Just wanted to draw attention to the AIB regular Saver product changes. The new product is not straight forward.
The below conditions apply to AIB regular saver accounts open prior to 1 October 2012:
AIB: Regular Saver
3.25% for year 1 up to €6,000.
0.75% after 12 months.
The below conditions apply to 'AIB Saver' regular saver accounts open after 1 October 2012:
AIB: Saver Account
Year 1:
Month 1: 3.00% up to €1,000. 0.75% above €1,000.
Month 2: 3.00% up to €2,000. 0.75% above €2,000.
Month X up to Month 12: 3.00% for month X up to €X,000. 0.75% above €X,000. Where X equals the month number.
End of month 12: Entire balance above €1,000 reverts to 0.75%.
Year 2:
Month 13: 3.00% up to €1,000. 0.75% above €1,000.
Month 14: 3.00% up to €2,000. 0.75% above €2,000.
Month Y up to month 24: 3.00% for month Y up to €Y,000. 0.75% above €Y,000. Where Y equals the month number minus 12.
Year 3:
Month 25: Unpublished rate after 24th month holding account.
AIB are clearly hoping to profit from people who overpay into the account at low rates, people who leave over 1,000 EUR in the account at the 1st year anniversary and people who keep the account open on the second anniversary.
The below conditions apply to AIB regular saver accounts open prior to 1 October 2012:
AIB: Regular Saver
3.25% for year 1 up to €6,000.
0.75% after 12 months.
- Minimum per month: €10 per month.
- Maximum per month: €500 per month.
- Access: Instant access.
- Lodgement method: Standing order mandatory. Ad-hoc lodgements possible in addition to the mandatory standing order.
- Minimum period: None.
- Interest type: Variable.
- Interest paid in April and in October.
- Payment holiday allowed under certain circumstances.
- You must have a suitable AIB account to open a Regular Saver Account for both lodgements and withdrawals. This can be a 'Demand Deposit' account or a current account. A current account may incur fees.
- NB: At the end of the 12 months the account interest rate will change to AIB's standard variable rate.
- Different conditions apply to accounts opened prior to 14 April 2009.
- ECB+2.5% guaranteed for year one.
- Deposit Protection: Unlimited via Eligible Liabilities Guarantee.
The below conditions apply to 'AIB Saver' regular saver accounts open after 1 October 2012:
AIB: Saver Account
Year 1:
Month 1: 3.00% up to €1,000. 0.75% above €1,000.
Month 2: 3.00% up to €2,000. 0.75% above €2,000.
Month X up to Month 12: 3.00% for month X up to €X,000. 0.75% above €X,000. Where X equals the month number.
End of month 12: Entire balance above €1,000 reverts to 0.75%.
Year 2:
Month 13: 3.00% up to €1,000. 0.75% above €1,000.
Month 14: 3.00% up to €2,000. 0.75% above €2,000.
Month Y up to month 24: 3.00% for month Y up to €Y,000. 0.75% above €Y,000. Where Y equals the month number minus 12.
Year 3:
Month 25: Unpublished rate after 24th month holding account.
- Minimum per month: €10 per month.
- Maximum per month: No maximum per month.
- Access: Instant access.
- Lodgement method: Standing order mandatory. Ad-hoc lodgements possible in addition to the mandatory standing order.
- Minimum period: None.
- Interest type: Variable.
- Interest is paid annually in April.
- You must have a suitable AIB account to open a Regular Saver Account for both lodgements and withdrawals. This can be a 'Demand Deposit' account or a current account. A current account may incur fees.
- NB: At the end of the 12 months the account interest rate will change to 0.75% for amounts over €1,000
- Different conditions apply to regular saver accounts opened prior to 1 October 2012.
- NB: You are best withdrawing all sums above €1,000 in month 13.
- NB: You are best withdrawing all sums in month 25 unless new rates are published.
- Deposit Protection: Unlimited via Eligible Liabilities Guarantee.
AIB are clearly hoping to profit from people who overpay into the account at low rates, people who leave over 1,000 EUR in the account at the 1st year anniversary and people who keep the account open on the second anniversary.