A&L savings rate changes due on June 2 (merged)

KTF

Browsing through their press releases here:

http://www.alliance-leicester-group.co.uk/html/media/non-indexed/release.asp?txtTable=pressreleases&txtCode=PR2105071

I noticed at the bottom that "Changes will also be made to Alliance & Leicester’s savings accounts on 2 June and an announcement regarding this will be made in due course."

So if anyone (like me) has their Direct Saver account and is thinking of moving it then it might be worth waiting to see what rates are changed.

Hopefully details will be released before June 2 otherwise its another month before the money can be shifted (unless you want to lose interest).

trinidadone

hey, thanks for that info, i hope it beats ICIC savings account at 6.05%

Graham_Devon

They seem to raise them on the 2nd (probably so people keep it in in hope, sneaky).

Last time it went up by 0.2%. I'm expecting 6% flat.

GCH888

The BM Online Saver Account will be available from Friday 1st June and will offer 6.05% Gross/AER. HSBC will be increasing it's online saver to 6.00% AER so I'm betting A&L Direct Saver will increase to 6.05% AER.

KTF

Still no details... They are keeping it to the bitter end this time...

ramit

KTF wrote: »

Browsing through their press releases here:

http://www.alliance-leicester-group.co.uk/html/media/non-indexed/release.asp?txtTable=pressreleases&txtCode=PR2105071

I noticed at the bottom that "Changes will also be made to Alliance & Leicester’s savings accounts on 2 June and an announcement regarding this will be made in due course."

So if anyone (like me) has their Direct Saver account and is thinking of moving it then it might be worth waiting to see what rates are changed.

Hopefully details will be released before June 2 otherwise its another month before the money can be shifted (unless you want to lose interest).

Surely if you move it on the 2nd, you'll only loose 1 day's interest?

Kazza242

Alliance & Leicester are increasing their Direct Saver rate by 0.30%, from 5.80% to 6.10% AER w.e.f. 2nd June 2007.

The new rate appears on Moneyfacts, here.

GCH888

More info and confirmation that A&L DirectSaver will be increasing to 6.10% AER from the link below:

http://www.easier.com/view/Finance/Savings/News/article-119387.html

Also looks like DirectSaver will be reducing it's minimum balance from £5000 to £1000.

KTF

Yep, the full press release is now online here:

http://www.alliance-leicester-group.co.uk/upload/pdf/PR3105072.pdf

obsessed_saver

The Direct Saver is quite restrictive, imho:

Direct_Saver_terms_and_condition wrote:

No notice for withdrawals although no interest is earned on the account balance in any month in which a withdrawal is made or the account is closed

KTF

Yeah, thats the 'catch' but if you take it all out (rather than an amount) on the first of the month it makes no difference.