This is unbelievable and typical of the complexity that BoI employ with their deposit products to the detriment of consumers.
BoI are heavily advertising a new 3 year "special term" term deposit product. This is different to their other 3 year "growth" term deposit product which is mentioned in the best buy thread.
The rate offered is fixed for year one but variable in year two and three but you are locked for 3 years. It is not made very clear anywhere in the newspaper advertisements that this is the case. It is in the small print in the T&C's on the website.
You can bet that the rate will significantly decline on the first anniversary of the account leaving people locked at a low rate for 2 years.
How can BoI get away with locking peoples money away without advising as to the rate for the full 3 years at account opening stage? Also, how can BoI get away without making this sneaky T&C clear in their advertisements?
Avoid this product.
BoI are heavily advertising a new 3 year "special term" term deposit product. This is different to their other 3 year "growth" term deposit product which is mentioned in the best buy thread.
The rate offered is fixed for year one but variable in year two and three but you are locked for 3 years. It is not made very clear anywhere in the newspaper advertisements that this is the case. It is in the small print in the T&C's on the website.
You can bet that the rate will significantly decline on the first anniversary of the account leaving people locked at a low rate for 2 years.
How can BoI get away with locking peoples money away without advising as to the rate for the full 3 years at account opening stage? Also, how can BoI get away without making this sneaky T&C clear in their advertisements?
Avoid this product.