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murphydavid

Keys wrote: »

I've been looking at savings accounts (as my 1 year saving certificate with the local building society is about to mature) and they tend to say "cheque must be drawn on a personal account" (or something like that).

Does anyone know please, can I ask for a building society cheque and mail that or must I get a cheque from the building society made payable to myself, pay it into my current account, then wait (losing interest) until it clears and then write a cheque from my current account? (No, don't have nor want internet banking).

Yes and No

To open the account send a small cheque for say £10 from your own current account to deal with their need to make sure you are who you say you are.
Then when the account is open send the rest any way you like.
PS In between these two stages I would withdraw £5.00 to make sure that works before commiting a large sum.

Keys

Thank you for your thoughts on this. The small cheque first is a good idea.

Old_Wrinkly

Apologies if I have missed it, but I don't recall anyone mentioning that the AA Internet Extra account is now on Issue 3, paying only 2.8% AER, rather than the 3% of Issue 2.
http://www.theaa.com/savings/compare-savings-accounts.html

Note that Issues 1 and 2 are still showing as paying higher rates. See :
http://www.theaa.com/savings/rates.html

partlydave

Old_Wrinkly wrote: »

Apologies if I have missed it, but I don't recall anyone mentioning that the AA Internet Extra account is now on Issue 3, paying only 2.8% AER, rather than the 3% of Issue 2.

Including a 2.3% bonus. Its getting tougher any decent rate of return these days

Baldur

Old_Wrinkly wrote: »

Apologies if I have missed it, but I don't recall anyone mentioning that the AA Internet Extra account is now on Issue 3, paying only 2.8% AER, rather than the 3% of Issue 2.
http://www.theaa.com/savings/compare-savings-accounts.html

Note that Issues 1 and 2 are still showing as paying higher rates. See :
http://www.theaa.com/savings/rates.html

Appears to have been changed this morning, as I checked around 04:30 and Issue 2 was still showing then.

bronzie

rb10 wrote: »

But on both these accounts, interest is calculated daily.

So if you close the account after six months, then you will get six months' worth of interest paid at that time.

Also, note that the AA account is run by Birmingham Midshires, part of HBOS. So if you have any money in Halifax/Bank of Scotland/Birmingham Midshires/Saga/Intelligent Finance, then this all counts as part of the same institution as the AA.

Rb10, Quick question, you said that if you close the account after 6 months you would get 6 months of interest but it says in thr t&c's that:

1.Interest is calculated daily and credited to the account annually on the anniversary of the first deposit.
https://www.esavingsaccount.co.uk/AA/Registration/TermsAndConditions.asp

Does that not mean that you have to wait until the anniversary before you would get any interest?

Thanks

Baldur

bronzie wrote: »

Does that not mean that you have to wait until the anniversary before you would get any interest?

Think about it - if you have closed the account before the anniversary where would the interest be paid?

On account closure, as rb10 has pointed out, interest accrued up to the date of closure would be paid in the closing balance.

bronzie

Baldur wrote: »

Think about it - if you have closed the account before the anniversary where would the interest be paid?

On account closure, as rb10 has pointed out, interest accrued up to the date of closure would be paid in the closing balance.

Might sound stupid but I figured that they wouldnt have to pay interest if you didnt have it in there for a year....

Baldur

bronzie wrote: »

Might sound stupid but I figured that they wouldnt have to pay interest if you didnt have it in there for a year....

If that was the case, it would be a fixed term account and any such limitation would be clearly shown in the Terms & Conditions.

bronzie

Oh thank you Baldur for clarifying that