A&L Online Saver/ISA closing & cutting rates

gm_xone

Deleted_User wrote:

Quelle surprise! Talk about well signposted.

Does anyone know offhand what the account closure procedure is? In writing? I cannot find it in the User Guide, and I am not at home (ssssh!).

From the 'help' section of the website...

Close an Online Saver
To close your Online Saver please call the Help Desk on 0845 300 2562. From outside the UK dial +44 113 220 1505. Textphone for hearing/speech impaired 0845 971 72 73.
Your account will be closed by transferring your remaining balance, including interest, to your linked current account.

hansi

Deleted_User wrote:

Quelle surprise! Talk about well signposted.

Does anyone know offhand what the account closure procedure is? In writing? I cannot find it in the User Guide, and I am not at home (ssssh!).

I 'm just going to wait until my money transfer as been completed, and then I'm going to draw it all out and close the account.

esalan

Rather than closing your online saver, why not just transfer the full balance to your linked account -- thus saving the cost of 0845 call and leaving yourself with the option to use the account again should the rate become competitive in the future. Interest already earned will ensure the account remains open.

oldagetraveller

Don't use the 0845 number - use 0113 220 1505 instead. Just done that myself to close the account. You can't transfer the full balance but have to leave £1 then they will close account, if instructed by 'phone, and transfer the £1 plus any interest to the linked account.
A + L appear to have been very sneaky with this rate reduction, I don't think I would have spotted it for a while unless it had been posted on here.

jo_b_2

esalan wrote:

Rather than closing your online saver, why not just transfer the full balance to your linked account -- thus saving the cost of 0845 call and leaving yourself with the option to use the account again should the rate become competitive in the future. Interest already earned will ensure the account remains open.

I would doubt that the rate will become competitive in the future as this is now a closed account. A+L has no incentive in improving the rates on this account.

To be honest, I just want to sort out my son's savings account first and then I'll make a start on my own savings! A+L.....:mad:

gm_xone

I've set up a transfer for tomorrow to withdraw the full account balance less £1.
I'll keep my account open, meantime, with this pound rather than spend it on phoning them. Don't suppose they'll be too happy if they end up with lots of accounts with just the minimum balance!

Anyone else transferring out of A & L?

esalan

Just done exactly the same thing -- transferred the lot (apart from £1 +interest already earned) They'll not be too happy, true -- but it's not our job to keep them happy!

kinesin_2

yeah.. I'm transferring out..

Going to the AA 5.31% account for 12 months, but also just applied for my second regular saver account with the Derbyshire. I'll drip feed 1k a month into their 5.8% account.

oldagetraveller

I thought of keeping the account active with just a £1 but decided against it because A+L will still have the interest already earned to do with as they please until it is due for crediting to account.

hansi

gm_xone wrote:

I've set up a transfer for tomorrow to withdraw the full account balance less £1.
I'll keep my account open, meantime, with this pound rather than spend it on phoning them. Don't suppose they'll be too happy if they end up with lots of accounts with just the minimum balance!

Anyone else transferring out of A & L?

yes, me, just leaving £10 there once I get my last transfer sorted out!