A & L 12% Regular Saver

Tassotti

A & L's 10% has been increased to 12%

Available only when opening new current account

1 Year duration

Any good????

Tass

MPH80

But now only available to PREMIER customers - not PREMIER DIRECT.

So - you can't get the high interest current account (now 6.1%) AND the reg saver - only one or the other.

M.

PoorDave

A bit sneaky eh?

I presume they had a very good take up of the 5% PD and 10% reg saver, but now want to entice more people in, with having to pay out for both for everybody

CheeseOnToast

I just opened an A&L account but I haven't signed the forms etc yet so I'll call them this week I think and arrange to open the savings account.

Sapphire

Seems to me a lot of banks/building societies are opening these types of account - it would be good if Nationwide did so, too (one that existing customers could use, that is). Then one could transfer amounts easily from any accounts one already has with them . . .

Are these accounts generally guaranteed only for limited time periods? :cool:

humfer

Looks awesome to me. Just say that rate out loud - 12%. Who cares that its link to a bog standard current account. Just open the c/a, pay into £500 a month, transfer £250 back out again and let the other £250 go into the regular saver earning a cool 12%:cool:

littlemissmoney

You get a 0% overdraft for 12 months, so surely the fact that the attached current account is a fairly low interest rate doesn't matter. I've got one of there 5% accounts (with 10% regular saver) and a 0% overdraft and my account has only been positive once or twice. Only catch is you need them to aggree to an overdraft thats equal to about one months spending, but they didn't have a problem doing that for me.

gazhawkins

Worth bearing in mind folks that 12% isn't quite 12%, ie

12% of 3000 quid = 360 quid (less 22% tax, or 40% for high earners)

but 12% on 12 x 250 quid monthly deposits is much less than this.

Still, much better than a wet kipper in the face!

Mikeyorks

gazhawkins wrote:

Worth bearing in mind folks that 12% isn't quite 12%

My calculator says that 12% ..... is exactly 12%.

Suggest you read this - in particular the bit about 'Regular Savers Really Do Pay These Top Rates'.


http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1108401263,93536,#really

amcluesent

>12% on 12 x 250 quid monthly deposits is much less than this<

Can anyone do the maths on what the gross interest would be, then knock off what would have been earned keeping the full £3000 in a typical e-savings account (say 4.5%) for that period.

oldfella

its roughly 1500 * 7.5% = £112.50

Mike