Have A+L reduced their Premier ISA rate?

stphnstevey

I have just had a letter from A+L stating changes to interest rates. In their booklet of rates it states the Premier ISA interest rate as 7% (not 8.1%) from 02/02/07?

Mr_Mumble

This is out of date information. The Premier ISA interest rate was 7% on 2nd February but was later raised to 8.1% to compete with Abbey's ISA.

stphnstevey

Nice of them to send me the most uptodate info then!

clare_r21

stphnstevey wrote: »

I have just had a letter from A+L stating changes to interest rates. In their booklet of rates it states the Premier ISA interest rate as 7% (not 8.1%) from 02/02/07?

However,just to let you know that I opened the A&L ISA a few weeks ago at the 8.1% rate and was told today by A&Lthat it is going to drop probably tomorrow to a figure that will be at least 1% above the BOE rate...I asked if they could give an idea of what it would be but told that this was not possible...they did say however that it could be 7% but were unable to commit...so,the 8.1% could in theory drop to 6.25%!!!

KTF

I cant see the Premier ISA listed on here:

http://www.alliance-leicester.co.uk/savings/index.asp?page=current-rates&type=ALL

and it has disappeared from their site now the Regular Saver is back. Does anyone know what its is now?

Edit: Its still here: http://www.alliance-leicester.co.uk/savings/index.asp?page=prem-isa&ct=quick

debbie42

Actual interest rate is here:

http://www.alliance-leicester.co.uk/savings/index.asp?page=closed-rates

clare_r21

KTF wrote: »

I cant see the Premier ISA listed on here:

http://www.alliance-leicester.co.uk/savings/index.asp?page=current-rates&type=ALL

and it has disappeared from their site now the Regular Saver is back. Does anyone know what its is now?

Edit: Its still here: http://www.alliance-leicester.co.uk/savings/index.asp?page=prem-isa&ct=quick

Yesterday was the last day that the 8.1%'special deal' was on offer,apparantly...you will no longer be able to get this...probably just as well as they have dropped the 8.1%!!! Howver,I just looked at the A&L website,and it's still showing the Premier Isa at 8%?

Snow_Dog

Still showing as available here:-

http://www.alliance-leicester.co.uk/savings/index.asp?page=prem-isa

But as a closed account here:-

http://www.alliance-leicester.co.uk/savings/index.asp?page=closed-rates

Now the question is, as a premier current account and premier ISA holder can I open a 12% regular saver?

mleonard79

Snow_Dog wrote: »

Still showing as available here:-

http://www.alliance-leicester.co.uk/savings/index.asp?page=prem-isa

But as a closed account here:-

http://www.alliance-leicester.co.uk/savings/index.asp?page=closed-rates

Now the question is, as a premier current account and premier ISA holder can I open a 12% regular saver?

Hi Snow Dog - I think the first link you've posted is out of date as when I go the the savings and investments part of the website there is no mention of the Premier Isa anymore. It is definitely a closed account anyway as it ended on 30th April.

Now as to whether you can get the 12% saver - no you can't get the 12% saver that is offered with the Premier Current Account so the only way for you to get it is with the new Save & Protect product whereby you need to take out a life insurance policy with Legal & General. I would personally avoid this though as I don't think it's a good deal.

Regards

Michelle

Snow_Dog

The link to the premier ISA is still live, you can find it by going to the A&L site map at teh bottom of the home page and then selecting premier ISA, guess their IT peeps just forgot to remove the link.

Still, would be interesting to see how far down the online application you could get from that page.

As for the save and protect product, it looks like the min monthly payout for the life ins is £6, so does the extra 4% over the lloyds regular saver exceed the £6 per month.

Nope, £6x12=£72 over the year for the min life ins.

£250pcm x 12 = £3000
£3000/2 = £1500 for average balance over year
£1500*0.04 = £60

So you would be getting £6 per month of life cover for £1 per month in theory (over having a Lloyds 8% reg saver).

mleonard79

Snow_Dog wrote: »

The link to the premier ISA is still live, you can find it by going to the A&L site map at teh bottom of the home page and then selecting premier ISA, guess their IT peeps just forgot to remove the link.

Yeah someone will have forgotten to remove it - as you can't get to it easily I doubt many people will happen upon it!

As for the save and protect product, it looks like the min monthly payout for the life ins is £6, so does the extra 4% over the lloyds regular saver exceed the £6 per month.

Nope, £6x12=£72 over the year for the min life ins.

£250pcm x 12 = £3000
£3000/2 = £1500 for average balance over year
£1500*0.04 = £60

So you would be getting £6 per month of life cover for £1 per month in theory (over having a Lloyds 8% reg saver).

I guess it all depends on whether you already have life cover or want life cover. If you just want the account as a saver and nothing else then it's not really worth it.

Regards

Michelle