A&L direct saver

Eck

I was thinking of opening this account with approx £10k, the thing is i might have to occasionaly make a withdrawal from this account, but on reading Martins column he said its best to avoid if you are going to have to withdraw, so is there another savings account that i would be better putting my money in that doesn't have any penalties for withdrawing and still pays a decent rate?



Many thanks.

KTF

Icesave (5.7%) - https://www.icesave.co.uk

Eck

One other thing i forgot to ask is this, if i did go for the A&L direct saver and i wanted to make a withdrawal, would i still lose a whole months interest on my money if i withdrew at the start of the month?

KTF

No, thats the way round the 'catch'. Take all the money out on the first of the month.

Eck

KTF wrote: »

No, thats the way round the 'catch'. Take all the money out on the first of the month.

Thanks for that, but you say " Take all the money out "?? what if i only want to take out some but not all, would that still be a way round the ' catch ' ?
Sorry for asking all of these questions, but i just want to make sure that i'm doing the right thing.


Thanks again....:T

doitmyself

Eck wrote: »

Thanks for that, but you say " Take all the money out "?? what if i only want to take out some but not all, would that still be a way round the ' catch ' ?
Sorry for asking all of these questions, but i just want to make sure that i'm doing the right thing.


Thanks again....:T

Hi
You could just go to the A&L website and answer your own question (FAQ):
http://www.alliance-leicester.co.uk/faqs/index.asp?page=savings&faqset=2
If you can't be bothered the answer is you will not receive any interest for the month in which money is withdrawn

KTF

Eck wrote: »

Thanks for that, but you say " Take all the money out "?? what if i only want to take out some but not all, would that still be a way round the ' catch ' ?
Sorry for asking all of these questions, but i just want to make sure that i'm doing the right thing.


Thanks again....:T

Its all or nothing if you want to get round the 'catch'. If you take out a partial amount you lose the interest for that month.