3. Deposits & Withdrawals

When can I make payments into my account?

We will send you a secure message advising you when to send your opening deposit. You may then continue to make deposits into your account at your convenience. Please do not send any funds until instructed to do so.

The opening deposit is £25,000. The opening deposit must be made with funds that are not already deposited with the bank. The minimum value of funds that can be deposited is £1. Please note that the first deposit to your account can only be accepted if drawn on an account in your own name or issued by a bank, a financial institution, an advocate, solicitor or lawyer and made payable to your name.

How do I pay money into my eSaver Offshore Notice 50 account?

The eSaver Offshore Notice 50 is a sterling only product. Dependent upon the currency you are sending, all deposits into this account must be sent electronically to the following bank details.

Once your account has been opened, please be sure to quote your account number on all future deposits into your account.

The account details to be used when sending your funds to us depends on the currency of the funds you are sending. If you wish to send Euro or US Dollars to credit to your eSaver Offshore Notice 50 account you must send them in accordance with the Euro or US Dollar account details above and we will exchange your funds into Sterling on receipt.

If the funds are converted before they reach us, we cannot control the exchange of currency or any associated charges or commissions, which will be deducted from your remittance.

Will I be charged for depositing money into my eSaver Offshore Notice 50 account?

Alliance & Leicester International will not charge you for depositing Sterling funds into your eSaver Offshore Notice 50 account. Other banks and/or agents may charge you to send funds to us, for example they may charge a transaction fee for same-day UK CHAPS transfers or other Electronic Funds Transfers, either domestic or international. Your bank may also offer a cost effective BACS service for a transfer of your funds if you are sending them from within the UK. Please speak to your bank about their services and charges.

What if I hold non-Sterling funds and I wish to use them to open an eSaver Offshore Notice 50 account?

If you are sending non-Sterling funds, e.g US Dollars or Euros, for credit to your eSaver Offshore Notice 50 account, you should send them to our US Dollar or Euro account – details can be found on our website – and we will convert the funds to Sterling for credit to your Sterling eSaver account. If you send non-Sterling funds to our Sterling account at HSBC, then HSBC will automatically convert your funds to Sterling and we will have no control over the exchange rate you receive. Our General Terms & Conditions apply.

Can I pay cash or cheques into my eSaver Offshore Notice 50 account?

No. You can not deposit cheques or cash into this account.

Can I arrange a regular payment into the account?

A standing order can be set up at your bank to transfer funds to this account on a regular basis. Contact your bank by telephone or internet or print our Standing Order Authority form.

How do I withdraw money?

All withdrawal requests must be instructed via MyBankOffshore, our internet banking service and will be electronically transferred to your linked nominated account. The minimum you are allowed to withdraw is £5,000.

Withdrawals can be made either by same day electronic transfer (CHAPS), for which a fee will apply, or free with a BACS transfer. BACS transfers will reach the destination account within 5 working days from the day they are sent and are available to UK banks only. All withdrawals to non UK banks will be sent by Electronic Funds Transfer for which a fee will apply.

To request a withdrawal of funds, log on to MyBankOffshore and click on the Funds Transfer navigation tab.

Can I access my savings instantly or do I need to give notice to withdraw funds?

For each withdrawal you must serve 50 days notice or incur an interest charge of 50 days loss of interest on the amount you withdraw. Where notice has been given for a penalty free withdrawal, your withdrawal must be made on the day requested. If the withdrawal is not made on the day requested, notice will be deemed to have lapsed and further notice will be required.

How do I request a foreign exchange withdrawal?

If you wish to make a withdrawal to your nominated account in a currency other than Sterling, please send us a secure message detailing the amount and currency of your withdrawal request, together with the last 4 digits of the foreign currency nominated account to which you wish the funds to be sent.

All non-Sterling withdrawal requests will be subject to a call period of two working days which is required for us to put the necessary non-Sterling funds in place.

Foreign exchange transactions are carried out in accordance with our General Terms & Conditions