Alliance and Leicester eSaver - classic bait and switch?

Newly_retired

Don't forget you can withdraw all ( or leave £1 in to keep it open) on first of the month and you won't lose any interest effectively. So I took it all out of my esaver 2 (except £1) on Jan 1st, and moved it elsewhere to a better rate.

SavingSteve

Issue 2 is still showing as 4% effective Jan 2nd.

Anyone know when they usually announce the rate cut? Am anticipating a cut to 3.5% but seems like there is no official word yet.

mars_2

SavingSteve wrote: »

Issue 2 is still showing as 4% effective Jan 2nd.

Anyone know when they usually announce the rate cut? Am anticipating a cut to 3.5% but seems like there is no official word yet.

I think it's within 30 days of a bank of england rate change, so expect it to be next week but it will almost definately be after Feb 1st so you wont know weather to move your money on the 1st of the month or leave it in the account for another month.

CAPPELLA_2

Re eSaver Issue2 I quote from recent interest rate table received by letter from A & L 'This product will be withdrawn on 9/01/09'.

SavingSteve

It has been withdrawn, and replaced with eSaver Issue3 for new savers.

However it continues to exist if you have already opened it.

Hugeass304

esaver3 now 3.1%
esaver2 now 3.48% from 2nd feb

SavingSteve

Wow, am shocked and pleasantly surprised that A&L have given eSaver 2 (i.e. existing customers) a higher rate than eSaver 3 (new customers).

wdyw

SavingSteve wrote: »

Wow, am shocked and pleasantly surprised that A&L have given eSaver 2 (i.e. existing customers) a higher rate than eSaver 3 (new customers).

Pity there were not so good at looking after the original eSaver customers.
Down to 1.64%

mars_2

SavingSteve wrote: »

Wow, am shocked and pleasantly surprised that A&L have given eSaver 2 (i.e. existing customers) a higher rate than eSaver 3 (new customers).

This may have been a double bluff by A&L?

They had the direct saver and then started Esaver with a better rate, then they went onto Esaver2 with yet another rate, then they start Esaver3 and everybody expects a better rate so opens one ready to swap their savings again on Feb 1st and what do they do, they keep Esaver2 at a better rate instead.

Who knows what they are going to do next.

SavingSteve

Maybe trying to catch us off guard, will see if eSaver 2 remains . eSaver 3 at the beginning of March!