Another A&L DirectSaver question!

steve-o_3

Just a quickie, I'm very tempted by the A&L DirectSaver, I have £30k savings to invest a little wiser, I'm maxed out on my cash isa £3k and my share isa £4k, and also pay into a regular saver with Lloyds TSB at full amount.

I don't need to touch the rest of my savings so the whole "losing a months interest scenario" doesn't really bother me.

Question is this; I can't find anything that states how long the 5.65% is guaranteed for if I invest? Can the account interest change without notice upwards and downwards? Is the rate guaranteed at least for a fixed period? If so, how long?

Cheers all.
Steve.

steve-o_3

Just noticed it says 5.65% variable. Does this mean its 5.64% now, but will change with the base rate (up or down). But will this be in the same proportion to the base rate as it is now? Do they tend to notify you of rate changes?

masonic

steve-o wrote:

Question is this; I can't find anything that states how long the 5.65% is guaranteed for if I invest? Can the account interest change without notice upwards and downwards? Is the rate guaranteed at least for a fixed period? If so, how long?

The rate is neither fixed nor guaranteed as far as I'm aware.

masonic

steve-o wrote:

Just noticed it says 5.65% variable. Does this mean its 5.64% now, but will change with the base rate (up or down). But will this be in the same proportion to the base rate as it is now? Do they tend to notify you of rate changes?

It could go up or down (or stay the same) whether the base rate changes or not. A&L will tend to notify you of changes, but not in advance. It's rare these changes go unnoticed here, though.