A&L Direct Saver Withdrawal

debbie42

I've got a direct saver, where the interest isn't applied for the withdrawal month. It's currently 5.8%, and I was thinking of moving it to the icesave 5.95%, long term.

Question is: when would this be worth it, and is there a "best time" to withdraw from the A&L?

YorkshireBoy

Doesn't the Direct Saver now pay 6.10% AER (as of yesterday)?

tom188

But otherwise first of the month, as you only lose interest for that calendar month.

debbie42

YorkshireBoy wrote: »

Doesn't the Direct Saver now pay 6.10% AER (as of yesterday)?

Their web page doesn't say so. I'll double check: maybe they haven't updated it yet.

edited to say: where did you hear of the new rate?

debbie42

tom188 wrote: »

But otherwise first of the month, as you only lose interest for that calendar month.

That's what I figured, but thought I'd double check on the "calendar month" meaning. Thanks.

tom188

Try this one to get you to the right page http://www.moneyfacts.co.uk/searches/savingsresults.aspx?age=0&noFixedTerm=0&accounttype=1&investment=5000&pageid=7&monthlyInterest=0&currency=GBP&noticedays=30&instantaccess=0, otherwise just search from the homepage https://www.moneyfacts.co.uk

LittleVoice

And if you are withdrawing anything, withdraw all but, say, £1. Put any excess elsewhere (anywhere really as it will earn some interest!) because it won't earn anything in A&L in the withdrawal month. You can put it back in in the following month.

debbie42

You'd really think that the A&L (and others) could update their web page as and when the rates rose. I appreciate that web designers might not work weekends :rolleyes: , but it's only a number!

GCH888

Amazing that A&L has yet to update it's website with details of the increase to 6.10% AER on the DirectSaver account. Someone needs to speak to the company that looks after the webhosting for A&L.

The only place which provides information on the rate increase is on it's corporate site under media centre (link below):

http://www.alliance-leicester-group.co.uk/html/media/non-indexed/release.asp?txttable=pressreleases&txtcode=PR3105072

intalex

not updated on their homepage, but it's updated here:

http://www.alliance-leicester.co.uk/savings/index.asp?page=dsaver&ct=savingshome

MrsMillar

At last! Having pretty much transferred all my savings to A&L I was disappointed that they hadn't increased their interest rate. Trouble with their account is that they make it undesirable to move funds out when they are no longer competitive.

So the good news is that they have increased their rates each time the base rate has increased, but they've taken an awfully long time about it! (Do they take as long with their mortgage/loan rates, I wonder?!!!!)