A&L Online saver - another rate reduction!

YorkshireBoy

stphnstevey wrote:

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

The [strike]monthly[/strike] regular saver is "10.00% gross p.a./AER fixed* for a year".

*my emphasis

masonic

MiserlyMartin wrote:

This IS shameful and Tony is fully justified in his anger and protests towards A&L.

I don't understand what you think A&L has done wrong. This is a variable rate account with no rate guarantee; not only that, it is an old account that has been closed issue for over a year. Despite all that, it is still, for example, only 0.1% behind ING (and for balances over £30k, the rate still beats ING).

MiserlyMartin

MarkyMarkD wrote:

Virtually none of the experts commentating on interest rates expected it to occur in August.

Which 'experts' were these? It seems most of them, be it on TV or radio are all bullish about everything and would never suggest any bad thing like rate rises, stockmarket falling further, or house prices falling.

MarkyMarkD

All sorts of experts.

The "shadow MPC panels" that some of the newspapers have.

The journalists at most of the newspapers.

My company's economist.

Like I said, all sorts of experts. Of my whole department at work, everyone I spoke to was surprised by it, and these are not ill-informed people.

Secret_Wookie

masonic wrote:

I don't understand what you think A&L has done wrong. This is a variable rate account with no rate guarantee; not only that, it is an old account that has been closed issue for over a year. Despite all that, it is still, for example, only 0.1% behind ING (and for balances over £30k, the rate still beats ING).

I tend to agree. There is no point getting upset and writting letters to A&L about not passing on the base rate rise. If you dont like the rate and can get better elsewhere then move your money. Thats what the game is if you want the best rate. Banks will always launch with high rates to get you in and reduce it over time, it shouldn't really come as a surprise.