Alliance and Leicester Savings Product Changes

snaggle

Yes thanks Too Jim Clark for your advice on A&L saver a/c. I have 3 month ago moved my money from ING (5%) into this account becouse of the interest, my advice to Purplefirth is do as I am going to do, After the 1st of September move your money OUT again.

lipidicman

purplefirth wrote:

Thanks JC seems a bit of a con considering the only reason I started the online saver was because of the higher interest rate and now I'm never going to receive it, don't quite understand why if you enter into a contract with a bank they can suddenly change the rules. Think I might have to change banks again just on principal.

You will be paid 5.35% up til the rate changed. Interest is paid annually, but calculated daily

snaggle wrote:

Yes thanks Too Jim Clark for your advice on A&L saver a/c. I have 3 month ago moved my money from ING (5%) into this account becouse of the interest, my advice to Purplefirth is do as I am going to do, After the 1st of September move your money OUT again.

You can move it out now, the interest is calculated daily and will be paid on closure - you dont have to wait until september

Hope that helps!

lipidicman

scottmartin wrote:

Fear not all, the Direct ISA & Online Saver are due to be relaunched in mid-July, however with revised interest rates.

And we all get converted to the new accounts? Or, more likely, we must do it manually - if so this policy stinks. The old retired accounts scam

mary

Do you mean, we all close our accounts and apply again as new customers if the rate is decent enough?

miller

MarkyMarkD wrote:

That's not an A&L specific issue - it applies to any bank. VISA debit/credit card transactions incur cash advance charges. Full stop. It applies to Nationwide too (in case anyone suggests otherwise).

That may be, but its strange how a paragraph explaining the charge appeared in A&L's T&C's after I complained.

jimclark1967

mary wrote:

Do you mean, we all close our accounts and apply again as new customers if the rate is decent enough?

Pretty much.

It's the old bankers trick of relying on people not being bothered to shift accounts :rolleyes:

JC

shelagh

Hi, thanks everyone for responding to my posting. Good news! A&L have just contacted me and have accepted that because I attempted to do everything in my power to pay the school fees i.e. I set up the DD and made sure that the money was available for the DDto be collected on the due date, then they have refunded the 25 pounds. However, I am now well aware that I should not post date cheques, something that I didn't know before, since I have never needed to do this prior to this episode. Can I just respond to the advice about transferring money on the day of the DD collection, I meant that the money is in the account ready to be collected on the due date, sorry my poor explaination. One final thing though, I remembered advice given in another forum on the site which stated that being reasonable and calm always yeilded best results and I'm sure that this helped tonight. Thanks again everyone its great to be part of this community!

isasmurf

miller wrote:

That may be, but its strange how a paragraph explaining the charge appeared in A&L's T&C's after I complained.

Most credit cards have recently issued new T&Cs because of an agreement to be more clearer on charges.

grumbler

MarkyMarkD wrote:

VISA debit/credit card transactions incur cash advance charges. Full stop. It applies to Nationwide too (in case anyone suggests otherwise).

I'll take a risk to suggest otherwise. I never used NW card to buy currency (why would I do this?) and cannot be sure. However, I made some research and found this charge included in 'Fees and Charges' of all banks I checked, besides NW. Of course, I have not checked all banks and BSs. Post #20 in 'best exchange rate for Euros-please ' thread confirms that NW does not charge for this.

miller wrote:

That may be, but its strange how a paragraph explaining the charge appeared in A&L's T&C's after I complained.

What is the date of your complaint?
P.S. I bet you complained after 15/02/2005. If I am right, have a read of post #9 in 'Alliance & Leicester Cash Machines Access' thread ...

MarkyMarkD

lipidicman wrote:

And we all get converted to the new accounts? Or, more likely, we must do it manually - if so this policy stinks. The old retired accounts scam

It's not "the old retired accounts scam" at all. The rates are guaranteed on the existing accounts; the new account rates won't be higher as the reason they were closed is that they were too successful.