We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
A&L Online Saver Issue 1 rates changed??
Options
Stonk
Posts: 937 Forumite
If I recall correctly, and I think I do, A&L's Online Saver Issue 1 (the closed one) used to pay 4.75% flat, up to a maximum balance of £25K. Effective today, it is paying 4.50% up to £30K, or 4.75% up to £50K. I cannot see any mention of the previous rate on the website, only the "previous-previous" rate of 5.00%.
This surely constitutes a 0.25% reduction of rate for almost all the account holders, since the previous maximum permitted balance is £5K below the point at which the higher (i.e., normal old) rate now becomes available. This is deeply devious.
I didn't want to switch to the Issue 2 because its superficially higher interest rate is only higher because of an introductory bonus. However, making the switch now makes more sense, especially as they have recently extended the introductory period to March 2007.
I'm pretty sure they won't let me do a simple conversion, so it'll be a time-wasting exercise in opening a new account and shuffling money between them. Yawn.
This surely constitutes a 0.25% reduction of rate for almost all the account holders, since the previous maximum permitted balance is £5K below the point at which the higher (i.e., normal old) rate now becomes available. This is deeply devious.
I didn't want to switch to the Issue 2 because its superficially higher interest rate is only higher because of an introductory bonus. However, making the switch now makes more sense, especially as they have recently extended the introductory period to March 2007.
I'm pretty sure they won't let me do a simple conversion, so it'll be a time-wasting exercise in opening a new account and shuffling money between them. Yawn.
0
Comments
-
And to think.. I opened it when it was paying 5.35% [pre September!] as a second home for when the cahoot 'introductory' fixed rate [still paying 5.3%!] reached its anniversary! If I close the account now, I'' get a bit of interest too, I suppose!
Hang on a mo did you see this there?
Direct ISA Issue 2 rates
£1+ Annual Gross:5.20% (variable)††
Rates effective from 09/01/06. †† Includes 0.70% bonus fixed until 30/04/07.....under construction.... COVID is a [discontinued] scam0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards