alliance and leicester e saver rate 6.56%

deano72_2

LucyTheDwarf wrote: »

Why on earth would you put 35k anywhere if you hadn't read the small print first??? I could understand it for £100...

ok just looked for the small print,,cant see any,,, the way i read it you can put in as much £ as you like & take it out when you like,,,, if you take the cash out in lets say aug you loose the interest earned in august,.im no money exspert so why are so many of you guy so againast putting saveings into this type of account,,,im looking to put 30-35 k into it so spose to get some sort of expsert feed back would be good start...tnx

YorkshireBoy

deano72 wrote: »

if you take the cash out in lets say aug you loose the interest earned in august,.im no money exspert so why are so many of you guy so againast putting saveings into this type of account

I think you've answered your own question. It's already been stated in this thread that there are other providers who pay a better rate WITHOUT such withdrawal restrictions.

exel1966

Most of posts 1-21 should tell you why you shouldn't.

The main one being that there are other accounts elsewhere (quite a few) paying very similar rates without restictions or penalties. These are known as 'clean' accounts.

EG. If you decide you need to withdraw £35k on the 28/29th of a month, you're going to lose out in the region of £180 gross. Why would you want to throw that money away ? Much wiser to put the money in an account where you can withdraw at anytime without cost to yourself.
If you're 100% certain you will never need to withdraw at anytime other than the 1st of the month then this could be a good account.

Personally I'd only put a max of £33100 into any organistion to allow for interest taking it up to the £35K threshold.

YorkshireBoy

exel1966 wrote: »

EG. If you decide you need to withdraw £35k on the 28/29th of a month, you're going to lose out in the region of £18 gross.

It's more than that exel, isn't it?

I make it £177.13 :eek:

ian-d

deano72 wrote: »

ok just looked for the small print,,cant see any,,, the way i read it you can put in as much £ as you like & take it out when you like

Are you missing the very obvious wording:

"Interest earned every month that no withdrawal is made. In a month in which a withdrawal is made, no interest is earned on the account balance (except in July, when withdrawals are allowed without loss of interest). The AER will be lower if you withdraw."

exel1966

YorkshireBoy wrote: »

It's more than that exel isn't it?

I make it £176.86 :eek:

OOPs, forgot the 0 !! I should have said in the region of £180 ! Twas a rough calculation worked out in the head !

YorkshireBoy

exel1966 wrote: »

in the region of £180 !

...and if that isn't enough to disuade deano72 from using that account, when there are BM, KE, et al paying roughly the same, I don't know what is.

deano72_2

i wouldnt need to be withdrawing the money in dribs n drabs,,will just withdrawl the lot in one go....only reason im interested in a&l as there pretty much a house hold name,,,as for some of the others mentioned in this post not really herd of them,,,but spose thats why i joined this site to get usefull advice from people who are 100x clued up on money more than im am...tnx

exel1966

And you'll be withdraw1ng all of it on the 1st ?

Household name does not mean quality when it comes to finance. Better to go with the clean accounts who offer exactly the same protection.

A&L are known for poor customer service and now the'yre going to be tied up with Santander (ABBEY) EXPECT THINGS TO GET WORSE.

deano72_2

idealy would be withdrawing on the 1st but in realalty probly not..so can u drop some names of thses clean accounts please,,,would be good to have a shop around