Thread: Alliance & Leicester ISA Interest Quiery

Hi All,

Sorry if this is posted in the incorrect place

A friend of mine has an A&L Easy ISA which he opened 01/09/08. He paid £200 into the account upon opening. He next paid in £2000 which cleared into the account 29/12/08, prior to the interest cut of date which is 1st January.

Today he has subsequently checked the interest gained and can see a payment of £3.72 marked as "Gross Interest"

He has done his calculations and determined that this would be an interest rate of 0.17% on the £2200.

A&L have advised that he has a variable interest rate, which as of today is at 2%

Does anyone know where this 0.17% has come from as he is under the impression he should have recieved at LEAST 2%.

There have been NO withdrawals.........

Please advise if the above is correct or if there have been any other issue similar to this.

Regards

Innocent

Originally Posted by Innocent_Guy

Hi All,

Sorry if this is posted in the incorrect place

A friend of mine has an A&L Easy ISA which he opened 01/09/08. He paid £200 into the account upon opening. He next paid in £2000 which cleared into the account 29/12/08, prior to the interest cut of date which is 1st January.

Today he has subsequently checked the interest gained and can see a payment of £3.72 marked as "Gross Interest"

He has done his calculations and determined that this would be an interest rate of 0.17% on the £2200.

A&L have advised that he has a variable interest rate, which as of today is at 2%

Does anyone know where this 0.17% has come from as he is under the impression he should have recieved at LEAST 2%.

There have been NO withdrawals.........

Please advise if the above is correct or if there have been any other issue similar to this.

Regards

Innocent

Have got my calculator out so will work on the figures and post the answer to what I think they should have got.

The figure I got was 28p out. Just rechecking my figures.

cheque didn't clear until one day later which is the anomaly that I had in my figures. I now have £3.72 interest.

http://www.alliance-leicester.co.uk/...ings-rates.pdf
They are wrong on the interest since the account was opened before 25/09/08 which means they are getting 3.5% until 30/09/09

Thanks all I think I may have solved this one...... interest is worked out daily so because the £2200 was in there for a short time it only qualified for 3 days interest!!!