maximum balance

m00nie

hi,

if i leave £25,000 in the A+L online saver account, (£25,000 being the maximun it allows)

what happens when the interest is paid as it takes you over the £25,000?


thanks

grumbler

Do you know that interest rate has droped from 5.35% to 5%?
On balance over £25K you will get no interest (or very low interest?).

m00nie

hi, yes was aware of the interest drop,

so the balance can go over the £25000 just i will only get interest on the 25000? is that right ?

Stonk

I can't find it now, but it mattered to me too and I distinctly remember reading somewhere on their site that it is permitted for an addition of interest to take you over the £25K limit. And since their published interest rates are phrased as "£1+ : x.xx%" rather than "£1 - £25,000: x.xx%", then they will have to pay the full interest rate on the full balance.

Doesn't matter any more, though. Since the rate drop and dismal outlook for this account as a result of its closure to new customers which means there's no pressure to keep it on the best-buy tables, I'm shifting my £25K elsewhere (£4K at a time because the current account that it has to go through pays good interest only on the first £5K).

izzy_flint

m00nie wrote:

hi,

if i leave £25,000 in the A+L online saver account, (£25,000 being the maximun it allows)

what happens when the interest is paid as it takes you over the £25,000?


thanks

God knows why would anyone want to leave £25 k in a saver account especially in the allience and leicester,they are are joke with their terms for getting your money out.

Stonk

God knows why would anyone want to leave £25 k in a saver account especially in the allience and leicester,they are are joke with their terms for getting your money out.

I can't understand what you're on about here. Money is withdrawable in 3 days. What better would you suggest for someone with £25K who doesn't want to risk capital?

cjn_2

"I can't understand what you're on about here. Money is withdrawable in 3 days. What better would you suggest for someone with £25K who doesn't want to risk capital?"


If you've put the annual allowance in a cash ISA and opened one or two regular savers, then the A+L websaver is probably as good a place as any for the rest. I'm finding A+L a struggle as well although 5% on an instant access account seems fairly reasonable enough.

oramgepekoe

m00nie wrote:

if i leave £25,000 in the A+L online saver account, (£25,000 being the maximun it allows)

what happens when the interest is paid as it takes you over the £25,000?

I emailed them about this last year and they said that the interest didn't count towards the £25K limit. So its OK.