Probably worth people opening 2 or 3 AIB regular Saver accounts at 6 months (for two) or 4 months (for three) apart so that they can transfer part of the balance from the first account once the initial 12 months is up to keep earning 3% interest on a couple of thousand.Account A is 9 months into its yearly cycle. If you have more than 9000 euro the balance will not earn 3%
Account B is 4 months into its yearly cycle.
You probably started deposits at different dates.
Total (,000s) Qualifying For 3% | Total EUR | |||
Opened | Jan | Sep | May | 15,000 |
2 | 10 | 6 | 18,000 | |
3 | 11 | 7 | 21,000 | |
4 | 12 | 8 | 24,000 | |
5 | 1 | 9 | 15,000 | |
6 | 2 | 10 | 18,000 | |
7 | 3 | 11 | 21,000 | |
8 | 4 | 12 | 24,000 | |
9 | 5 | 1 | 15,000 | |
10 | 6 | 2 | 18,000 | |
11 | 7 | 3 | 21,000 | |
12 | 8 | 4 | 24,000 |
They don't make it easy do they?AIB allow you to open up to 3 Regular savings accounts.
The optimal way to allow for the most interest is to space them out by 4 to 5 months.
For example if you open an account in Jan, May and Sept, between the 3 accounts, the lowest amount qualifying to 3% would be 15K (this would happen in January).
The Max amount qualifying to 3% would be 24K (this would happen in April, August and December).
Total (,000s) Qualifying For 3% Total EUR Opened Jan Sep May 15,000 2 10 6 18,000 3 11 7 21,000 4 12 8 24,000 5 1 9 15,000 6 2 10 18,000 7 3 11 21,000 8 4 12 24,000 9 5 1 15,000 10 6 2 18,000 11 7 3 21,000 12 8 4 24,000
A savings account that requires a PHD in maths just to figure out how the interest works. This really is just a way for them to tell people they have improved their savings rate but making it complicated and cumbersome enough that they hope people won't bother their hole actually using it.They don't make it easy do they?
In a nutshell. Not for the faint hearted.A savings account that requires a PHD in maths just to figure out how the interest works. This really is just a way for them to tell people they have improved their savings rate but making it complicated and cumbersome enough that they hope people won't bother their hole actually using it.
A savings account that requires a PHD in maths just to figure out how the interest works. This really is just a way for them to tell people they have improved their savings rate but making it complicated and cumbersome enough that they hope people won't bother their hole actually using it.
Exactly. Most regular savers are simple enough to understand. Max amount of €X per month and it earns Y%. Reading the posts above I haven't got a clue what the hell they are talking about and I would consider myself good with money and personal finance.Exactly. It is a disgrace how complex the AIB Online Regular Saver product is. I bet a significant portion of customers either don't understand the T&C's or fail to comply with the T&C's with benefits AIB.
Does this mean that with 4 accounts after a year you have 48k earning 3% and you just have to withdraw 1k per account and deposit it back again? It works but sounds like a lot of hassle when you can get 3% or more on Trade Republic, LightYear and multiple accounts on Raisin.I was 9 months into one of these savings accounts when I realised I could have 4 of them. Now there's €4k a month going into these 3% accounts. The money is coming from a demand deposit account which only earns 0.25%.
When the 9 month account is at 12 months, it starts again so the balance can go into the demand account and it can help fund the 4 accounts.
No. If you start the 4 accounts at the same time the amount that earns 3% is as follows:Does this mean that with 4 accounts after a year you have 48k earning 3% and you just have to withdraw 1k per account and deposit it back again?
So after the year you are best to empty the account and put it all in Raisin. If you haven't maxed out your Trade Republic and LightYear accounts, you would be best to put your monthly savings in them until you have.No. If you start the 4 accounts at the same time the amount that earns 3% is as follows:
Month 1 - 4 x €1,000 =€4,000
Month 2 - 4 x €2,000 =€8,000
Month 3 - 4 x €3,000 =€12,000
Month 12 - 4 x €12,000 =€48,000
Month 13 - 4 x €1,000 =€4,000
Month 14 - 4 x €2,000 =€8,000
These accounts are very misleading
Why not open a Trade Republic account and have it earn 4% on 50K cash deposit ?@The Oggster
Sounds like you have €48k to deposit. In that case would you not be better putting it somewhere like Bunq at 2.46% on the entire balance for as long as you leave it there, which would earn you a lot more. Or put some of it in term deposits if you can lock it up for a period ?
Why not open a Trade Republic account and have it earn 4% on 50K cash deposit ?
This has to be the best deal around ?
I have just been in with AIB and the staff there in branch are insistent that if you add €1000 per month into one of these accounts you will at the end of the 12 month period get a total of 3% interest on the ENTIRE €12K !! Forgive me but this can’t be right ... right ?No. If you start the 4 accounts at the same time the amount that earns 3% is as follows:
Month 1 - 4 x €1,000 =€4,000
Month 2 - 4 x €2,000 =€8,000
Month 3 - 4 x €3,000 =€12,000
Month 12 - 4 x €12,000 =€48,000
Month 13 - 4 x €1,000 =€4,000
Month 14 - 4 x €2,000 =€8,000
These accounts are very misleading
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