A+L Premier Account

Kua

Hi,

I get a monthly reminder email from A+L to check my statement. I opened this account when the interest rate was stuck at 6.5% for a year. But in this email there was this notice:

Important information

From 2 March 2009 we are changing the interest rate we pay on balances up to
£2,500 after your introductory period. This will now be 1% AER (variable) rather than
the Bank of England base rate less 1%.

I opened my account in late August. Is my interest rate secure until late August this year? I'm hoping the 'introductory period' refers to that first year...

Thanks for your help.

Lansdowne

Well they could hardly stick to "the Bank of England base rate less 1%" now could they?As it counts as an improvement in the terms thye can do this. It can't affect the fixed-for-one-year rate.

xyz123

I dont have A+L account but by looking at the wording in your email "after your introductory rate" i am pretty sure that they will give u 6.5% for 12 months since the date of account opening.....

Milarky

xyz123 wrote: »

I dont have A+L account but by looking at the wording in your email "after your introductory rate" i am pretty sure that they will give u 6.5% for 12 months since the date of account opening.....

I looked the introductory rate up yesterday - and it was 6.0%....but today it seems to be 5.0% (for the first 12 months....)

Kua

Thanks for clearing that up folks. And @Milarky, I was sure the introductory rate still wasn't the same as it was last summer and in fact I'm surprised it's still that high.