A&L Direct Saver.

Shambler

Are there any planned increases to the interest rate of this account?

KTF

They normally leave the announcement till the end of the month and have followed the last few rises. No point worrying about it yet as the best time to withdraw the money is the first of the month anyway.

Secret_Wookie

A&L are sneeky with Issues number so worth keeping an eye out in case they launch a new issue rather than increase.

Secret_Wookie

A&L are sneeky with Issues number so worth keeping an eye out in case they launch a new issue rather than increase.

Ian_W

Secret_Wookie wrote: »

A&L are sneeky with Issues number so worth keeping an eye out in case they launch a new issue rather than increase.

So good you posted twice?

Don't believe the Direct saver has an issue number unlike some of their accounts particularly ISAs.
But they did up the rate last time by more than the BoE raise [0.3% to 6.1% AER] so I wouldn't be at all surprised if they only raise it by 0.2% this time.

DawnW

I am getting a bit annoyed with this account, and their terms and conditions. To start with, the interest rate was so good it was worth it. Now however, there are many otehr good payers, without the conditions. I have a 5 figure sum with them, that I am currently thinking about moving elsewhere.

Dips

I'm the same Dawn. I've got a 5 figure sum in there and thinking about moving it. To be fair though I don't withdraw at all so don't think there is any point at the moment.

MarkyMarkD

If you don't withdraw anything until you withdraw the whole amount, the conditions are irrelevant.

If you wanted to dib money in and out, it was clearly not the right account for you in the first place.

I can't see why Dawn or Dips are now thinking it was a bad idea - either it suits you or it doesn't.

I had oodles in there which I built up month after month, and I've now withdrawn the whole lot to pay off half of my mortgage. It did the job perfectly for me.

DawnW

I don't take bits and pieces out, but wanted to take some out on one occasion to pay off an old loan, and had to think about timing etc. It was initially a very good account, I agree, but the point is, others now are just as good on interest rates, and without the tricks and hassle.

member161067

Assuming they up their interest in line with the BOE rate, would they still be the highest around? I have been very happy with A&L and only wish they would let me deposit more than the £100k I have with them.

DawnW

Sainsburys 6.25 from 1 August, currently Icesave 6.2, A&L DS 6.1. I have found them ok too, to be honest, but there are now higher paying accounts without the catch. Whether it is worth switching over is another thing, but I will be putting money in the others instead from now on.