A&L and its ever changing savings accounts!

lingwood

I keep checking my A&L account and over the past year the saving account has gone from issue 4 to now been issue 7..each time a better rate.

But in tracking these "new" accounts where is my interest going? is it moving or just a bit left in each account? I have closed previous one down.

I am on issue 6 but there is now issue 7 out.

the same also for their ISA mine is issue 5 @2.4% but they have issue 6 at 2.75%.

Why don’t they just have one saving account and 1 ISA and increase them??? Oh silly me that would be sensible!

Baldur

lingwood wrote: »

Why don’t they just have one saving account and 1 ISA and increase them??? Oh silly me that would be sensible!

It would only be sensible for customers, not for the institution.

As it stands now, customer inertia and failure to regularly check interest rates means that A&L (and most other institutions) have to pay out far less in interest than they would if they adopted your suggestion.

Reaper

Stretching it a bit but you could see it as a plus. Those customers who leave accounts for years without checking are subsidising those who stay alert. It may not be very fair but you are enjoying a better rate because of it.

dev21

I'd disagree that the rate keeps getting better. I'm sticking with issue 5 which is paying 3.15% - at least until August.

jimbow25

In fact on this occasion Issue 5 (3.15%, at least in August 2009) was better than issue 6 (3%) which was better than issue 7. But yes usually these things usually do get better, not worse.

skid112

I'd disagree that the rate keeps getting better. I'm sticking with issue 5 which is paying 3.15% - at least until August.

if i were you i would check the current rate as i have the same account and they told me two weeks ago it was now 2%

StevieJ

skid112 wrote: »

if i were you i would check the current rate as i have the same account and they told me two weeks ago it was now 2%

Alliance & Leicester's Online Saver Issue 5 pays 3.15% AER and includes a variable introductory bonus paid until 2nd August, 2010.

http://www.money.co.uk/article/1004090-alliance-and-leicesters-online-saver-issue-5-is-best-instant-access-account-for-savers-under-50.htm

lingwood

dev21 wrote: »

I'd disagree that the rate keeps getting better. I'm sticking with issue 5 which is paying 3.15% - at least until August.

Argh yes I have found it! I dont know what I was looking at before!

Good job I still have the account open!

Online Saver Issue 5 (accounts beginning with 186, 187)

Gross p.a./AER with bonus Gross p.a./AER without bonus Bonus (AER) £1+ 3.15% 0.50% 2.65% £25,000+ 3.15% 0.75% 2.40% £50,000+ 3.15% 1.00% 2.15% £250,000+ 3.15% 1.50% 1.65%
Rates effective from 3 August 2009. Variable bonus is payable for 12 months. The account must be opened with a minimum balance of £1,000 but thereafter interest will be paid on balances from £1 to £2,000,000.