Alliance & Leicester PlusSaver 6.55% AER

Ancalagon

I got a letter in the post this morning telling me that the PlusSaver account I have with A&L (opened automatically when I got a Premier Direct account with them last year) has had a massive interest hike of 2.05%, putting it at 6.55% until 30/06/09.

The PlusSaver seems to be much better than their eSaver in that there are no penalties for withdrawing money (i.e. you still get interest for that month). Interest is paid annually and this bonus rate will result in a bonus payment on 01/07/09. So I presume that interest will be paid at their standard rate and this bonus payment will boost it up to the 6.55% they promise.

The letter mentions that this new bonus rate applies to "selected accounts" and they have not publicised it on their website so I thought I'd mention it here to see what everyone thought!

Anyone had experience of A&L's PlusSaver? Are there any downsides to it? I had not used it prior to receiving this rate increase as my other savings account was better so I am keen to know what you think!

Hugeass304

I had a similar letter from them a couple of months ago and when I looked into it it didn't apply to my account but was for recently opened accounts only. A bit of a con I think sending out letters that make it look as though you're eligable when in fact you're not. Not very impressive customer service I'm afraid

smash

I've had the eSaver for about 15 months and the rate has of course dropped. So I will be dropping A&L next month (when they allow free transfers). However if this account was available to me, I would reconsider since it saves me the hassle of opening others