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Alliance & Leicester wrong cash isa rates

Hi,
I applied for A+L's cash isa in Aprl 08 after seeing that it was offering 3.5% shown on martins site. After many delays I was sent details of a Direct Cash ISA issue 4 and transferred £10280 into it in Sep/Oct 08. When I received my statement for Jan 09 I had made £135.84 which I thought in line with the agreed rate. When I received the statement for Jan 10 it showed that I only received £104.85 (1.006% interest) for last year. I have looked at A+Ls site which does indeed show a rate of only 0.1% after the first year but I still think that I have not got the original rate from Jan 09 until Sep/Oct 09 when my years grace expired. Does anyone remember the rate offered by A+L in Apr/May 08 and can they make sense of my problem.

Regards Michael

Comments

  • Reaper
    Reaper Posts: 7,352 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 22 January 2010 at 5:36PM
    According to their web site it was a 1% bonus, so if the current interest rate is 0.1% and you earned a fraction over 1% then is about right. I don't see the problem - other than them stitching you up with a high headline rate that spirals into nothing soon afterwards. Something all the banks are guilty of.

    Remember it was not a fixed rate account, it was a variable rate + bonus.

    From their web site:
    Until 31 May 2009 rates included a 1% bonus
  • Baldur
    Baldur Posts: 6,565 Forumite
    The A&L Cash ISA rate in April 2008, from memory, was 6.25% AER variable, including a bonus but, again from memory, it subsequently reduced a few times because of the general financial situation & failure of the Icelandic Banks.
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