The A&L website confuses me and their phone people dont help...

Indispensable_Hobbes

I got a Direct ISA with them in Feb 2005, in my folder I have an interest rate booklet which states the Direct ISA has an interest rate of 5.40% (at 01/04/05)... ok thats lovely.

I have a letter dated September 2005 confirming the rate decreased to 5.15%, again thats fine.

Currently the closed account rates say:
Direct ISA rates £1+ Annual Gross 5.15% Gross AER*5.15%
Rates effective for accounts opened prior to 11/07/05. Rates effective from 02/09/05

So why when I call A&L do they tell me my isa has an interest rate of 4.60%.

The other thing which doesn't help is when I login to my online account, there isn't anything to confirm the current interest rate on the account... would be nice.

Which is right 4.60 or 5.15 ??

On another note could I transfer my money to the 5.20% Direct ISA ?

Would it be worth closing this Direct ISA and opening the 5.20 one?

macca64

I'm not sure which rate is correct, but you should be able to transfer to the new account which pays 5.20%, give them a call and they should be able to transfer it over the phone.

claretmatt

I had a similar problem, my ISA was paper based and I wanted to get it transferred to the internet account for the better rate.

After 6 phone calls and three letters I'd had enough so decided to transfer it to Nationwide. Although the rate was slightly less the service (imo) is far superior.

If you do want to do the transfer then you'll need open an account on-line and then get the transfer paperwork from A&L. You'll also need to provide identification (passport & utility bill). Good luck

Indispensable_Hobbes

I called them today the girl i spoke to was helpful (i didnt bother to ask about the rate lol) said i can go into A&L and open an acc and transfer the balance. champion