A&L Online Saver Issue 2

[Deleted User]

Just logged into my A&L online banking and noticed that my 'Online Saver Issue 2' account has been renamed as 'Direct ISA' !

Why have they done this? I've not asked them for an ISA!

anamenottaken

If you haven't enquired about transferring or opening an ISA, phone them and ask what is going on.

If you have asked about an A&L ISA but did not commit, still phone them. They are the only ones that can sort that out for you.

savetilibleed

On seeing this I thought I'd have a look at my eSaver issue 2 (never use it only have £1 in it) and it is morphed into eSaver issue 5. Looking at their closed accounts I can't even find an iss 5. Iss 2 is still showing there.

Kavor

A&L made a few changes to their terms and conditions on about the 12th April, which you should have been emailed about. The 'Online Saver Issue 2' account was supposed to be changed to 'Online Saver Issue 1'. Likewise, if you had a 'Direct ISA Issue 2' then that would have been renamed to 'Direct ISA Issue 1'.

Greycrow

My Online Saver 2 has morphed into a Direct ISA too, although I've never had an ISA with A&L. Moved funds out of there years ago and only £1.06 in the account.

AddieH

Deleted_User wrote: »

Just logged into my A&L online banking and noticed that my 'Online Saver Issue 2' account has been renamed as 'Direct ISA' !

Why have they done this? I've not asked them for an ISA!

Just logged into my account and is doing same as well so sounds like a bigger problem.

Froglet

Thankfully,having just checked my account,my online saver,issue five, remains just that.
They have become a lot less competitive now that Santander have taken them over,likewise Bradford and Bingley and Abbey.Once the bonus finishes in July I shall move my money out.And if they continue to mess people around by changing their accounts at random,so will a lot of other i should think.

[Deleted User]

Never had an ISA with them or enquired about one. I hadn't used my Online Saver Issue 2 account for a while but it does have some savings in it. I did get the email and a leaflet with my current account statement about the changes but can't remember it saying they were renaming them ISAs.

Sudders

Yes mine says the same 'Direct ISA'. What is happening? Hope this does not affect my ISA allowance for this tax year.

Froglet

Just looked this up on their website under changes to savings accounts from May 7th.

Additional changes relevant to your
Savings Account and Current Account
8. Changes specific to Direct ISA (Issues 1, 2, 3
and 4), Easy ISA, Branch ISA, eSaver (Issues
1, 2 and 3), DirectSaver, Super Direct ISA,
Online Saver (Issue 2), Reward Saver (Issues
1 and 2) and Fixed Rate Bonds

n

The following changes and interest rate increases will

take effect from 7 May 2010, unless otherwise specified.

n

These changes do not affect the tax efficient status of

your ISA.

Direct ISA Issues 1, 2, 3 & 4

n

The rate on balances of £1 or more will increase to

0.15% gross p.a. (variable).

n

A new £9,000 tier will be introduced paying 0.30%

gross p.a. (variable), resulting in an increased rate for

balances between £9,000 and the current £40,000 tier.

n

Your account name will change to Direct ISA (Issue 1) if

you currently have a Direct ISA (Issue 2, 3 or 4).

Easy ISA

n

Your account name will change to Easy ISA (Issue 2).

Branch ISA

n

A new £27,000 tier will be introduced paying 0.30%

gross p.a. (variable), resulting in an increased rate for

balances between £27,000 and the current £40,000 tier.

n

Your account name will change to Easy ISA (Issue 1).

10

eSaver Issues 1,2 & 3

n

Your account name will change:

– From eSaver (Issue 1) to eSaver (Issue 4)

– From eSaver (Issue 2) to eSaver (Issue 5)

n

Your account will become instant access from

1 September 2010, which means you can withdraw

your money or close your account in any month without

loss of interest for that month. For this reason, the free
withdrawal month no longer applies.

n

The maximum balance allowed in your account and on

which you will earn interest will increase to £2 million

(from £500,000) from 1 September 2010.

DirectSaver

n

A fixed rate of 0.10% gross p.a. will be paid on balances

below the £1,000 account minimum balance (currently

zero interest paid).

n

Your account will become instant access from

1 September 2010, which means you can withdraw

your money or close your account in any month without

loss of interest for that month. For this reason, the free
withdrawal month no longer applies.

Super Direct ISA

n

Your account name will change to Super Direct ISA

(Issue 4).

Online Saver Issue 2

n Your account name will change to Online Saver (Issue 1)

However it does not explain why an ordinary account is suddenly called an ISA!! That HAS to be a mistake,surely.