A & L Slash Child Account rates

NickB_3 · 3 May 2005 at 12:35PM

Just had a letter over the weekend that the Children's Account from A&L is to have the interest rate reduced by 1.5% (from July I think)...Anybody got suggestions as to where to move the money to ?

thanks

jo_b_2 · 3 May 2005 at 12:44PM

Is this the First Save account?

I won't be a happy bunny if it is! :mad:

NickB_3 · 3 May 2005 at 12:57PM

I think it is - will check when I get home, but the First Save now appears in the closed accounts list on their website.

Closed issue interest rates
The tables below show interest rates for our closed issue savings accounts
Branch savings accounts
FirstSaver account rates
Annual Gross Gross AER*
£1+ 5.25% 5.25%

Kazza242 · 3 May 2005 at 1:14PM

NickB wrote:

Just had a letter over the weekend that the Children's Account from A&L is to have the interest rate reduced by 1.5% (from July I think)...Anybody got suggestions as to where to move the money to ?

thanks

The Moneyfacts website lists a number of alternative children's savings accounts. Here is the branch-based accounts link.

If you would prefer a non-branch-based account, then here is the link to the Moneyfacts list.

NickB_3 · 3 May 2005 at 5:04PM

Thanks for that Kazza..

I've checked and it IS the FirstSaver account... and I quote..

"..we have withdrawn FirstSaver to new customers and revised the interest rate. The rate is now being aligned with the highest rate of our branch-based accounts as at 30.04.05. This new rate will take effect from 1st July 05."

....and the new rate is 3.65%...a massive 1.6% difference....Looks like we're off to the Nationwide !

pengers · 4 May 2005 at 7:01PM

It is disgraceful. What is even more annoying is that my daughter who has the maximum amount invested in this account (an inheritance) cannot transfer it to their high-rate internet account because she is only 16. Some banks allow 16 year olds to save on the web, A&L says it would irresponsible. Not irresponsible ,however, to entice savers to a child account and then close it and snatch 1.6% off the interest!

Swattie · 4 May 2005 at 7:16PM

I also received the letter this morning.

I've let Martin know and sent him a copy.

Watch that space !!

Nationwide has a childrens account at 5.01% which isn't too bad. They do tend to increase the interest rate as the B of E rate rises, and there haven't been any nasty surprises a la A&L yet.

Superfast_Gran · 4 May 2005 at 7:47PM

I just got my letters re my grandson's accounts today - posted this info in the wrong place - oops and sorry. But, not sure where to move the accounts and allow for easy access in Edinburgh - help anyone?

ReportInvestor · 4 May 2005 at 8:30PM

Nationwide Building Society - still paying over 5% according to Swattie's information.

71 George Street, Edinburgh, Lothian, EH2 3EH
320 Morningside Road, Morningside, Lothian, EH10 4QW

Or Halifax / Bank of Scotland - also paying over 5%

MSE_Martin · 4 May 2005 at 8:49PM

By this time next week we'll have updated the article and there'll be a full on NAME AND SHAME IN THE TIP

B*STARDS!

averagepunter · 4 May 2005 at 9:30PM

Not had the letter yet...but you can be sure that my kids accounts will be removed from A&L PDQ.

Seems a rather strange move though as I thought most banks kept kids rates higher to encourage loyalty into adulthood. Maybe times are a-changin'.

A & L Slash Child Account rates

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