Closing A&L account - interest?

deefadog

Hi all, i have left this a little late, but i am about to close the A&L account i opened for my daughter! Aa the interest dropped as you are all probably aware of!

How do i get the interest on what i have saved already? should i close the account to get the interest or do i have to request it from them first?

Also what did everyone else do in regards to opening another account? I am going to open the Halifax 10% account and drip feed the payments each month, but what account shall i open to drip feed from?

Thanks

Doppleganger

When you close the account they will calculate any outstanding interest owed to you and include it in the cheque/transfer that they send out.

-Dop

deefadog

Thanks! I never really close to many accounts!

joe2cool

Hi I also still have a A&L Web saver, which is the best now for interest ?

cadboll

Hi!

The Nationwide have an online saver account - 5.00% Gross/AER.

Also Cahoot at 5.10% Gross/AER.

joe2cool

Cheers I see 'First Direct' offer e-savings account
5.20% AER
(5.08% gross p.a.)

cadboll

I've read through some of the other discussions, and although First Direct offer a higher interest rate, I think its daily and also if you withdraw money you lose interest for the whole month.

From what I know this isn't the case with Nationwide.

deefadog

So is nationwaide the best place to put my lump sum, it's for my daughter, so it is a childs account i am after, i can then drip feed £100 per month into the Halifax 10% account!

Swattie

If you open the Halifax 10% account you have to have a save4it normal childrens savings account open (interest rate 5.05%).

The reason they give is when the 10% account matures - in 12 months time- they transfer the funds out, and that has to be into a Halifax account. Also if you default on the monthly deposits of £10 to £100 - the account is immediately closed and the money transferred out.
The monthly deposits should be set up by standing order from a current account.

So unless you know any different their childrens Save4it is as good as any.

deefadog

Yes thanks swattie, i think to save hassel i'll use the save4it account, but will they allow this?

joe2cool

cadboll wrote:

I've read through some of the other discussions, and although First Direct offer a higher interest rate, I think its daily and also if you withdraw money you lose interest for the whole month.

From what I know this isn't the case with Nationwide.

Cheers ! A/L sent a letter a while back when the rate had changed saying it would continue at 5% (existing customers) until at least December 2005 ......should I stay until then? instead of keep moving & losing days interest ?

Appreciate any help unsure what's best to do ?

Thx