A&L an Santander ISA rate drop as of 6 April

Bri1

I opened my A & L at the 3.5% rate , on the conformation letter dated 23rd march it states 3.5% guarenteed for 12 months, so it looks like current offer not so good.

tanith

Bri1 wrote: »

I opened my A & L at the 3.5% rate , on the conformation letter dated 23rd march it states 3.5% guarenteed for 12 months, so it looks like current offer not so good.

3.2% guarenteed for a year is still better than others I have looked at.. they closed the 3.5% a bit earlier than I had hoped but I'm happy enough with what I have...

sonya1981

Hi everyone,

I opened a flexible ISA account for 2009/2010 with A&E on the 11th of march 2009. I made a deposit of £3600 before 6th of april and today i have transfered £5100.
Could you please tell me when will i get the interest? Will it be on the 6th of april 2011 or on the 11th of march 2011(a year from the account oppening date)?

Thanks.

blueberrypie

sonya1981 wrote: »

I opened a flexible ISA account for 2009/2010 with A&E on the 11th of march 2009. I made a deposit of £3600 before 6th of april and today i have transfered £5100.
Could you please tell me when will i get the interest? Will it be on the 6th of april 2011 or on the 11th of march 2011(a year from the account oppening date)?

Neither. Interest is paid annually on March 1st, regardless of when you opened or funded the ISA.

sonya1981

Thanks blueberrypie. A&L told me they pay interest annualy on the 1st of january and other people said it will be every 6th of april.Not sure what to believe now.

blueberrypie

sonya1981 wrote: »

Thanks blueberrypie. A&L told me they pay interest annualy on the 1st of january and other people said it will be every 6th of april.Not sure what to believe now.

It's in the terms and conditions:

"Interest
Interest is calculated daily and paid annually on 1 March."

The pdf terms for the 3.5% version are cached on google:

http://docs.google.com/viewer?a=v&q=cache:ARxnJHJ-jMYJ:https://www.applications.alliance-leicester.co.uk/SmartFormsNet/link/rfs-redir.aspx%3Fpage%3Dflexiisatandc+alliance+leicester+flexible+isa+interest+paid+march&hl=en&gl=uk&pid=bl&srcid=ADGEESh0bhTpg1wKyBnL8nx0ySXa_Zcc52Q_s_7U0J9z-Rk7hqs3MuVgGro68ABpv4sw4vG5MuPL8L1wKlt0cQyNksHZivW1kyE5B80gcG7VkpWMJquj6nHIfElK0gw8rAzHu-tVORfj&sig=AHIEtbQitpCvnJFjIz38llh1Mx7v3HnpbQ

tanith

sonya1981 wrote: »

Thanks blueberrypie. A&L told me they pay interest annualy on the 1st of january and other people said it will be every 6th of april.Not sure what to believe now.

We have several different ISA's with A & L and without exception they are all credited with the interest on Jan 1st each year... maybe this one is the exception to the rule but it seems odd if its so..

blueberrypie

tanith wrote: »

We have several different ISA's with A & L and without exception they are all credited with the interest on Jan 1st each year... maybe this one is the exception to the rule but it seems odd if its so..

Maybe something to do with the Santander take-over? This is the first year they're offering the same product, isn't it? I'm just guessing, of course.