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A&L Premier 50 Current Account

Am I missing something here ?
Having read the advertisement for this account, it would appear that if I opened an account with £2500 (the maximum), I would get 5.0% AER.
AER is totally misleading in this instance, because at the end of year1, the rate falls to 1% AER, and the compounding effect is irrelevent !
The gross interest is 4.89% (variable) or 3.91% net.
So the interest earned by a basic rate taxpayer is £97.75.
However there is a monthly fee of £10 to operate this account, which would be £120 a year, if the £10 was taken from the invested sum each month, the interest earned at the end of the year would be less than £97.75 , a good investment ??
Oh, you do get Worldwide travel insurance, health benefits (with all the attendant exclusions), and card protection.
Buying insurance is one thing, lending your money to get a reasonable return is another.
Yet again the 'devil is in the detail ', and I find think that the A&L advertisement is really misleading

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