Al Rayan

ashteadgirl

Applied for 1 year fixed account last week. Funded yesterday but sent £5k more than stated in application. 1 year account now on app but only with original  application amount. Now got £5k stuck in holding account on app but do not appear to be able to access it. Has this happened to anyone before?? TIA 

Bigwheels1111

Call them now they are open.

Problem solved. Or wait a few days.

allegro120

ashteadgirl said:

Applied for 1 year fixed account last week. Funded yesterday but sent £5k more than stated in application. 1 year account now on app but only with original  application amount. Now got £5k stuck in holding account on app but do not appear to be able to access it. Has this happened to anyone before?? TIA 

This never happened to me.  One way of resolving this could be opening Everyday Saver (issue3), move your £5k there and withdraw the funds from Everyday Saver to a bank account of your choice.  Or call them, their customer services are very helpful, at least in my experience.

ashteadgirl

Have rung and spoken to them. You can only send the amount on application form to fixed deposit account. The holding/deposit account can only be accessed by their account team. Going to transfer balance to my everyday account to give me access to return it my  bank account it was sent from. This may take 3-5days 😞. Learnt by my mistake. 

Albermarle

ashteadgirl said:

Have rung and spoken to them. You can only send the amount on application form to fixed deposit account. The holding/deposit account can only be accessed by their account team. Going to transfer balance to my everyday account to give me access to return it my  bank account it was sent from. This may take 3-5days 😞. Learnt by my mistake. 

I wonder if this applies to other savings providers. I always assumed that when they ask you for how much you intend to deposit, that it was just for info and you could in reality deposit another amount.

ashteadgirl

Money now moved into Everyday account so very happy and transferred back to EA Santander savings. Obviously 3-5 days worse scenario. Very pleased with efficiency.

ashteadgirl

Albermarle said:

ashteadgirl said:

Have rung and spoken to them. You can only send the amount on application form to fixed deposit account. The holding/deposit account can only be accessed by their account team. Going to transfer balance to my everyday account to give me access to return it my  bank account it was sent from. This may take 3-5days 😞. Learnt by my mistake. 

I wonder if this applies to other savings providers. I always assumed that when they ask you for how much you intend to deposit, that it was just for info and you could in reality deposit another amount.

Yes Albemarle that is what I presumed and was quite surprised. You live and learn. 

ToastLady

I had actually been going to do the same with account maturing in just over a week, I only put £5000 down on application. I think I might open another one. All fixes I've had with others allow you to put in more than what you state. I always err towards less than more on application. Must make a note re Al Rayan for future ref. 

Doctor_Who

Albermarle said:

ashteadgirl said:

Have rung and spoken to them. You can only send the amount on application form to fixed deposit account. The holding/deposit account can only be accessed by their account team. Going to transfer balance to my everyday account to give me access to return it my  bank account it was sent from. This may take 3-5days 😞. Learnt by my mistake. 

I wonder if this applies to other savings providers. I always assumed that when they ask you for how much you intend to deposit, that it was just for info and you could in reality deposit another amount.

Accounts opened through Raisin work in a similar way - when you open the account you say how much you want to deposit in the fixed term, and then transfer this amount to the Raisin holding account from where it transfers to the fixed rate account.

cwep2

The same thing happened to me. I have opened dozens of fixes and almost all allow different amount to be deposited within the funding window.

NS&I which require funding in one shot at the application stage, and Al Rayan which just leave any excess in holding account until you call them are the only exceptions I’ve come across. 

Maybe it’s worth flagging on the main MSE page if Al Rayan is one of the top picks as a footnote?

ToastLady

Just went to open another account with Al Rayan and notice they have put rate down to 5.95% for 1 year. Should have opened another account yesterday.