Alliance & Leicester ISA Interest Quiery

Innocent_Guy

Hi All,

A friend of mine has an A&L Easy ISA which he opened 01/09/08. He paid £200 into the account upon opening. He next paid in £2000 which cleared into the account 29/12/08, prior to the interest cut of date which is 1st January.

Today he has subsequently checked the interest gained and can see a payment of £3.72 marked as "Gross Interest"

He has done his calculations and determined that this would be an interest rate of 0.17% on the £2200.

A&L have advised that he has a variable interest rate, which as of today is at 2% :mad::mad::mad:

Does anyone know where this 0.17% has come from as he is under the impression he should have recieved at LEAST 2%.

There have been NO withdrawals.........

Please advise if the above is correct or if there have been any other issue similar to this.

Regards

Innocent

dazeruk

Innocent_Guy wrote: »

Hi All,

A friend of mine has an A&L Easy ISA which he opened 01/09/08. He paid £200 into the account upon opening. He next paid in £2000 which cleared into the account 29/12/08, prior to the interest cut of date which is 1st January.

Today he has subsequently checked the interest gained and can see a payment of £3.72 marked as "Gross Interest"

He has done his calculations and determined that this would be an interest rate of 0.17% on the £2200.

A&L have advised that he has a variable interest rate, which as of today is at 2% :mad::mad::mad:

Does anyone know where this 0.17% has come from as he is under the impression he should have recieved at LEAST 2%.

There have been NO withdrawals.........

Please advise if the above is correct or if there have been any other issue similar to this.

Regards

Innocent

Firstly the quoted rate of 2% would be per year. As the account was only opened in September of 2008 there is no way he's gonna get a full year worth of interest credited. You don't say what period the interest of £3.72 covers - up to 31 December or 5 April?

masonic

http://forums.moneysavingexpert.com/showthread.html?t=1649169

Innocent_Guy

masonic wrote: »

http://forums.moneysavingexpert.com/showthread.html?t=1649169

Thanks mate