Meeting with Ulster Bank advisor

V

VanZan

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I was in UB today enquiring about something but ended up getting ushered into an office to talk about investments. It was mostly about bonds which don't really interest me. The employee/advisor did however mention a fixed rate product of 2 years duration at 7% with a minimum of €25000. This seems good to me but I checked the website and there's no mention of it there. All that's there is a "Money Desk Deposit" which does have a €25000 minimum but it says you can invest from 1 week to 1 year so nothing about two years.

Does anybody have any knowledge of this? Would the €25000 be protected by the government's guarantee or anything like that?
 
Has to be a tracker of some sort, they do have a good variable deposit account known as a bonus saver paying up to 3.75%, there are some conditions attaching, seethe permanent thread on term deposits and you should find all you need there.
 
I actually already have esavings and esavings plus accounts so can't open a Bonus saver one. Don't really know what a tracker is except for the ad :)
 
That is 7% over 2 years,i.e. less than 3.5% A.E.R. THAT IS LESS THAN THE BONUS SAVER and your money is tied up for 2 years.
It is not a tracker.Trackers usually split your money between an attractive deposit a/c with a good rate and the rest of your money tracks a stocks/shares index, but only pays say 60% of any gain and this tracker part could be for 3 or more years.
 
It is a disgrace that Ulster, BOI and others are using gross rates to advertise term deposit products. It misleads consumers.

Anyway, Ulster have launched a range of new term deposit products. I have seen the details of the new 1 year term deposit product but not their 2 year term deposit product. Can anyone find the details on their website?

If you want a 2 year term deposit, you are financially better off with INBS, you 25,000 EUR is state guaranteed.

Best Buys - Highest Term Deposit Rates

6 Months - Investec - 3.28%
9 Months - Investec - 3.52%
1 Year - Investec & Anglo Irish Bank - 3.50%
2 Years - Irish Nationwide - 3.49%
Click to expand...
 
fungus said:
It is a disgrace that Ulster, BOI and others are using gross rates to advertise term deposit products. It misleads consumers.

Anyway, Ulster have launched a range of new term deposit products. I have seen the details of the new 1 year term deposit product but not their 2 year term deposit product. Can anyone find the details on their website?

If you want a 2 year term deposit, you are financially better off with INBS, you 25,000 EUR is state guaranteed.
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Can you give me details of the one year term deposit product or a link to info online please fungus. I checked their website yesterday.......
 
Sorry fungus...what is this about the bonus saver not being available anymore to new customers? This product was not available to existing ulster bank customers so is this product now available at all?
 
The Ulster Bank Bonus Saver product is not available to new or existing customers to open a new account.

The Ulster Bank Bonus Saver product still exists for those that already have an account open. I would expect the rate to decline for existing accounts shortly.

Source: Ulster Bank: "No longer available accounts": [broken link removed]
 
Yes, to open a new account, as I said ...

The Ulster Bank Bonus Saver product is not available to new or existing customers to open a new account.
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It is not "according to me", it is according to the Ulster Bank website.
 
Sorry excuse my blaming you Fungus. And if one has sterling deposits and according to their website one an earn 3.45% on sterling deposits in a Pathway account, but in Ireland, one has to put up with 0.5% for sterling deposits. A small thin line called the Border is the difference between a good Interest rate and a pathetic Interest rate.

In the main the Banks will have to do the business that they know best - Banking, and not Investment Products or cock and bull products that or commission based for the staff of the Banks and have the possibility of been cloudy and dubious.
 
No worries.

With regard to GBP deposits, you can open a bank account in Northern Ireland with a ROI address.

Savings rates in the UK generally give a much higher margin above base rates than Irish banks give on their savings products.
 
fungus said:
No worries.

With regard to GBP deposits, you can open a bank account in Northern Ireland with a ROI address.
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Yes but the problem is that the Interest earned would be Taxed at the Marginal rate rather than the DIRT rate and leaves one in a position as a sitting duck for a Tax Audit which frankly I do not want to fo through again thank you very much.
 
Called in to Ulster Bank today and was offered a one year fixed at 3.35% for amounts over €25k. It appears to be for existing Ulster Bank customers or First Active customers only?
 
Bronco Lane said:
Called in to Ulster Bank today and was offered a one year fixed at 3.35% for amounts over €25k. It appears to be for existing Ulster Bank customers or First Active customers only?
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I have an Ulster Bank current account. I wanted to open a one year fixed account but I was told in order to do so I also had to open a "holding" account which after some probing turned out to be a bog standard savings account. Apparently monies must pass through this account before you can get a fixed account. The fact that I had an Ulster Bank current account made no difference. It is strange that I can open a fixed account direct with an Ulster Bank cheque in any other bank but I can't do so in an Ulster Bank?
 
Ulster have silly T&C's, like AIB, when it comes to the source of funding of certain accounts.

Why not take you money out of Ulster and get 3.5% with Investec/Anglo for the same product and less hassle?
 
I got details in the post on UB pathway account. Tonnes of terms and conditions and inserts - too much to read but I bet there is some sneaky stuff in there !
 
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