A&L Online saver - another rate reduction!

Hywel_2

I decided after the 0.1% cut that I was going to close my A&L account. There are many more accounts paying higher rates so it makes sense to transfer my money elsewhere.

Plasticman

My A&L issue 2 is still paying 5.15%. I wonder if ICICI will now increase their rate to 5.4%?

stphnstevey

Does This Effect The Monthly Saver?

nrsql

Plasticman wrote:

My A&L issue 2 is still paying 5.15%. I wonder if ICICI will now increase their rate to 5.4%?

Doubt it.
Expect this was a loss leader (or not-so-much-profit leader). They were expecting the rate tro rise and will leave it (or maybe token rises) until it reaches the guaranteed amount above base.
That's assuming they reached their target customer base - expect they did otherwise they wouldn't have had so many problems.

masonic

stphnstevey wrote:

Does This Effect The Monthly Saver?

You were given a link to a list of A&L's latest rates. If you want a yes/no answer you will have to be more specific.

MarkyMarkD

tonyg wrote:

I think it is totally disgusting that A&L reduce the rate on the same day that the BoE increase their rate.

**** Totally shameful ****

I am going to write to them to ask them to justify it. I will almost certtainly be walking with my money next week unless they not only increase the rate but also give a reasonable explanation.


**** Totally shameful ****

Tony, your comments are just silly TBH.

The reduction was announced well before the BoE rate increase.

The BoE rate increase was unexpected by almost everyone.

I'm sure that A&L would not have chosen to reduce rates on the same day as a BoE rise; they've just been caught out by the unexpected BoE decision.

There's nothing shameful in that.

jimjoeray

I agree this is disgraceful. OK so it may have been an embarassing coincidence but it will be interesting to see how long A&L take to act. Or do they not care...................

MiserlyMartin

MarkyMarkD wrote:

I'm sure that A&L would not have chosen to reduce rates on the same day as a BoE rise; they've just been caught out by the unexpected BoE decision.

There's nothing shameful in that.

This IS shameful and Tony is fully justified in his anger and protests towards A&L. They weren't caught out. This is no 'shock' increase in rates. The only people who have been shocked are the bullish media 'experts', ie Daily Express who are probably more interested in spreading and maintaining good sentiment to protect their own investments than reporting accurate information. Its been obvious to anyone that rates have been heading upwards, (swap rate increasing etc) and have been increasing globally and our inflation is sitting way above the 2.0% target for many months. This can only lead to a rise and probably another by autumn. Even Japan has raised theirs and Oz is sitting on 6% now.

Go Tony and complain, this is disgusting. There have been savings rate cuts from others when there are no base rate moves down and the future direction is obviously up. They want to hammer the saver.

stphnstevey

masonic wrote:

You were given a link to a list of A&L's latest rates. If you want a yes/no answer you will have to be more specific.

Sorry, going blind! 10% Monthly saver not effected then.

MarkyMarkD

MiserlyMartin wrote:

This IS shameful and Tony is fully justified in his anger and protests towards A&L. They weren't caught out. This is no 'shock' increase in rates. The only people who have been shocked are the bullish media 'experts', ie Daily Express who are probably more interested in spreading and maintaining good sentiment to protect their own investments than reporting accurate information. Its been obvious to anyone that rates have been heading upwards, (swap rate increasing etc) and have been increasing globally and our inflation is sitting way above the 2.0% target for many months. This can only lead to a rise and probably another by autumn. Even Japan has raised theirs and Oz is sitting on 6% now.

Go Tony and complain, this is disgusting. There have been savings rate cuts from others when there are no base rate moves down and the future direction is obviously up. They want to hammer the saver.

MM, I can't agree. The consensus was that there would be a rate increase in November. Virtually none of the experts commentating on interest rates expected it to occur in August.