Alliance and Leicester ISA

Hi Marcus - where did you read that they have dropped the 25 transfer out charge for existing ISA holders?

I've looked at the A&L website and I can't find any reference to it yet, I just want to check it out. Am I right in understanding that the interest rate for Issue 1 is still 5.40%?

Cheers.

It was actually in-branch - they had a leaflet with small print on the wall detailing their interest rates, changed July 12th, it said the Direct ISA rate for old customers was 5.4%, new was 4.75% and also said something along the lines of "We no longer charge for transferring an ISA to another provider".

Looking at their website...

In message , Marcus Fox writes

This sounds to me that they have realised that there is no commercial benefit to an organisation offering a ridiculously high interest rate on ISAs unless you can cross sell profitable products. By reducing the rate and the penalty for moving away they seem to be saying 'GO AWAY!"

Right - ok thanks.

Hmm - I wonder if that's just for the new issue or whether that covers both issues?

Call me skeptical, but that "simplified userguide" crap leaves out the finer details of things like this...

But again, that might be the new issue 2 T&C. The old T&C perhaps remains unchanged and (most probably) inaccessible via the website now...

Thanks. I guess the only way to know for sure is if I call them!

Since it's the highest fixed rate at the moment, I can't imagine why anyone'd transfer out.

Marcus

lol - that's possibly still true - easy to loose sight of that large point - but you have to know all the ins and outs because they'll try screw us at some point if we're not careful and when they do we'll have to know all the facts before we switch somewhere else...