Anyone setting up an Alliance and Leicester ISA online should read the small print, especially where you agree that you allow A+L to keep on opening a mini cash ISA each year in your name until you request them to stop
Seems fine to me, for as long as their rates remains the current best in the market. And anybody taking out any financial product without reading all the print (large or small) is a fool unto themselves. And remember what they say about fools......
And I can't see what is wrong with A&L's small print. If it wasn't for the auto opening of a new ISA each year you would not be able to put money into your ISA account without going through all the hoops of opening an account every year.
And (AFAIK) they don't open a new ISA account unless you put money in during the tax year - so you can open an ISA with another bank without having to tell A&L, but of course you must not then put money into the A&L account as well.
In addition this rule only applies for one year, if you skip a year then no new money can be automatically put into your ISA.
Mark BR
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