Alliance and Leicester have increased their Direct Saver rate to 6.1%

intalex

Maybe they should allow a couple of penalty-free withdrawals in each financial year, if their systems are intelligent enough to handle that.

Innys

It's almost certain that their systems are that sophisticated.

However, if you were the A&L CEO, would that approach make your PLC any more money?

Far better to go with this interest rate together with terms and conditions and then jump on anyone (and there will be many) who falls foul of them. Easy peasy. :rolleyes:

ED

An idea to avoid shock rules. Before opening an account with any institution, download the Terms + Conditions. Then write your own brief list of rules most relevant to you - eg :

- nil interest on full balance in any month withdrawal made
- £1,000 minimum balance
- interest 6.10% AER (variable) = 5.94% gross
- access to your savings with Internet and Telephone Banking
- transfers via a nominated current account - takes 24 hours
- transfers to external [non A+L] account - takes 4 banking days
- interest paid monthly (earned daily)
- interest can be set to go directly to the nominated current account

I for one need not include a note re :
- £100,000 maximum balance!!

Anyone else here already in the habit of always creating such a list of their own version of key rules before opening a savings account with banks or building societies?

Having compiled the list, I have decided not to open a DirectSaver because I consider uncompetitive :-

:-( nil interest in months of withdrawal
:-( 1 day @ nil interest during INTERNAL transfers in (or out) of DS account
:-( extra day (more if weekend intrudes) for transfers to EXTERNAL accounts