A&L esaver down 1.24%

oldfella

Alliance & Leicester

variable rates will reduce by up to 1.75% and various term and conditions will be amended w.e.f. 1.12.08. INSTANT ACCESS: £1 - 0.00%, £100 - 0.25% (-0.05%). EASYSAVER (-1.50%): £1 - 0.25%, £10K - 0.35%, £50K - 0.70%. DIRECTSAVER: £1K - 2.92% (-1.70%), £50K - 3.12% (new tier). ONLINE TRACKER: 4.75% (-1.25%), bonus increased from 1.50% to 1.75%. PHONESAVER: 1.05% (-1.50%). PLUSSAVER: £1 - 2.25 % (-1.75%), £50K - 2.50% (new tier), 0.75% conditional bonus withdrawn. ONLINE SAVER Issue 2 (-1.50%): £1 - 2.05%, £25K - 2.30%, £50K - 2.55%, maximum investment increased to £2m (previously £100K). ESAVER Issue 2: 4.89% (-1.24%). BRANCH CASH ISA: £1 - 1.20% (-1.50%), £18K - 1.55% (-1.75%), £21K - 2.10% (-1.50%). EASY ISA: 4.50% (-1.00%), new applicants will receive 1.50% bonus until 15.2.10.

elektra

Thanks - where did you find this info - I can't find on their website.

Why have they not told customers yet via email or online message system so we can be geared up to move funds on 1st if we wish.

Baldur

elektra wrote: »

where did you find this info.

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=178666

Why have they not told customers yet via email or online message system so we can be geared up to move funds on 1st if we wish.

Probably because they are not obliged to by the Banking Code...

elektra

Thanks

Then the Banking Code needs amending !

treecity

Baldur wrote: »

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=178666

Probably because they are not obliged to by the Banking Code...

Thanks for the link and info!

Isn't it about time the banking code changed so they had to notify customers of interest changes?

Baldur

treecity wrote: »

Isn't it about time the banking code changed so they had to notify customers of interest changes?

It only changed in March - the previous one gave them 30 days after the event to notify you......;)

<Edit> See the current (much more nebulously-worded) Banking Code at http://www.bankingcode.org.uk/pdfdocs/PERSONAL_CODE_2008.PDF

cos69

It's strange, I checked the A&L website several times this week after receiving an email from them saying interest rates were going to be changed - I could not find any details of changes. They gave no details in the email either- just said check the web site.

This is very annoying - changes on this scale should have been provided in the email. They are obviously gearing upto do this ahead of the next Bank of England meeting 4th December, so they can reduce rates again shortly afterwards if there is a change in BoE interest rates

KenC_3

A&L is advertising the 6.3% rate in today's Telegraph! Naughty.

The figures above don't add up If the rate is being reduced by 1.24% it would be down to 5.06%.

Baldur

KenC wrote: »

The figures above don't add up If the rate is being reduced by 1.24% it would be down to 5.06%.

eMoneyfacts always quotes gross rates, rather than AER - i.e. 6.13% gross - 1.24% = 4.89%

tradetime

KenC wrote: »

A&L is advertising the 6.3% rate in today's Telegraph! Naughty.

That's because that is what they are offering to new esaver accounts.

Newly_retired

I called into A & L branch this morning and when I asked they said e-saver 2 rates will go down to 5% on Monday. They did not know at that point whether I already had one or was a new customer, so it is my guess that new customers won't get that 6.3% rate for much longer.
Every bank and building society window I passed had adverts for rates which may no longer exist very soon AFAIK, given the way they are alll being cut.