Alliance & Leicester - Direct Saver

Steve_xx

tom188 wrote:

I dont see why, after all its quite clear that you will get the quoted interest rate provided you stick to the account restrictions. Why should they need to show what you get if you dont do what you're meant to.

But yes normal badly worded from AL

I meant that by showing an example, using varying amounts invested, that they could have removed some of the ambiguity in the wording of their terms and conditions.

I require that they are clear and concise about what is on offer.

Graham_Devon

Just recieved my paperwork for this this morning. Only applied two days ago, Compared to ICICI and ICESAVE (which I never did get an account with after much hassle) this was an absolute dream!

Just got to wait for my PIN and I'm ready to go.

Just one question though, with the talk of interest rates rising, anyone know how quickly A&L follow interest rises? I know they will follow falls up extremely quickly! Don't want to move the majority of my money here to find out that next month I could be getting the same in my ICICI which I have moved it out of? Afterall, I can't easily move my money out of the direct saver account?

DawnW

When BoE interest rates went up to 5% in November, A&L increased the rate on this account at the beginning of December (I think that is right, it wasn't long after, anyway).

oldfella

Just one question though, with the talk of interest rates rising, anyone know how quickly A&L follow interest rises?

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with A&L its worth keeping a close eye on the rate. They tend to introduce new versions and it is often confusing.

Mike

MarkyMarkD

A&L increase/decrease mortgage rates and savings rates in sync at the start of the following calendar month.

MarkyMarkD

Steve_xx wrote:

Yes, I understand what you say. One poster has confirmed that his interest shows that interest is in fact paid on the whole amount.

But I maintain that A&L could have made it clearer, by showing examples if necessary of varying amounts invested. The terms are badly written, and at best they are ambiguous in the way that I have described.

I agree that it could be expressed more clearly, perhaps as I've written it in my post. But I don't think that many people have found it hard to understand, based on posts on these forums. In fact, yours is the first I've seen expressing any confusion about this aspect of this account's terms!

Steve_xx

MarkyMarkD wrote:

I agree that it could be expressed more clearly, perhaps as I've written it in my post. But I don't think that many people have found it hard to understand, based on posts on these forums. In fact, yours is the first I've seen expressing any confusion about this aspect of this account's terms!

Thanks MarkyMark.

I think it's not that other people on here have found this aspect hard to understand. I think it's more likely that nobody has actually noticed this possible ambiguity in A&L's terms and conditions!

sashacat

I didn't find it confusing, fairly straightforward really, just opened it and transferred money over from my current account with A&L. It was, however difficult to transfer money from a non A&L account on the internet. It would not accept it, had to do it over the phone.

masonic

Steve_xx wrote:

I think it's not that other people on here have found this aspect hard to understand. I think it's more likely that nobody has actually noticed this possible ambiguity in A&L's terms and conditions!

Anyone with experience of A&L is probably just used to it.

YorkshireBoy

sashacat wrote:

It was, however difficult to transfer money from a non A&L account on the internet. It would not accept it, had to do it over the phone.

Slightly off-topic (apologies) but I believe, if their OS2 account is anything to go by, this is due to the 'holding account' number of 8 zero's.

I can't push money in to my OS2 account from LTSB or Yorkshire Bank, although Nationwide is quite happy with it.