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A&L Direct ISA - Cap on interest payable

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%.

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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).
  • Try looking up past interest rates on their Direct ISA (issue 1)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Try looking up past interest rates on their Direct ISA (issue 1)
    I have, and I still can't find any restriction - other than the Online Saver which has the £25K limit (and £50K for older accounts).

    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?
  • Patr100
    Patr100 Posts: 2,805 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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.
  • 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.
  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    Yes, issue two of the ONLINE SAVER account.

    Not the issue two ISA, which appears to have no cap.
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