Alliance and Leicester Direct Saver Withdrawal Query

shopndrop

The above account states that "To encourage long term savings, no interest is earned for any month in which a withdrawal is made".

Does anyone know if the month is from 1 - 31 of month or does the month start on the date the account was opened so for example month runs from say 15th - 14th of month?

The_Fiddler_2

1st to 31st

shopndrop

Thanks, so I can go ahead and withdraw my money to put into a fixed rate account offering better interest and not lose out.

KTF

If you take all of the money out on the first of the month then you wont be penalised but dont forget to to take the transfer times into account.

Dru2

I withdrew money on the first of the month with A&L direct saver and, was penalised with lose of interest for the whole previous month. When I queried it, they said they 'calculated'!! on the first of each month for the previous month with this account. I still haven't got it back. I'm wondering whether to query it again and insist.

KTF

As per the second reply to this thread its per calendar month so the interest gets paid in on the 1st of the month regardless of when the account was opened.