Confused about Alliance Leicester direct isa 4

sananta

Hi

I opened a direct isa 4 in April 2008. I could have sworn the interest rate was 6% and I assumed it was fixed. However, I don't appear to have this written down anywhere.

I also assumed interest was paid annually in April. However, it appears that it was paid on 1st Jan instead. When I checked the interest rates on the website, it said it was 2.55% - Can anyone explain this to me or does anyone know if this has been dropped due to current financial situation?

Also, although interest is paid annually - does anyone know whether it is calculated daily or monthly - or is it based on the amount you have in your isa on Dec 31?

My final question is that my account has a bonus of 1% until 31 may 2009 included in the rate - does this mean I can't take anything out until then or I will lose this?

I've tried reading the terms and conditions - but they don't answer my questions. I realise I probably sound pretty thick. However, any assistance will be greatly appreciated.

Many thanks

Baldur

sananta wrote: »

I opened a direct isa 4 in April 2008. I could have sworn the interest rate was 6% and I assumed it was fixed. However, I don't appear to have this written down anywhere.

See this post from April - http://forums.moneysavingexpert.com/showpost.html?p=9836759&postcount=7

The Direct ISA was misread by many to be a fixed rate account, but the product description clearly showed that it was a variable rate product and that the only thing that was fixed was the 1% bonus.

sananta

Doh! I completely missed the variable rate. I've tried stoozing and now I think the rate has dropped below the credit card transfer I used in the first place!

Can anyone answer my other questions? Many thanks