Alliance & Leicester 10% Regular Saver

[BenL]

I've been to A&L this morning for a re-mortgage meeting as we are looking to move home.

I already have a Premier Direct a/c but my girlfriend doesn't.

The adviser also has a premier direct a/c.

I can't see any info around but she was talking to us about new premier direct customers will be offered a 10% paying regular savings account with new accounts.

She was happily talking about it, brand new customers only though to coin a phrase.

She also said that I would be able to close my current premier account and open a new one to get the offer - I've had my account over 3 months which seems to be the cut off.

Also, to pay for this they have put the mortgage rate up by 0.20% even though the BoE didn't move the rate the other week.

Guess it maybe launched on Monday.

At first I thought she was exagerating the new online saver Issue 2 bonus.

I didn't see any leaflets out in the branch.

Ben

[shahidemran]

I Visited their website , can't find Regular Saver :(

[Judi]

Blimey i hope that comes off. My Halifax regular saver is due to mature next month and i dont think i can quite stretch to the two.

[Daft_Monkey]

Heard about the account on Money Box. Sounds good. Can't wait to read the T&Cs. :-)

Here is the link: http://news.bbc.co.uk/1/hi/programmes/moneybox/4367090.stm

[Milarky]

Nice to see that Chase de vere 'spotted' the fact that you 'only' get 10% on the 'average' balance [although they didn't put it as technically as that]

[shahidemran]

Nice to see that Chase de vere 'spotted' the fact that you 'only' get 10% on the 'average' balance [although they didn't put it as technically as that]

Independent Financial Adviser Anna Bowes of Chase de Vere said:
Explaining how it works, Ms Bowes said: "You get 10% on the first premium because that is the only amount invested for the full year, and each subsequent premium will receive a percentage of 10%.

"So there is no way of earning the full 10% on all the money." :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

[MarkyMarkD]

Oh, what an idiot.

Anyone who calls a regular savings amount a "premium" clearly is talking out of the wrong orifice ... and the rate is the rate is the rate, on any regular savings account - it's stupid meaningless tripe to say "you get 10% on the first deposit, but only 9.2% on the second ...".

You get 10% on each deposit for the time it's in the account. End of story!

[KTF]

So I will have to close my current A&L account and open a new one to get this. Whist this isnt exactly a problem as I only opened it to get the referral money I cant imagine this is the most cost effective way for them to operate.

Regardless here is to another £25 for opening a new account online :)

[Daft_Monkey]

Oh, what an idiot.

Anyone who calls a regular savings amount a "premium" clearly is talking out of the wrong orifice ... and the rate is the rate is the rate, on any regular savings account - it's stupid meaningless tripe to say "you get 10% on the first deposit, but only 9.2% on the second ...".

You get 10% on each deposit for the time it's in the account. End of story!

I must say it's a bit peculiar to describe the regular savings account that way. But people somehow get confused with regular savings accounts, thinking that they've been ripped off at the end of the 12 month period...mind you, it's possible this description will cause more confusion...

[deemy2004]

Oh, what an idiot.

Anyone who calls a regular savings amount a "premium" clearly is talking out of the wrong orifice ... and the rate is the rate is the rate, on any regular savings account - it's stupid meaningless tripe to say "you get 10% on the first deposit, but only 9.2% on the second ...".

You get 10% on each deposit for the time it's in the account. End of story!

Theres no commission in it for an IFA ;)

[from_suffolk]

I heard the Money Box programme too, from what I understood the account will only be on offer to new A&L customers and linked to the opening of a current account.
The compound return is just over 5%.
We will have to wait until Monday 24th October for full details when the product is formaly launched.

[MSE Martin]

I've posted full details here (http://forums.moneysavingexpert.com/showthread.html?t=105430)