New A&L 10% Regular Saver

MSE_Martin

As noted elsewhere on this board A&L are launching a 10% paying regular saver at the end of the month. I will be changing the regular saver article but thought I would get forumites the raw data first.

As a brief summary yes this is a good account, the big problem is you only get it if you're also opening an A&L current account at the same time. Then again as A&L is the top current account this isn't a problem. To read/view the A&L current account info see Best Current Account article

Unfortunately existing A&L current account customers can't get it!

The following is the A&L press release, remember this is written by it - so has a spin on it - thus treat it with a pinch of salt.

Martin

__________________________________

GET 10% ON YOUR REGULAR SAVINGS

BY SWITCHING TO ALLIANCE & LEICESTER’S

PREMIER OR PREMIER DIRECT CURRENT ACCOUNT

· “Special Offer” for a limited period onl

· Save a fixed amount of between £10 and £250 for 12 months



A new Alliance & Leicester regular savings account paying 10% pa gross/AER has been launched for customers opening either an Alliance & Leicester Premier or Premier Direct current account and will be available from 31 October up until 30 November 2005.



This follows other recent offers, which include all new Premier customers receiving a £150 holiday voucher and the ongoing ‘Recommend A Friend’ incentive. This latest offer will provide an unrivalled interest rate on a regular savings account linked to Premier or Premier Direct, Alliance & Leicester’s market leading current accounts.



The new Premier Regular Saver product is designed to encourage people to save a fixed amount each month for a year and offers an alternative way to save.



Simon Ripton, Current Accounts Manager at Alliance & Leicester said: “Alliance & Leicester’s Premier and Premier Direct current accounts are recognised as being amongst the best on the market by far, and this new savings account makes it even more attractive to switch.



“For the next month, we will be offering all new Premier customers the chance to earn a very attractive 10% interest on their savings, with the new linked Premier Regular Saver.



More/…



Ripton continued: “This will be a great way for people to kick-start a savings habit and at the end of the 12 month period, have saved up a nice little nest egg – there has never been a better time to switch.”



The new Premier Regular Saver offer:

· A market leading interest rate of 10% gross AER

· Fixed monthly payments of between £10 and £250

· At the end of the 12-month period, the balance, including interest will be paid into the customer’s Premier or Premier Direct current account.

· To be eligible for the Premier Regular Saver account, customers need to open a new Premier or Premier Direct current account and request the Premier Regular Saver at the time the account is opened.

· Customers need to decide on a fixed amount of between £10 and £250 at the outset to be paid into the Premier Regular Saver each month and transfer it from their linked Premier or Premier Direct account. The payment amount cannot be altered during the 12-month term.

· Customers will be able to view transactions via internet banking or check their balance by phone.

· Customers need to maintain their Premier or Premier Direct account in accordance with the conditions to remain eligible for Premier Regular Saver.

· Although designed as a promotion for Premier current accounts, a version of Premier Regular Saver is available for Premier customers, paying 4.5%

· To continue to qualify for the 10% rate, withdrawals cannot be made. If the customer wishes to withdraw from the account, it will be closed and the balance will be transferred to their current account.

· Interest will be calculated up to and paid on the first anniversary of the first credit being due into the account. The account will be closed and the balance, including interest paid into the customer’s Premier/Premier Direct account.





If a customer invests the maximum of £250 per month, a total of £3,000 will be paid into the account during the 12-month term. At 10% interest, the customer would earn £150 interest (gross).

lipidicman

Ok, so I don't have an A&L current account, but I do have an online saver. I am willing and able to open the current account and maintain it. So will I be eligible to open this regular saver at 10%?

from_suffolk

Is the A&L online saver issue2, 5.15% until 30/6/06 a better product?

anticlaus105

MSE_Martin wrote:

If a customer invests the maximum of £250 per month, a total of £3,000 will be paid into the account during the 12-month term. At 10% interest, the customer would earn £150 interest (gross).

I work it out at £162.5. Which is correct?

empfun

Wowzers 10%! They've got my attention. Interesting trend with the regular saving accounts interest rates, seems to be on the up. Can't wait for 20%.

skylight

whats the minimum monthly payment into the current account to keep this going then?

KTF

charlotte664 wrote:

whats the minimum monthly payment into the current account to keep this going then?

The current account has a monthly funding amount of £500 and it cant come from another A&L account.

MarkyMarkD

lipidicman wrote:

Ok, so I don't have an A&L current account, but I do have an online saver. I am willing and able to open the current account and maintain it. So will I be eligible to open this regular saver at 10%?

Of course. Why wouldn't you be eligible? You are only not eligible if you already have an A&L current account.

lipidicman

OK, I heard 'new customer' on the radio. So it seems the deal is that you must open a new current account at the same time? Fine. Transfer £500 a month into the new current account, £250 then goes to the online saver and £250 to the online saver. Easy money!

lipidicman

from_suffolk wrote:

Is the A&L online saver issue2, 5.15% until 30/6/06 a better product?

Nice rate that, for a lump sum (but the regular is better for saving from your salary - dont fall for this 'it's not really 10%' nonsense) Does anyone know whether you can open one online (the new online saver to be clear) and move funds from the Online saver issue one (paying 4.75%). If anyone has done this or can provide a link to another thread then great! (did a search and came up blank)

Milarky

To be eligible for the Premier Regular Saver account, customers need to open a new Premier or Premier Direct current account and request the Premier Regular Saver at the time the account is opened.

There is nothing express here about someone with a Premier account already not being able to open a Premier Direct account [or vice versa] and Premier Regular Saver together is there?

I already have both accounts, so I'm out. But unless A&L now have rule saying that you can only have one kind of current account at a time then 'existing current account' restrictions will be leaky won't they?

Can we clarify whether having any kind of A&L Premier account already [but not both together] necessarily rules out this 10% rate?

Thanks