using the DirectSaver rate at that time.
2. Do I need to keep a minimum balance in the account? The FAQ states minimum balance as both £1000 and £5000, but also says if it is below the minimum amount I will not get interest - but then having made a withdrawal I will not get interest anyway.
3.The balance is higher than the daily amount that can be set up online to be transferred by DD, so I intend to ring them to make this request, do you recommend I do this in advance as if I ring on the 1st ( or 6th) I expect they will not do a same day DD / Transfer
Thanks in advance
But I have some questions.
1.My interest is paid to my linked account at a different bank on the 6th, should I wait until the 6th to receive the interest before making the withdrawal? I thought not until I read in the FAQs..... If you choose to have interest credited to your linked account, it will be paid by the 6th day of the month after the account was opened and by the 6th of each month thereafter. We will increase the interest paid by the extra number of days it takes to pay it into your linked current account. Additional interest will be calculated using the DirectSaver rate at that time.
2. Do I need to keep a minimum balance in the account? The FAQ states minimum balance as both £1000 and £5000, but also says if it is below the minimum amount I will not get interest - but then having made a withdrawal I will not get interest anyway.
3.The balance is higher than the daily amount that can be set up online to be transferred by DD, so I intend to ring them to make this request, do you recommend I do this in advance as if I ring on the 1st ( or 6th) I expect they will not do a same day DD / Transfer
Thanks in advance
HOW MUCH CAN YOU SAVE?: OLYMPIC CHALLENGE 2007
BRONZE 10% SILVER 25% GOLD 50% PLATINUM 75%
January 7%
February 13%
March 20%
April 27%
May 32%
June 39%
July 45%
August 54%
September 62%
October 68%
0
Comments
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I am sure that like me many of you have not been able to access this site for a few days.
Any one got on experience of the best day to withdraw from this account? getting close to the 1st of the month so I want to have an 'action plan' in place to keep the most interest
Thanks
:-)HOW MUCH CAN YOU SAVE?: OLYMPIC CHALLENGE 2007BRONZE 10% SILVER 25% GOLD 50% PLATINUM 75%January 7%February 13%March 20%April 27%May 32%June 39%July 45%August 54%September 62%October 68%0 -
How much can be transfered by DD or other means at any one time?Noobie (not so
) trying to make loads a dosh - please bear with all my questions :beer: Thanks 0 -
Minimum operating balance is £1. That's the balance on mine right now.
The 6th date is irrelevant. It is just the 6th because it's paid by BACS on the 1st and that takes 3 banking days, plus possibly 2 weekend days, making the 6th (at the latest).
It doesn't affect the fact that you are right to withdraw your full balance on the 1st and then pay it back in on the following 1st of the month.
You won't lose any interest just because you have the interest paid elsewhere.0 -
The_Fiddler wrote: »How much can be transfered by DD or other means at any one time?
25,000 if set up online, should be higher if you ringHOW MUCH CAN YOU SAVE?: OLYMPIC CHALLENGE 2007BRONZE 10% SILVER 25% GOLD 50% PLATINUM 75%January 7%February 13%March 20%April 27%May 32%June 39%July 45%August 54%September 62%October 68%0
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