A&L 5.38% Direct Saver

whambamboo

KTF wrote:

I opened mine on the basis that I would transfer anything out to a better account if the rate dropped/didnt move with the base rate/etc. so the penalty for transfering money out wouldnt apply.

how would it not apply????

KTF

The T&C say this:

If you choose to have interest credited to your DirectSaver, it will be paid on the first day of the month after the account was opened and then on the 1st day of each month thereafter.

No interest will be earned on the account balance during the calendar months in which a withdrawal is made or the account is closed.

So (working on the basis that I will take all the money out of it to move to another account paying a better rate) I would wait till the first of the month to gain the interest that is gained from the month before then transfer everything out on the second. The fact that I wont get the interest for the rest of the month is irrelevant as there wont be any money left in it anyway.

If I am missing something here then let me know...

whambamboo

KTF wrote:

The T&C say this:


So (working on the basis that I will take all the money out of it to move to another account paying a better rate) I would wait till the first of the month to gain the interest that is gained from the month before then transfer everything out on the second. The fact that I wont get the interest for the rest of the month is irrelevant as there wont be any money left in it anyway.

If I am missing something here then let me know...

ah, good plan :beer:

I assumed they just nicked a month's interest, but on closer reading, you're right: if they said "30 days interest penalty", that would be what would happen. If you close it the day they pay the interest, they can't do anything can they....

Still a bit annoying though if you just want to make a small withdrawal...

Bisoy

Applied last night so just waiting for the welcome letter in the next couple of days. Having applied for the account proved beneficial to us, as we already hold a premier direct account with them, Direct ISA paying 5.45%.

Never mind very poor customer services as I mainly managed our accounts online.

Cheers

filo_2

got mine up & running - quite quick, applied thursday afternoon, welcome letter received this morning and account already shows in my online thingy.

tanith

Applied this morning all seems straight forward bit disappointed that I can't also open one in my own name. Only one account per person and we applied for a joint Acc.....

thor

KTF wrote:

The T&C say this:


So (working on the basis that I will take all the money out of it to move to another account paying a better rate) I would wait till the first of the month to gain the interest that is gained from the month before then transfer everything out on the second. The fact that I wont get the interest for the rest of the month is irrelevant as there wont be any money left in it anyway.

If I am missing something here then let me know...

You will still be penalised the time it takes for the money to leave your account and hit the account you are transferring to won't you? It won't be as much as 30 days interest but 3 or 4 days worth of 5% interest on a sum of 5K plus will be a couple of quid. I suppose that will not matter too much if you don't intend on going back though.

WindyMiller_3

Has anybody else had a problem opening this account?

I applied over a week ago, recieved the automatic confirmation that they had recieved my details ... but still no letter and no further emails.

I wondered if maybe they were just overloaded ?

tanith

Have you checked if the acc appears in your online list of acc with A & L ?
I have not received any paperwork as yet but my Acc with acc no. is there in my list of acc's and I have transfered money into it... maybe they are a bit behind with the paperwork because of the amount of people opening the acc...:rotfl:

ManAtHome

LOL - don't like this one Whammy..?

As a previous post said, not bad if you want to stick some cash in and have the interest paid into your current account (recent downsizer..?).

Or, if you treat it as a variable 1-30 days notice account. You only lose the 0.4% if you withdraw on the last day of the month, very little if on the first day of the month as long as you move the whole balance into another account.

Would agree that the rate is probably going to gradually drop off (trapping the lazy rather than the greedy...) and that it certainly shouldn't be advertised as, or compared with, real instant access accounts.

ps - Blimey, what a lot of posts since I started typing... (pps I'm not an A&L fan either).