A&L 5.64% Direct Saver

Secret_Wookie

Moneyfacts are reporting the A&L DIRECT SAVER gross rate will 5.50% (+0.25%) from the 2nd December.

If my calculations are correct this will be 5.64% AER

Bisoy

That's very good news and very impressive. I was about losing hope that A&L won't make any changes on their Direct Saver and will take all the money out on the 3rd of Dec. to ICESAVE.:beer:

MrsMillar

That's great news. However, having applied for my account on 16 Oct, and having had my ID docs returned a couple of weeks ago, I STILL have not received any account details or confirmation about when my account would be open.:mad:

I lost interest in chasing them when their interest rate became lower than Icesave/ICICI, but maybe I will have renewed enthusiasm now.

Did anyone else have to provide ID, and if so, how long did it take for their account to be opened?

KTF

Fantastic! Any news on the ISA rates as well?

MrChips

The online saver issue 2 is showing as 4.65% (i.e. up only 0.15%). I guess this means those of us with the closed issue will only be receiving 5.55% (including 0.9% bonus until March 2007).

MrChips

KTF wrote:

Fantastic! Any news on the ISA rates as well?

Moneyfacts still has the Direct Isa Issue 2 as 4.75% (5.45% with bonus) i.e. no change, but not sure if this is cos they aren't changing it or cos there is no news yet.

Liz_the_Whizz

The only thing putting me off the A&L DirectSaver is the loss of interest on the account balance in any month in which a withdrawal is made or the account closed.

Am I right in thinking that this is less of an issue if you can leave the money alone and close the account at the start of a month?

MarkyMarkD

You are quite right, Liz. If you only ever close the account on the 1st of a month, and never withdraw any money before that, the loss of interest will not affect you.

Bisoy

Can anybody clarify if I could still left £1 on this account without closing it or do I need to close the account if I want to take most of the money out? (not that I'm going to withdraw now just need some clarification.)

cheers

Bisoy

I will answer my own question, just found it on moneyfacts that £1 is the operating balance on this account.

MarkyMarkD

The new rates are now showing on A&L's internet pages, effective 2 December 2006. As previously posted, Direct Saver is up to 5.64% AER and Online Saver issue 2 is up to 5.55% AER if you have the right version of Online Saver issue 2 (account numbers starting 180 opened from 09/01/06 to 12/03/06).

MrChips wrote:

The online saver issue 2 is showing as 4.65% (i.e. up only 0.15%). I guess this means those of us with the closed issue will only be receiving 5.55% (including 0.9% bonus until March 2007).

All other Online Saver accounts (issue 1 or issue 2) are now harmonised at 4.65% unless you have over £30k in an issue 1 account in which case you get 5.00% (but anything over £25k in issue 2 earns 0%).