Aldermore Double Access

jicms

I want to open and make a large lump sum payment into a Aldemore Double Access savings account. I realise that if I make two withdrawals the rate will crash but if I withdraw the full amount at any time in the first year or close the account will I lose interest? 

I need to be sure it’s worth the hassle of moving from Cynergy. 

ColdIron

Interest is calculated daily, you will receive less interest from the 3rd withdrawal

From Aldermore's website

• Unlimited withdrawals - access your money whenever you need it. You’ll get the higher rate of interest if you make two or less withdrawals each anniversary year (the 12 month period commencing on the opening date of your account and then renewing on each annual anniversary). If you make three or more withdrawals, the interest rate will drop from the day of your third withdrawal to the day before the annual anniversary of your account opening
• The rate of interest you receive will reduce when you make your third withdrawal in any 12 month period from the annual anniversary of your account opening. From the anniversary date the interest rate and withdrawals will be reset

https://www.aldermore.co.uk/personal/personal-savings-accounts/double-access-account/

mebu60

jicms said:

I want to open and make a large lump sum payment into a Aldemore Double Access savings account. I realise that if I make two withdrawals the rate will crash but if I withdraw the full amount at any time in the first year or close the account will I lose interest? 

I need to be sure it’s worth the hassle of moving from Cynergy. 

The rate does not crash if you make two withdrawals. It is a third withdrawal in the account year that is the killer though the reduced rate only applies thereafter not retrospectively. You can make two withdrawals without affecting the rate. The counter is reset at the account anniversary.

You will not lose any interest accrued to date if you close the account. 

Also, FYI if not already aware, you can only have one DA account with them at any time. 

Bigwheels1111

What about Tandem, I know it’s only 3.50% with the top up.
But you can add or withdraw money when you want with no penalty.
Takes less than 10 mins for transfers.

allegro120

Bigwheels1111 said:

What about Tandem, I know it’s only 3.50% with the top up.
But you can add or withdraw money when you want with no penalty.
Takes less than 10 mins for transfers.

That's why I didn't bother about Aldemore's offer. The same rate from Tandem, but with no complications attached.

jicms

Aldermore (I spelt it wrongly) will be fine as it’s just to dump our house sale money in until we rebuy. 

I would move the money more regularly but it’s such an issue especially after my ordeal with Al Rayan. It should be made easier.

Thanks for clarifying there’ll be no loss of interest from withdrawing the total balance or closing the account. At least it’s easy to open with no paperwork being sent out like some institutions. 

oz0707

jicms said:

Aldermore (I spelt it wrongly) will be fine as it’s just to dump our house sale money in until we rebuy. 

I would move the money more regularly but it’s such an issue especially after my ordeal with Al Rayan. It should be made easier.

Thanks for clarifying there’ll be no loss of interest from withdrawing the total balance or closing the account. At least it’s easy to open with no paperwork being sent out like some institutions. 

Just be careful with the amount and FSCS protection. I'm not sure but the 'exceptional circumstances' FSCS cover might only apply to the account the money lands in first (from conveyancers). If you move it i'm sure I read somewhere once you lose the protection but I could be mistaken. Regardless I would sleep easier breaking it up into 85k's

soulsaver

oz0707 said:

jicms said:

Aldermore (I spelt it wrongly) will be fine as it’s just to dump our house sale money in until we rebuy. 

I would move the money more regularly but it’s such an issue especially after my ordeal with Al Rayan. It should be made easier.

Thanks for clarifying there’ll be no loss of interest from withdrawing the total balance or closing the account. At least it’s easy to open with no paperwork being sent out like some institutions. 

Just be careful with the amount and FSCS protection. I'm not sure but the 'exceptional circumstances' FSCS cover might only apply to the account the money lands in first (from conveyancers). If you move it i'm sure I read somewhere once you lose the protection but I could be mistaken. Regardless I would sleep easier breaking it up into 85k's

Or £170k for a joint ac.