Regular Savings query

lozleigh

Hi,
MSE website posts the Halifax regular saver account as the current best buy (at 5% AER fixed for 12 months), yet I notice that the Allaince and Leicester are offering a 6% gross AER for 12 months, provided you open a curent account with them - which incidentally is also offering 6% interest. Have I missed something really obvious here, or is the MSE website in need of an update?

Thanks

nzseries1

You have to do more than open a current account with them - you actually also have to switch all your banking to them to get the 6% regular saver. That's precisely why I'm not opening it.

But yes it's definitely worthy of a mention - the regular savings article on MSE is updated monthly (see the top of that page) so I'm sure it will appear there sooner or later.

lozleigh

Thanks for reply but your answer isn't 100% accurate. I just tt A&L on the phone and they say that provided you transfer 1 DD to them, you can open the regular saver. That doesn't seem like an enormous hardship. However I appreciate its not everyone's cuppa. Didn't realise the site was updated monthly - I thought it was weekly. Thanks again.

Biggles

lozleigh wrote: »

Thanks for reply but your answer isn't 100% accurate. I just tt A&L on the phone and they say that provided you transfer 1 DD to them, you can open the regular saver.

To be fair, their website does say 'To get this great savings rate you will need to switch all your direct debits/standing orders using our Switching Service within 11 weeks from the account opening'.

And, to get the 6% on the current account, you must put in £1,000 pm.

apt

Isn't it £500 funding per month - plus £50 if you apply via a cashback site.

nzseries1

lozleigh wrote: »

Thanks for reply but your answer isn't 100% accurate.

Based on the information on their website, my answer was 100% accurate.

lozleigh wrote: »

I just tt A&L on the phone and they say that provided you transfer 1 DD to them, you can open the regular saver. That doesn't seem like an enormous hardship.

As Biggles states - if that's what you've been told then that directly contradicts what is written on their website.

"To get this great savings rate you will need to switch all your direct debits/standing orders using our Switching Service within 11 weeks from the account opening."

The reason I won't do it is that other people have reported many problems with their switching service.

nzseries1

apt wrote: »

Isn't it £500 funding per month - plus £50 if you apply via a cashback site.

For the current account, you're right, it's £500 per month.

Biggles

apt wrote: »

Isn't it £500 funding per month - plus £50 if you apply via a cashback site.

That's true, it's the Abbey's current a/c that requires £1,000pm. Their present offerings are otherwise very similar in many respects, hence my slip.
;-)

td_007

lozleigh wrote: »

Thanks for reply but your answer isn't 100% accurate. I just tt A&L on the phone and they say that provided you transfer 1 DD to them, you can open the regular saver. That doesn't seem like an enormous hardship. However I appreciate its not everyone's cuppa. Didn't realise the site was updated monthly - I thought it was weekly. Thanks again.

You need to use their switching service and they switch all your outgoings including DDs, SOs and one-time payments. So if you have just 1 DD at the time of switching then it will qualify...so technically the rep on phone was right just one is enough. But if you have more - do you want to risk it??

lozleigh

This is not according to the assistant I met on Sat who opened an account for my oh who said that 1DD is enough. I realise this contradicts what's on the A&L website - maybe someone should query this with them.