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A&L Direct ISA - Cap on interest payable

Jim_Strowger
Posts: 3 Newbie
I was just in the process of transferring all of my previous ISA'a to the new A&L Direct ISA.
Be warned, in the small print you will see that interest is paid only on accounts with values of up to £25k then it falls to zero. So if you have the max holding over the years, this years £3k will take you over the limit and therefore some of your savings will attract 0%.
Be warned, in the small print you will see that interest is paid only on accounts with values of up to £25k then it falls to zero. So if you have the max holding over the years, this years £3k will take you over the limit and therefore some of your savings will attract 0%.
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Comments
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The Online Saver 2 account has a £25K maximum balance.
I can't find such a restriction in the Direct ISA T&C's at...
http://www.alliance-leicester.co.uk/savings/SA8698.pdf (section 29).0 -
Try looking up past interest rates on their Direct ISA (issue 1)0
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Jim_Strowger wrote:Try looking up past interest rates on their Direct ISA (issue 1)
I've also telephoned A&L who confirm that there isn't any such restriction, nor has there ever been, on their ISA products.
So, I'm puzzled by your post. Perhaps you could provide a link to your information source?0 -
Jim_Strowger wrote:I was just in the process of transferring all of my previous ISA'a to the new A&L Direct ISA.
Be warned, in the small print you will see that interest is paid only on accounts with values of up to £25k then it falls to zero. So if you have the max holding over the years, this years £3k will take you over the limit and therefore some of your savings will attract 0%.
I think you've misread the page -
http://www.alliance-leicester.co.uk/savings/index.asp?page=previous-rates
as Yorkshire Boy says -the Savings Account has the 25k limit. Easy to do . I kept doing that as I have both the ISA and the savings account.0 -
My apologies, this would appear to apply to issue 2 (although I must say I revisited the announcement several times). Issue 1 ceased last week I believe.
Nevertheless, a condition to keep an eye open for.0 -
Yes, issue two of the ONLINE SAVER account.
Not the issue two ISA, which appears to have no cap.0
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