BoI and ICS increase rates for new business; existing business unchanged

Any further information on the BOI increase? Seems a little strange that they'd only increase for new customers.
 
CiaranT said:
Karl Deeter: ICS Increasing SVR by 0.25%



Source.
Click to expand...

I find this really infuriating, the ECB reduces its rates a few weeks ago and now ICS decides to up it's variable rate by the same amount. Is this the banks way of balancing out the decrease on the trackers by hitting the hard pressed people on variable rates. I know people say that it was the luck of the draw to get a tracker but I never had the chance to be even offered a tracker.
 
The banks are losing money left right and centre, this is how they make that up

If you want you can probably say that the trackers are causing others to pay more
 
Given that the BOI announcement came only hours after the AIB announcement (http://www.askaboutmoney.com/showthread.php?t=171166), and AIB were able to say they'd still "continue to have the lowest SVR in the Irish domestic market" even before BOI announced they'd increase their rates, is it not a bit strange. The AIB rate increase was pushing them above BOIs rates until BOI announced the increase.

Basically I'm wondering if AIB and BOI were talking about increasing their rates and timed the announcements together? If they weren't then how did AIB know they'd still be the cheapest before BOI publicly announced things?
 
Hi Ryaner

The AIB rate after the increase is 3.5%. The Bank of Ireland rate before the increase was 3.75%, so AIB is correct and there is no need for a conspiracy. .

Standard Variable Rate for all lenders

By the way, I can't find any reports of Bank of Ireland's rate increase? Did they make a formal announcement?

Brendan
 
Karl has sent me on the email announcement from Bank of Ireland

It is for new business only. The rates for existing business are unchanged.

BoI < 80% |3.8%
BoI >80%|4%
ICS< 80%|4.1%
ICS>80% |4.3%
 
My bad. Thanks for the clarification Brendan.

Did you get anything official from BOI yet? Trying to understand how they are changing their SVR only for new business. They don't have the SVR+Margin thing that UB have.
 
ryaner said:
Trying to understand how they are changing their SVR only for new business.
Click to expand...

It has got quite complicated. The concept of SVR has been weakened quite a bit.


It does make sense though, to charge less to existing customers.

PTSB charges existing customers far more which makes no sense.
 
Brendan Burgess said:
Karl has sent me on the email announcement from Bank of Ireland 3

It is for new business only. The existing rates are unchanged.

BoI < 80% |3.8%
BoI >80%|4%
ICS< 80%4.1%
ICS>80% 4.3%
Click to expand...

Brendan,

Just to confirm is it new business only for both BOI and ICS???
 
Rang ICS and the increase is for new business only.Could the title be edited to reflect this...gave me a bit of a shock that I can well do without.
 
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