AIB reducing deposit rates

MarkKildare

New Member
Messages
1
Hopefully the table shows properly, copying this from an email on a phone, rates change from the 28th Jan 2020

ProductCategoryCurrent Gross Interest RateCurrent AER** VariableNew Gross Interest RateNew AER** Variable
AIB Saver / Online SaverRegular Saver Rate*0.90%0.90%0.25%0.25%
Standard Saver Rate*0.01%0.01%0.01%0.01%
 

Metatron

Registered User
Messages
41
Hopefully the table shows properly, copying this from an email on a phone, rates change from the 28th Jan 2020


ProductCategoryCurrent Gross Interest RateCurrent AER** VariableNew Gross Interest RateNew AER** Variable


AIB Saver / Online SaverRegular Saver Rate*0.90%0.90%0.25%0.25%


Standard Saver Rate*0.01%0.01%0.01%0.01%
Hi Mark,

I was looking at that as well and I am amazed to find that AIB get most of its funding from customers deposits. Shows you that it thinks we are all idiots. My savings money is heading into my credit union were I am glad to say the dividend is more than 0.25%.
 
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4,813
That's a significant drop.

I wonder if EBS will cut their regular saver rate too.

I will update the best buys later.
 
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4,813
The last time AIB cut regular saver rates this deeply they also launched new products at the same time as at the effective rate cut date.

Maybe, just maybe, AIB will launch new products in late January 2020. AIB did previously say they were looking at re-jigging their current account offering to complete better with the likes of Revolut. Wild speculation but maybe AIB are planning something.
 

Metatron

Registered User
Messages
41
Terrible deposit rates in comparison with our European neighbors, yet the same bank’s charge some of the dearest mortgage rates in the EU. People need to start to cop on to banking in this Country.
 

Metatron

Registered User
Messages
41
Start switching providers more, switch to the bank that provides the best deposit rates, switch to the bank that provides the best mortgage rates. Customers need to become more financially savvy. Maybe business studies should be made compulsory up to inter cert so that children will get the bare basics of finance, this will eventually change customer inertia when they grow older. Just a suggestion.
 

username123

Frequent Poster
Messages
1,461
Agreed on mortgage switching, very few do that. Switching savings though, I wouldn't be bothered now with rates so low. I switched mortgage 3 times last year so it's not laziness, it's just not worth it on savings IMO. e.g. if you have 10k on deposit at .9 dropping to .25 you lose about E40 quid after tax across one year.
 
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