AIB Online Saver

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ACER10

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This was not obvious to me until today.

Those who have set up Supersaver account (can have 1 to 4 accounts), if you are not Personal Banking AIB customers, it is more difficult to withdraw as you do not have a "AIB Card reader".

So if an account hits €13,000 on month 12/13 it make financial sense to withdraw €12000 (now earning 0.25%), and start building again with €1000 pm for 3%. ,

However to withdraw money, you can only withdraw €1000 per day by entering new payee details, and repeating for 12 days.

Other options include going into branch to withdraw money or posting off a Pay link Euro - Payment Application Form and posting off to branch.
 
I have no such a restriction.

I do not have an AIB Current Account. I do not have a card reader. And I'm able to transfer more than 1k to a non AIB account online.

Maybe the reason is that it is an old account.
 
I believe there's a higher limit if you are willing to share biometrics with them.

I usually just transfer a bit out and drip feed the rest between a 6 month deposit, 7 day notice and the regular saver.
 
Hi, I have a couple of AIB Supersaver accounts. I put in a small lump sum initially and also make regular monthly contributions, but I haven’t seen any interest paid yet. I’m not entirely sure how these accounts work. Is the interest only earned on the regular monthly savings, or on the full balance? Also, when is the interest actually paid out? I’m wondering if I could make a single deposit up the maximum amount (it says up to €9,000 on mine) and earn interest on the whole balance.
 
bovis said:
Is the interest only earned on the regular monthly savings, or on the full balance?
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On the full cumulative balance at the point when interest is calculated.
bovis said:
Also, when is the interest actually paid out?
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The account terms and conditions should clarify. But I can't see any Supersaver account listed here:
aib.ie

Savings and Deposits

aib.ie aib.ie
aib.ie

AIB Savings & Deposits - Deposit Rates

Check AIB’s latest deposit interest rates across savings and term accounts. Compare options to find the best rate for your financial goals.
aib.ie aib.ie
 
ACER10 said:
Those who have set up Supersaver account (can have 1 to 4 accounts), if you are not Personal Banking AIB customers, it is more difficult to withdraw as you do not have a "AIB Card reader".
Click to expand...

Lightning said:
I do not have an AIB Current Account. I do not have a card reader. And I'm able to transfer more than 1k to a non AIB account online.
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Hi Acer,

Would it by any chance be an account held in joint names which might be restricting the transfers/withdrawals or can those accounts be held jointly?

AIB make people go into branch to open some online savings accounts because the account is in joint names so just wonder if that might be affecting it.
 
Thank Clubman, I quote the fine print on the AIB online saver account (which is what I have)

"We apply the Online Regular Saver rate, on savings up to a monthly limit of €1,000 from the day you first lodge funds to the account. This monthly limit will increase by €1,000 up to a maximum of €12,000 for a twelve-month period. In month 13, and each year after that, the monthly limit resets to €1,000 and cycle restarts."

So if I have not saved up to the max of 1000 per month resulting in 12000 in the 12 months, could I make a once off deposit in the 11th month to bring it up to 12000? Seems too good to be true but I thought I'd ask.
 
I doubt it. I would assume that the monthly lodgement limit is €1K. But, as I say, I can't find that account or the detailed terms and conditions on their website.
 
Lightning said:
And I'm able to transfer more than 1k to a non AIB account online.
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Not sure.
Just to be clear
...I was able to transfer 4 x €1000 TO the account.

However, now that one of those accounts is at €13,000, and I wanted to withdraw the €12,000, that is where I ran into the €1000 limit. Even though I sent €1000 back to N26 yesterday (Sunday), as it hasn't cleared this morning (Monday), I can't send another €1000 until after 14.00

In October, when account 2, 3, 4 hit the first anniversary, it will make more sense to go into branch as well need to remove €36,000.
Sue Ellen said:
any chance be an account held in joint names
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Just 4 x online savers. You set up online (I actually did set up in a branch), have access to an app. You send the money to a Personal Demand Account and it sends the €1000 pm to the Online Savers (1, 2, 3 & 4).
 
Here is an e-mail which AIB sent out last week explaining in the simplest of terms ( :rolleyes: ) how this convoluted nonsense works. Prompted more than likely by customers complaining they weren’t receiving the interest they were expecting. It’s almost more trouble than it’s worth unless you have time on your hands to play the game.

I’ve never had any difficulty transferring large amounts in and out of this account using AIB’s Online banking.

As I’ve said before, the sole reason for this account’s existence is to enable AIB and it’s peers to indignantly claim that they are offering a market leading 3% interest on deposits (to .01% of their customers)
 

Attachments

I find these accounts simple to operate.
I set up with a monthly payment of €1k and stipulate 12 payments.
At the end I close and start again.
Always have 4 on the go!
 
bovis said:
Hi, I have a couple of AIB Supersaver accounts. I put in a small lump sum initially and also make regular monthly contributions, but I haven’t seen any interest paid yet. I’m not entirely sure how these accounts work. Is the interest only earned on the regular monthly savings, or on the full balance? Also, when is the interest actually paid out? I’m wondering if I could make a single deposit up the maximum amount (it says up to €9,000 on mine) and earn interest on the whole balance.
Click to expand...

The Regular Saver account adds interest to the account on 5th April (previous tax year end).
It calculates interest each day on the balance in the account.
You will probably not be able to add more than €1000 in a month, and a final lump sum top up for one month wouldn't bring you much anyway.
€9000 x 3% = 270. 270/12 (1 month) is €22.50. Less Dirt €15.75
 
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