Saving 25000 pounds: Nationwide vs A&L

codetown

Hello,
having seen the latest "urgent" (applied the day after announcment) cuts in interest rates from Nationwide, I have started looking for an alternative for some savings, which are currently with Nationwide esavings.

Among the more established institutions and accounts which offer also online transfer I found A+L to be the best at present.
Is this the current general view?

Assuming I have 25.000 pounds in a lump sum to save, and assuming I already used ISA allowances, I think the best at present is to pass them immediately into a A+L Online Saver Issue 2 account.

* From basic math I get:
A+L Online Saver Issue 2 --> Annual Projected Interest 1287.5 (5.15%)
Nationwide e-savings --> Annual Projected Interest 1150 (4.60%)

Difference: 137.5 (i.e. 11.45 a month more on A+L)
Considering that to transfer the money I will loose probably 2 days of interest at source, this means.
Two days loss of interest: 6.3 pounds

Therefore if A+L stays above nationwide esavings for more than 15 days I am already in profit from the move. Even if they drop, I doubt they will drop so much in once.

Any opinion on this? Any known drawbacks in the A+L Online Saver Issue 2?
[I am already A+L customer; so should be reasonably quick to open this account as well]

codetown

Also:
- is there incentive (referall, quidcom, linemypocket etc) to open A+L Online Saver?

quickquid

Just be aware in calculating interest that A&L online saver accounts are linked to a nominated current account. All funds have to be passed via this linked current account. So, monies stay in the nominated current account until they are transferred into the A&L saver account and vice versa.