A&L 6.5% eSaver

Liz_the_Whizz

Thanks KTF, I'll diarise that

Just noticed that the 6.5% rate includes a 0.35% bonus but as it's till 31 January 2009, it's still worth it provided you can get your transfers spot on.

oldfella

from the T&Cs ........

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Direct Debit transfers from the same account will only take four working days, this money will then be available for withdrawal a following five working days from clearance.

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this is odd, DDs usually clear on the same day - I assume they are talking about the time between the request being entered on the A&L site, and the money being withdrawn from your linked account. I cant find any mention of when interest becomes payable. Anyone know any better ?

thanks .. Mike

Beate

This is what Martin says in the weekly email today:

There’s a new top sounding rate offered by Alliance & Leicester* eSaver; it's paying 6.5%, which sounds like a market leader; yet like a baboon, there’s a seriously big but(t). First of all, 0.35% of this is a bonus, and drops after fourteen months, plus if you withdraw money, you lose all the interest for that month. After number crunching, for almost everyone, the ICICI* clean savings account at 6.41% with a good rate guarantee until Dec 2011 is much better.

oldfella

yet like a baboon, there’s a seriously big but(t).

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I wouldnt be so critical - IMHO its a useful account. I wouldnt put money in it I planned to withdraw any time soon, and in any event I wouldnt use ICICI.

KTF

Yeah, as long as you dont view it as an instant access account in the traditional sense then its good. Just make sure that when you plan to take the money out you take all the money out in one go and as close to the date that the interest gets applied as possible.

chesky369

Do you need to have a current account with A+ L for this new account? The reason I ask is that my regular savings plan ends tomorrow and for that I had to have a current account into which I paid £500 per month (then transferring £250 over to the regular savings). I had intended to close the whole thing down, as it's a bit of pain to keep transferring stuff over every month, but I might bung it all in this new one and close the current.

Careful_ly

Chesky369
No you dont need a current account with A&L you link any current account to it. Interest can be added to the E saver on the 1st of each month or into your linked current account on 6th.
I have just opened one of these (I have current account for the 12% saver) and the application offered a link at the end to open a current account with a £50 for opening bonus, for non A&L account holders.
If you close your current account you can re open later as a new customer if they offer the Regular saver again, you must leave it at least 3 months though.
Have had an email stating they will send me my account number in 5 working days by post.
HTH

*gemstar

I currently have 100k in the Direct Saver. For me, I imagine the correct step would be to transfer 75k to the new eSaver and because no interest will be paid on my remaining 25k in the Direct Saver for December, transfer that out temporarily to another bank. Then move the 25k back to the Direct Saver come 1 Jan 2008. For people who have shifted funds out temporarily before, is it necessary to leave at least £1 in the Direct Saver?

debbie42

*gemstar wrote: »

For people who have shifted funds out temporarily before, is it necessary to leave at least £1 in the Direct Saver?

I know I did, as I still had a £1 in there when I closed them all down. I do know for sure that I had to leave £1 in the plus saver (I remember the error message) but can't recall whether I just left the one in the Direct Saver myself or not.

Beate

I won't be bothering with this. I have the 6.4% from Bradford & Bingley which is totally flexible, others might want to chose the 6.41% from ICICI, which is totally flexbile too.