A&L 5.38% Direct Saver

ReportInvestor

An A&L employee has confirmed it on this thread.

whambamboo

ReportInvestor wrote:

An A&L employee has confirmed it on this thread.

I just checked the thread, and did not notice the A&L employee at a glance.

What is the poster's name?

PS.

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.

Furthermore, the Icesave account with its solid long-term rate guarantee, is guaranteed to stay a good account.

I'm pretty sure that the average MSEr with >£5k will end up making more interest by investing in Icebank than in A&L

oldfella

I'm pretty sure that the average MSEr with >£5k will end up making more interest by investing in Icebank than in A&L

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dont understand the logic - put the money you dont intend to move into A&L, have a reserve in Icesave. If the rates move unfavourably at some point (unlikely in the short-term) then move everything out of A&L on the 1st of the month.

Mike

dogstupid

Its worth taking note there is a £25k daily transfer limit on the account. This means if you are moving large amounts in or out you need to do this over multiple days. So if you were emptying the account of its maximum balance you will lose a small amount of interest on amounts over £25k even if you start paying out on the 1st of the month.

Its not a lot of hassle but is worth remembering when you use the account.

This is what the A&L accounts says:
* The amount entered is more than the £25,000 daily transfer limit. You can enter a lower amount below and transfer the rest on another day by setting up a payment with a future date. Alternatively, select 'Cancel' to stop setting up the payment and return to the summary screen. Each day, you can transfer up to £25,000 (subject to your available balance) from this account to any of your accounts that are registered for Alliance & Leicester Internet Banking.

Oddly I couldn't find this limit mentioned anywhere when I opened the account. Oh well!

Terry

Bisoy

To anyone who have opened this account I am right in saying that first interest will be paid a month after it has been opened then every first of the month thereafter?

oldfella

assuming you are a basic rate tax payer you are better off with an ISA.

there are better rates than 4.75% - switch to a different ISA

Mike

littlemissmoney

Bisoy wrote:

To anyone who have opened this account I am right in saying that first interest will be paid a month after it has been opened then every first of the month thereafter?

No, it's just the first of every month. I opened mine a week ago and got interest today. HTH

hot_chick_2

Put my details in to A & L to open this account on 21st October ,got a atomatic reply but have still not had anything else.

They said they would contact me within 48 hours!

Anyone else still waiting for further information our is it just me they have forgotten?

littlemissmoney

hot_chick wrote:

Put my details in to A & L to open this account on 21st October ,got a atomatic reply but have still not had anything else.

They said they would contact me within 48 hours!

Anyone else still waiting for further information our is it just me they have forgotten?

If you try to add the account to your online banking you will probably find it is there. They are just a bit slow sending the letters out. I had moved my money into mine before I received anything in the post.

tanith

My Acc was added to my online Accs straight away and I put money in straight away.. still haven't had any paperwork but interest was added yesterday ...............

I was impressed that when making an enquiry about my ISA the girl actually asked me to wait a sec while she checked my interest rates and came back and said you actually have a better rate of interest on the ISA you already have than the new one we have launched....