A&L Online Saver/ISA closing & cutting rates

Indispensable_Hobbes

Well thats pretty lame, I've just opened an online saver and moved my money from ING. might aswell not have bothered now. lost about 5days interest in the transfer.

monthly interest and yearly interest are the same if they are calculated daily.

Kazza242

jenyking wrote:

Well thats pretty lame, I've just opened an online saver and moved my money from ING. might aswell not have bothered now. lost about 5days interest in the transfer.

monthly interest and yearly interest are the same if they are calculated daily.

Yes, but with monthly interest it is much easier to see your money grow. For some people, getting monthly interest is more of an incentive to save, as they don't have to wait a whole year to see a return on their money.

If I had to choose between the A&L Online Saver (now 5%) or ING Direct (5%), I would prefer the latter because of the monthly interest. However, A&L current account holders may prefer A&L, as transfers are quicker.

Indispensable_Hobbes

Makes no difference to me.

I think I'll put my money back in my ING account stupid thing. Never had a bit of bother with ING

hansi

When I queried why it took so long to transfer money in from a linked bank account, this was their reply.

Thank you for your recent e-mail.
If your linked current account is with another Bank it will take three
working days for the money to be received. However, to allow time for the
funds to clear they will not be available to transfer out until the eighth
working day.

Eight days!! Someone is making a fortune out of this and it's not me!

Stonk

If your linked current account is with another Bank it will take three
working days for the money to be received. However, to allow time for the
funds to clear they will not be available to transfer out until the eighth
working day.

Don't worry. You earn interest from day 3, when the funds are received. The extra 8 days is added before you can withdraw the money because a Direct Debit can be recalled by the source, even after it has been successfully taken (so it's a bit like cheque clearance, except that you are receiving interest).

hansi

Stonk wrote:

Don't worry. You earn interest from day 3, when the funds are received. The extra 8 days is added before you can withdraw the money because a Direct Debit can be recalled by the source, even after it has been successfully taken (so it's a bit like cheque clearance, except that you are receiving interest).

if that is so, then why is it a lot quicker transferring money to my ING account, it shows as available after four working days.

Stonk

if that is so, then why is it a lot quicker transferring money to my ING account, it shows as available after four working days.

I believe the DD can be recalled at *any* time. It's up to the receiving bank to decide how long to leave it before they feel safe that it won't be. ING feel that 4 days is long enough, A&L are more cautious.

At least, that's how I understood that it works.

hansi

But that is a ridiculous amout of time. What if you ned the money for an emergency? I started the transfer on the 10th June and my own money will not be available for me to draw on until the 23rd!! That is crazy. The minute it's there, it's coming back out again!

jimclark1967

I think the 8 days quoted includes the 3 or 4 it takes to receive the money so you certainly wouldn't go from June 10th to 23rd without access to your money.

My understanding was that it's only the first transfer you make that can take up to 8 days - all subsequent transfers can take up to 4 days which is the same as most banks.

Not sure it's anything to worry about

mary

I've not actually counted the days, but it does seem an eternity waiting for your money to appear to "clear" with A & L. With Ing, you know where you stand exactly.