A&L Online Saver/ISA closing & cutting rates

nrsql

Just had a look at the isa list on this site.
A&L isn't there but think it was mentioned that it was dropped.
Where's Yorkshire bs at 5.2%? Is there something wrong with it?
(I also like the bs movement)

A&L isa has a £25 transfer out charge which puts me off it.

muddyfox470

As i said before the rate will not change (if it does change) immediately from tomorrow as their terms state

A&L wrote:

Q. How will you notify me of changes to the interest rate on my account?

A. For branch based accounts, we ensure that the current interest rates are available in the branches and on our Internet site at all times, we also advertise new interest rates in at least 2 national newspapers. For direct accounts, we will notify you personally by post within 30 days of the change.

So if you are going to be moving your account, you will still have 30days of higher interest if the rate does go lower, to the 5% that some are suggesting.

All the signs do look pretty dim, especially with other rates falling by A&L and all the different sites not stating A&L's account, however both the guardian and the observer both had it listed this weekend: bizarre!

Also with an Interest Change (downwards) going to come (as predicted by market analysts) in the near future, it is likely that other banks and building societies will follow soon soon.

Ian

I am guessing the Online accounts are classed as 'direct' accounts?

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

nrsql

>> For direct accounts, we will notify you personally by post within 30 days of the change.

Doesn't that mean up to 30 days after the change? i.e. they could advertise in two national newspapers, branches, web site tomorrow and then have 30 days to send out emails to inform people that it has already happenned?

jimclark1967

nrsql wrote:

>> For direct accounts, we will notify you personally by post within 30 days of the change.

Doesn't that mean up to 30 days after the change? i.e. they could advertise in two national newspapers, branches, web site tomorrow and then have 30 days to send out emails to inform people that it has already happenned?

Yes I think that's what it means - they can change the rate when they like, just have to tell you within 30 days. Looks like ICICI have come along just in time

ukjs1976

Thanks for the comments and thoughts posted... it has given me a good amount of food for thought.

Best regards.

hansi

If A&L drop their Online Saver rate, I'm going to put it all into ING. My experience of A&L is that they take a lot longer to transfer money from an outside bank account to the A&L account. A transfer I did last week has taken 5 workiing days and the cash is still not available in my account. ING are much quicker and give monthly interest.

Kazza242

hansi wrote:

If A&L drop their Online Saver rate, I'm going to put it all into ING. My experience of A&L is that they take a lot longer to transfer money from an outside bank account to the A&L account. A transfer I did last week has taken 5 workiing days and the cash is still not available in my account. ING are much quicker and give monthly interest.

A&L have dropped the rate to 5%. They now have this information on their official website.

[Deleted User]

Quelle surprise! Talk about well signposted.

Does anyone know offhand what the account closure procedure is? In writing? I cannot find it in the User Guide, and I am not at home (ssssh!).

buses7675

Hi All,

The Direct ISA is also no longer availble, but the rate has remained at 5.4%!

Cheers

Steve

oldagetraveller

Yes, just spotted the Direct Saver reduction myself on their sight. I know what I'll be doing right now!