A&L 5.38% Direct Saver

MSE_Martin

As suspected. The limit is purely a security limit - if you phone A&L and go through the security checks that way you will be allowed to withdraw all of your money in one go. This is being added to the article.

Martin

whambamboo

whambamboo wrote:

This is now Martin's 'best buy' account.

"Last week's site poll showed that of MoneySavers who have savings, more have over £5,000 than under it. Thus I've re-jigged the savings account article to reflect that. I now lead on Alliance & Leicester's Direct Saver* which pays 5.38% for those with more than £5,000 (though only for a place to stash cash untouched, as you don't get interest in any month you make a withdrawal) "

Unfortunately the article doesn't mention that when you move your cash when a better account comes along (possibly within the next month if rates go up), you have to do so the day your interest is paid, otherwise this account isn't a best-seller at all.

Is there any chance they will put the rate up for this account?

Or is it officially dumped as a best buy?

MarkyMarkD

I wondered how long it would take someone (and no surprise that it's whambamboo) to speculate about whether the rate on this account will increase.

Do people seriously think that A&L (or any other bank, for that matter) spend lots of money and effort promoting a new account, only to let it become non-best buy a month later?

I'm sure that we'll all know the truth, sooner than later.

And as there's no point withdrawing money from this account on any date other than the first day of the month, you don't need to know until 1st December anyway.

lipidicman

Just trying a trial £1 Premier Direct CA >> Direct Saver transfer and it won't do it. Is this a general fault with A&L, too small an amount (I know the minimum is £5k but I beleieve you can stick in a quid, though you get no interest) or a problem with my account in particular?

patrick0

I stupidly transferred most of my savings into this account. Now ICICI and IceSave offer a better rate with far better conditions. I asked A&L Customer Service if there was a rate rise in the pipeline (amongst other things) but they sent me a generic email back that didn't address my questions at all. The condition of no interest if you make a withdrawl is particularly off putting.

I'm in the process of moving back to ICICI now.

Avoid the A&L DirectSave account.

MrsMillar

I have recently opened the ICICI HiSave and the Landsbanki Icesave. Getting on for a month ago I applied for the A&L Direct Saver. I had to supply proof of ID and address, but my Direct Saver is still not open. In some ways I am lucky as this account is no longer competitive (compared to, say, Icesave), what with its restrictions and the fact that they haven't upped their interest rate. Had I already moved my money in I doubt I would be bothered to move it. However, it's looking like they'll miss out on my business as I see now reason to use this account instead of Icesave.

I spoke to one of their customer services people at the weekend, and was told she was not aware of any plans to raise the interest rate. I made the point that their account rate had been overtaken by others. Can anyone think of any reason why I would want to use this account instead of Icesave?

ctdctd

Quite a lot of banks only review interest rates from the 1st of the month following a rate rise.

As you get penalised for withdrawing cash late in a month, wait for December 1st (or maybe the 2nd!) and see if the rate rises?

pixel

Secret_Wookie wrote:

Anyone got any feedback after opening one of these?

Most of the anecdotal stuff I've read about A&L seems to indicate that their service isn't as good as the rates they offer.

Simon Cowell has an excellent phrase which would describe A&L.

Absolutely dreadful

It's taken them over a month now to open one of these accounts and still it isn't open. I've given them til the end of the week to pull their finger out, otherwise they're history.

Avoid this one like the plague. NOT recommended

Bisoy

I also opened this account a month ago. I'll wait till 1st or 2nd of December and see if there is any movements and if there isn't, it's also fortunate that I opened an ICESAVE account almost simultaneously so that's where it's going.

dealornodeal_3

I checked A & L online to check the 5 .38% Interest, and I was amazed that for a savings account they can pass on all your personal details to other companies. Its in the small print, and that put me off straight away!