Is this right!!!!!

samuela66

:mad:

I have just been in to the alliance and leicester, I have £50,000 in there the rate was 2.75%, they have told me that the interest I will receive for the year is £265.00, surely not.......

sheslookinhot

samuela66 wrote: »

:mad:

I have just been in to the alliance and leicester, I have £50,000 in there the rate was 2.75%, they have told me that the interest I will receive for the year is £265.00, surely not.......

Something wrong here, £1,100 by my reckoning if you pay standard tax.

exel1966

samuela66 wrote: »

:mad:

I have just been in to the alliance and leicester, I have £50,000 in there the rate was 2.75%, they have told me that the interest I will receive for the year is £265.00, surely not.......

The rate was or is ? What account exactly is the money in and were there any time expired bonuses included in the rate ?

trynsave

I'm not great at this, but use the calculator to calculate interest

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#calc

£50k for 1 year @ 2.75% gross should have meant £1375 cr. interest.

Do you pay tax? (Although that won't account for most of the difference.)

Have you had the full amt in for a full year?

Did you make any withdrawals during the year? Perhaps You may have been penalised and dropped down the interest level if you did.

atypical

2.75% is the rate for the current Online Saver Issue 7. This hasn't been around for a year yet, so if you're referring to that account you can't have earned a years interest.

It was released in January some time i.e. 3 months ago. 3 months of interest is ~£275 so I think that's where the figure comes from.

samuela66

atypical wrote: »

2.75% is the rate for the current Online Saver Issue 7. This hasn't been around for a year yet, so if you're referring to that account you can't have earned a years interest.

It was released in January some time i.e. 3 months ago. 3 months of interest is ~£275 so I think that's where the figure comes from.

,

I opened this last May I think, its not issue 7, its an internet only one, I know that much, but the lady in the branch showed me the balance on my account today!
This is making me mad cos I have an ISA with Abbey, and for som,e reason they have ballsed that up and I have had NO interest for this year, (it is being investigated.....)

Reaper

We can't advise you when you don't know what account you opened and only have a rough idea when you opened it. As it is an online account can you log on and find out a bit more about it?

exel1966

samuela66 wrote: »

,

I opened this last May I think, its not issue 7, its an internet only one, I know that much, but the lady in the branch showed me the balance on my account today!
This is making me mad cos I have an ISA with Abbey, and for som,e reason they have ballsed that up and I have had NO interest for this year, (it is being investigated.....)

Last May, you think ? What do your statements/online statements say ? What's it called? What's the first 3 digits of the account ?

No point in getting mad and asking for advice if you're not go
ing to mention the account. How can anyone here advise if A&L are right or wrong ?

Sounds to me like you've got the wrong end of the stick somewhere.

antispam246

Possibly a variable rate which dropped dramatically at some point and you didn't check? Can't be a previous Online Saver Issue 4, 5 or 6 as those rates were 3%+

samuela66

Hi All,

Many thanks for the advice, have been on the phone to A and L, the chap has been through it all, and the lady in the branch got it wrong, I opened it beginning of July last year, No5 it is, and the interest is going on in November, its 3.15% my mind is at ease now


so thanks everyone

RayWolfe

samuela66, there is a good lesson to be learned here, know what your account is called and know what interest it is earning ... at all times. It is so easy to be shocked if you don't keep up. The bank is not going to look after you; so you must.