Problems opening and closing accounts

jicms

Many of these easy access savings accounts to seem to be so difficult to open and close. Some online ones involve waiting for “welcome packs” and access codes sent in the post. 

I try to move my savings around regularly to receive the best interest but it’s very time-consuming. There are usually daily withdrawal limits which can mean it takes weeks to withdraw a large balance. 

I have a large deposit with Al Rayan. The maximum daily limit withdrawal of £20k made online to my own current account has been blocked. I cannot get through on the phone. Website states I need to write to them to close my account! It was very easy to deposit but trying to withdraw my money to move to a better rate is a different matter. 

pecunianonolet

My first 2 bigger deposits went in fine after account opening. Whn better rates came about I moved and first payment (just under 10k) got blocked and they called to check but missed the call. I always call back anyway. Second payment  same story and from that point all smooth. The most annoying with Al Ryan is the music when you wait, worst of all I would say but I knew where I put my money so have to deal with it. I had far more issues to get Santander up and running and to "trust" me.

The postal stuff with activatin codes and all sorts of stuff is annoying but a security feature to check your address is correct. As annoying as it is, it's here for our security.

Bigwheels1111

I must have been lucky, moved 20k, 20k, 20k, 20k, £4999.00 out of Al Rayan over 5 days.
All done a 06.00am each day.
Never had one stopped. Just left £1 in the account.
I ring them at 09.00am normally answered in a minute or two.

Band7

jicms said:

Many of these easy access savings accounts to seem to be so difficult to open and close. Some online ones involve waiting for “welcome packs” and access codes sent in the post. 

I try to move my savings around regularly to receive the best interest but it’s very time-consuming. There are usually daily withdrawal limits which can mean it takes weeks to withdraw a large balance. 

I have a large deposit with Al Rayan. The maximum daily limit withdrawal of £20k made online to my own current account has been blocked. I cannot get through on the phone. Website states I need to write to them to close my account! It was very easy to deposit but trying to withdraw my money to move to a better rate is a different matter. 

Even if it takes a while to sort out online access for some providers, once you have it up an running, keep an easy access account with a minimum balance (£1 or so) active. Makes subsequent applications a breeze. 

Ref Al Rayan - annoying when they (or others) hold up payments but they will release your payment after a phone call. Try first thing in the morning. Closing an Al Rayan account can be done in the app. Takes a few days for them to action it but that’s not a problem.

Any large balance wouldn’t take weeks to withdraw if you stick to the £85k FSCS limit, even if your daily withdrawal limit is £20k. It will tell you when you first sign up what if any withdrawal limits exist, so you can tailor your deposit amounts according to your needs. 

adindas

jicms said:

Many of these easy access savings accounts to seem to be so difficult to open and close.

It is getting better now. BOS and Halifax, TSB, LBG you could now close it online. Some people have a bunch of Easy access savers the legacy of RSA. Now it could be closed online painless. I recently closed a bunch of them.

Win Win situation actually, it saves their staffs time as well as customer time. Unless they are naive noone will be keep using a low paying saving if there is a better alternative available.

jicms

I have a much larger balance with Al Rayan, the proceeds from our house sale that I’ll need to access at short notice.  The daily max withdrawal is £20k. It isn’t possible to close the account via the app. It has to be done through a signed letter, in my opinion not secure. 

Adding a new payee, when I attempt to add another bank account used as my linked account for Cynergy Bank, does not work. It says you already have this payee set up. 

It doesn’t seem right that it’s so difficult to withdraw what I put in by single transfer. 

subjecttocontract

I have an account with Santander and needed to pay a £50K balance for a new car. I just went into the bank with id & all the necessary documents and they transferred the amount to the dealership in one lump......took about 10 minutes.

Middle_of_the_Road

jicms said:

I have a much larger balance with Al Rayan, the proceeds from our house sale that I’ll need to access at short notice.  The daily max withdrawal is £20k. 

It doesn’t seem right that it’s so difficult to withdraw what I put in by single transfer. 

It seems this is a common issue with max daily limits. Could they transfer more via BACS?
How did you manage to transfer it originally in one go?

Bigwheels1111

Middle_of_the_Road said:

jicms said:

I have a much larger balance with Al Rayan, the proceeds from our house sale that I’ll need to access at short notice.  The daily max withdrawal is £20k. 

It doesn’t seem right that it’s so difficult to withdraw what I put in by single transfer. 

It seems this is a common issue with max daily limits. Could they transfer more via BACS?
How did you manage to transfer it originally in one go?

In is any amount, but out is 20k a day.
That’s Al Rayan.
Took 5 days to fund my fixed rate saver elsewhere.

jicms

My bank First Direct allowed me to fund Al Rayan through their higher balance transfer department by going through extra security checks. 

In my opinion these savings accounts should be made to stress the limited options and lengthy process for withdrawals. 

If “chat” services are advertised they should be forced to use them not just for bots to direct customers to phone for account information. 

jicms

subjecttocontract said:

I have an account with Santander and needed to pay a £50K balance for a new car. I just went into the bank with id & all the necessary documents and they transferred the amount to the dealership in one lump......took about 10 minutes.

Al Rayan’s only UK branch is for Premier customers 😆