AIB Regular Saver Account Rate Drop

[whatsmoney]

Hi folks
Just noticed the rate on my AIB regular saver account dropped on Feb 9th from 3.5% to 1%.
T&Cs stated that it would be ECB + 2.5% for 12 months from account opening, but I had the better rate for a lot longer than 12 months.
May be of interest to people to check if it also dropped for them.

 

[whatsmoney]

Actually I just checked and had the rate for only 12 months.... but it is a good reminder for people to check that their one year introductory rate is finished!! ;0)

 

[Lightning]

Yeah, the rate changes after 12 months.

Another one of the many sneaky T&C's that AIB attach to this product to trick their customers with headline rates and subsequently play on inertia.

AIB: Regular Saver
3.50% for year 1 up to €6,000.
1.00% for year 2.
Note 1: Interest paid in Apr and half in Oct.
Note 2: Regular lodgements required by direct debit only.
Note 3: Minimum €10 a month; Maximum €500.
Note 4: Payment holiday allowed under certain circumstances.
Note 5: You must have a suitable AIB account to open a Regular Saver Account for both lodgements and withdrawals.
Note 6:NB: At the end of the 12 months the account interest rate will change to AIB's standard variable rate.
Note 7: Different conditions apply to accounts open prior to 14th April 2009.
Note 8: ECB+2.5% guaranteed for year one.

 

[Vega]

So to get the decent interest rate again, do you literally have to just close the account and then open the same account up again straight away?

 

[Lightning]

So to get the decent interest rate again, do you literally have to just close the account and then open the same account up again straight away?

No. You cannot transfer a lump sum from your old regular saver into a new regular saver as it is capped at 500 EUR per month.

Choose a different product with a different bank that does not screw customers over after one year.