NIB E-saver - Rate reduction imminent

D

Daddy

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The popular 3% e-Saver rate is shortly in early Nov to become 2%.

That is according to an article in today's Irish Independent.
 
Variable mortgage rates going up.

I really liked their e-Saver a/c and will move it elsewhere be it into Sterling (N Ireland deposit 2.8% Fixed 1 year at UB) or An Post.
 
if the rate is being cut on esaver, presume there will be some other form of leading rate to attract deposits. its probably just an inertia tactic. all banks do this kind of thing. in any case, there is still 3% for 12month fixed - just tie it up, and if you need it just break the fixed deposit?
 
Interesting.

It could be an inertia strategic play or it could simply be that NIB have excess deposits. Deposits at NIB have more than doubled over the last 12 months or so.
 
you could be right CiaranT - Rabo have done similar, reducing rates as they see fit... if you are in the luxurious position of plenty of deposits then why pay up for them...
 
I received an E-Mail from NIB this morning confirming this.
On 12.12.2011 the interest rate for the eSaver account will be reduced from 3% to 2%.
During months you make a withdrawl the rate will drop to 1% as before and then go back up to 2% at the end of the month.
 
Last edited:
Thanks for the information.

There is enough evidence now that NIB are about to slash their rate that they pay customers by a third, I will update the best buys.
 
Me too....I asked in a branch if there was any similar product in the pipeline, they said no and that a years 'fix' would attract the same 3%.
 
Hi, I've learnt that the yearly interest is paid on 31st October. So I've in reminder to move away most of the money on 1st November or so...
 
I think it’s worth pointing out to anyone wishing to close or just leave a token amount in their e-saver, My understanding is you would be better doing so at the start of a month rather than the end.

If you closed your account on the 31/10/11 you would lose 2% for 31 days.

But if you closed your account on 01/11/11 you would lose 2% for only 1 day.

The more detailed T&c’s clearly refer to calendar months.



· An attractive 'reward' interest rate for those months when you don’t need to withdraw. This rate is currently 3% AER.
· A competitive 'active' rate even when you do need to withdraw. This is currently 1% AER.

http://www.nationalirishbank.ie/en-ie/Personal/Save-and-invest/Saving/Products/Pages/e-saver.aspx
 
twofor1 said:
I think it’s worth pointing out to anyone wishing to close or just leave a token amount in their e-saver, My understanding is you would be better doing so at the start of a month rather than the end.

If you closed your account on the 31/10/11 you would lose 2% for 31 days.

But if you closed your account on 01/11/11 you would lose 2% for only 1 day.

The more detailed T&c’s clearly refer to calendar months.

· An attractive 'reward' interest rate for those months when you don’t need to withdraw. This rate is currently 3% AER.
· A competitive 'active' rate even when you do need to withdraw. This is currently 1% AER.

http://www.nationalirishbank.ie/en-ie/Personal/Save-and-invest/Saving/Products/Pages/e-saver.aspx
Click to expand...


My understanding as well. But I'll keep it open with a bit of money in it because the international money transfer via NIB ebanking in my opinion is just great.
 
ah damn it

i've just gone to the trouble of setting up NIB accounts :(

i havent received any info about the rate reduction yet though (2 of 3 accounts have money in them at the moment)
 
I haven't received notification either - poor form not to send it all out at the same time I'd have thought?
 
twofor1 said:
I think it’s worth pointing out to anyone wishing to close or just leave a token amount in their e-saver, My understanding is you would be better doing so at the start of a month rather than the end.

If you closed your account on the 31/10/11 you would lose 2% for 31 days.

But if you closed your account on 01/11/11 you would lose 2% for only 1 day.

The more detailed T&c’s clearly refer to calendar months.





· An attractive 'reward' interest rate for those months when you don’t need to withdraw. This rate is currently 3% AER.
· A competitive 'active' rate even when you do need to withdraw. This is currently 1% AER.

http://www.nationalirishbank.ie/en-ie/Personal/Save-and-invest/Saving/Products/Pages/e-saver.aspx
Click to expand...


Good point, thanks for posting this.
 
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