A&L raise savings account & ISA interest rates

Kazza242 · 24 August 2006 at 12:43PM

The full 0.25% increase will be added to the following Alliance & Leicester savings accounts effective 2nd September 2006:

- Online Saver 2 - £1+ (prev. rate 4.25%) New rate 4.50%.

- Online Saver (closed) £30K+ (prev. 4.65%) New rate 4.90%.
£1+ (prev. 4.40%) New rate 4.65%.

- PlusSaver - £1+ (prev.4.05%) New rate 4.30%.

ISAs

- Direct ISA Issue 2 - £1+ (prev. 4.50%) New rate 4.75%**.

- Direct ISA (closed) - £1+ (prev.4.75%) New rate 5.00%.

Cash ISA
£21k+ (prev. 4.55%) New rate 4.80%.
£18k+ (prev. 3.95%) New rate 4.20%.
£9k+ (prev. 3.60%) New rate 3.85%.
£1+ (prev. 3.45%) New rate 3.70%.

Phonesaver, Young worker and easy Saver accounts have also had their rates increased by the full 0.25%.

[SOURCE: Alliance & Leicester website]

Here is the link to the rate changes documents (Word and PDF format).

AddieH · 24 August 2006 at 4:51PM

I presume this will affect the "baseline" rates for those Online Saver and Direct ISA accounts that still have applicable bonuses so the bonus will be added onto the new rates? At least I hope?

KTF · 24 August 2006 at 4:55PM

Also reported here http://forums.moneysavingexpert.com/showthread.html?t=250577

Edit: Apparently the bonuses will apply to the new rates as well.

humfer · 24 August 2006 at 6:01PM

If I'm on a Direct ISA 2 taken out just before April this year to get the bonus I take it I will not be on 4.75 + 0.7 = 5.45%?

MiserlyMartin · 24 August 2006 at 6:15PM

Looks like it. Good to have some good nerws for a change. 5.45% tax free lovely.

Stonk · 24 August 2006 at 9:59PM

Splendid. With this and Bradford & Bingley, It has been a good couple of days. Just waiting for my other main providers Nationwide and Derbyshire BS to react now! C'mon guys - look, your competitors are doing it!

I wonder whether Birmingham Midshires will increase their rate on the 4.95% account, or whether they'll take the viewpoint that when they launched it not too long ago it had already built in the expectation of an imminent rate rise.

Heinz · 25 August 2006 at 12:18PM

Kazza242 wrote:

The full 0.25% increase will be added to the following Alliance & Leicester savings accounts effective 2nd September 2006:

Online Saver (closed) £30K+ (prev. 4.65%) New rate 4.90%.
£1+ (prev. 4.40%) New rate 4.65%.

There's a word I could use to describe them but I won't on here. Suffice to say, that account is the one on which they reduced the rate by 0.1% on 2/8/06 (the day before the latest rate rise) so they're not being exactly generous - effectively, they're only raising it by 0.15%!

humfer · 25 August 2006 at 1:04PM

MiserlyMartin wrote:

Looks like it. Good to have some good nerws for a change. 5.45% tax free lovely.

:T :j :beer: :T :j

A&L raise savings account & ISA interest rates

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