Interesting Anglo transactions

Z

zag

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I got a mail confirmation from Anglo last night that money had been moved out of my 30 day account into a higher yielding demand deposit account and the 30 day account closed. This had me confused because, while I had been thinking about moving that money, I couldn't remember actually ringing them recently and making the request.

When I looked into it I eventually remembered that a while back (like 30 days ago . . .) I did request this. So, that makes sense.

However, what doesn't make sense is that at the same time I moved a much large figure out of the same 30 day account into a 1 year account. They did that on the day of the request. I don't really mind, but it just struck me as weird. Is there some T&C (I looked but couldn't find) that says you can move to a longer term account without waiting the notice period ?

z
 

banks will sometimes waive the 30 day notice period. They presumably reserve the right to do so in the t&c.
 
I know that Anglo is government guaranteed, but I don't think I would be putting money on one year's deposit with them.

Brendan
 
I have to admit that I haven't read the full details of the Govt guarantee (it's next on my list after the Lisbon Treaty) but I'm kind of hoping that it will work as a guarantee for deposits if any of the banks go down the tubes so my capital at least will be secure.

I accept that there may be a delay in accessing the money and presumably a loss of interest earned during the delay at least and possibly a loss of interest accrued too, but what other concerns would you have in the event of the guarantee having to be utilised ?

z
 
I just think that with a lot of uncertainty out there, I would not be putting away money for 12 months with any financial institution.

The government guarantee is good for depositors, but even still, I would pass on the slightly higher interest rates in return for flexibility.

Brendan
 
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