Advanzia Bank Lux Paying 3.97% AER Instant Access for First 3 Months

One week later and still haven't received an email to confirm my account has been opened. Very slow process indeed.
 
podgerodge said:
Ring them.
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Already did on Friday and was told they would review it immediately but still haven't heard anything since. Will have to call them again. I had also emailed them originally nearly 2 weeks ago and never got any response. The customer service doesn't fill me with confidence.
 
For those that have lodged to this account can you tell me how long it took for the funds to appear in it please? Also did you receive confirmation of the transfer or is it just available to view online? thanks
 
Harvard said:
For those that have lodged to this account can you tell me how long it took for the funds to appear in it please? Also did you receive confirmation of the transfer or is it just available to view online? thanks
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I got an email and the funds were with Advanzia within 24 hours SEPA from AIB (cut off from AIB is 1pm)
 
nest egg said:
More information regarding the type of account on offer, seems it's technically an overnight money market account, at least based on how the a/c is described on their portal.

Overnight money market deposit account (Tagesgeld) - Banks Germany

What is TagesgeldKonto. English information and advantages of High interest earning Tagesgeld overnight money market deposit account in Germany
banks-germany.com banks-germany.com
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In Europe banks often call demand savings accounts "Tagesgeld" (money market account) but it is a savings account and not a money market fund.
 
Gregor1 said:
The online account site isn't in English, is that correct?
Maybe that's why they never sent me any mention of its existence!
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Correct. When I was on the phone with them I asked was there an english version somewhere and they said no! Seems to be focussed on Germany market.
 
podgerodge said:
Well the delay has/will result in you getting 3.4% interest rather than what I got (3.25%)!
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Called them again today, they said my account will be opened immediately and apologized as they said there was confusion over my email as it sometimes shows up as @gmail.com but other times it is @googlemail.com
 
If I want to lodge money into the account, do I have to put in a minimum of €5k each time I do a deposit? Or is it just a minimum of €5k when first depositing into the account, and then whatever I want after that in terms of regular savings? I typically put savings of €800 away on payday every fortnight.
 
Lightning said:
1.61% as things currently stand.
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No, that is only for accounts opened after June 30th.
Accounts opened before that will be 1.1% after the 6 months.
Obviously perverse, but designed to create a desperation to get acs open by June 30th out of fear of "losing out". It worked.
 
podgerodge said:
Correct. When I was on the phone with them I asked was there an english version somewhere and they said no! Seems to be focussed on Germany market.
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No that's not correct, there is a English language version, but which seems to come up randomly or only in some unpredictable circumstances, as if not fully thought out, similar in fact to the entire customer interaction which is decidedly second rate and cheaply put together... the tortuous online /login procedure, the lack of an app, incorrect error messages (usually in German), German language screens and email requests etc. In addition they do not reply to, or even acknowledge, any enquiries by email, only by phone. However although all this seems very inadequate, the psychology behind it is extremely sophisticated, based on the known level of frustration with zero interest rates in Irish banks and consequent readiness to accept levels of service (and security??) that one would not usually accept. And it works.
 
PoundMan said:
If I want to lodge money into the account, do I have to put in a minimum of €5k each time I do a deposit? Or is it just a minimum of €5k when first depositing into the account, and then whatever I want after that in terms of regular savings? I typically put savings of €800 away on payday every fortnight.
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No, the 5k is the minimum balance to open the ac, further deposits can be anything.
But it's not clear, if you draw down below the 5k balance, whether it's closed, or just pays no interest, maybe someone can answer that?
 
Do you guys think it would be too risky to move all my savings (€35k in Trade Republic & €20k in Light-Year) into the Avanzia account for 6 months to avail of the higher interest rate? I'd still have around €10k in a separate emergency fund.
 
PoundMan said:
Do you guys think it would be too risky to move all my savings (€35k in Trade Republic & €20k in Light-Year) into the Avanzia account for 6 months to avail of the higher interest rate? I'd still have around €10k in a separate emergency fund.
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Perhaps leave what you got in LY since the rate is already good (and will rise again with the next ECB rise), and maybe move 30k out of TR into Advanzia?
TR is the lowest for interest, but its stock trading is simply brilliant, and even with 5k it's easy enough to make (or lose! ) a few hundred so that is another option.
 
Gregor1 said:
The online account site isn't in English, is that correct?
Maybe that's why they never sent me any mention of its existence!
Click to expand...

podgerodge said:
Correct. When I was on the phone with them I asked was there an english version somewhere and they said no! Seems to be focussed on Germany market.
Click to expand...

khairabar said:
No that's not correct, there is a English language version, but which seems to come up randomly or only in some unpredictable circumstances, as if not fully thought out, similar in fact to the entire customer interaction which is decidedly second rate and cheaply put together... the tortuous online /login procedure, the lack of an app, incorrect error messages (usually in German), German language screens and email requests etc. In addition they do not reply to, or even acknowledge, any enquiries by email, only by phone. However although all this seems very inadequate, the psychology behind it is extremely sophisticated, based on the known level of frustration with zero interest rates in Irish banks and consequent readiness to accept levels of service (and security??) that one would not usually accept. And it works.
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The only "English language version" that I have seen, which was a bit random until I turned it off, was Chrome trying to auto translate the German language site. Are you sure this isn't what you are seeing? One would think that if there is actually an English language version it would have a specific URL and could not be random?

There is the English language URL for opening the account and the setup definitely.

Can you elaborate on what is tortuous in relation to the logging in? All I do is type my account number, password and fill in a quick text verification process?
 
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