AIB Regular Saving 7.3% ?

Re: AIB 7.3% regular saver for new accounts

I cant believe they are launching this new product just weeks after changing the last regular saver account back to ECB rate. Its a bloody nightmare having to go out an open new accounts etc to try and get value for your money only for the bank to discontinue/reduce rates after a short time forcing you to change accounts/banks or just them hoping that you will not bother and just leave your money there. Why dont they just extend their last offering and run this alongside it for new accounts. I have swithced most of my accounts to AIB from Bank of ireland but my patience is waring thin. Everything is in small print with them. I wish a bank would offer competitive products and keep them competitive instead of these irregular gimmicks that get loads of media coverage and fizzle out. It would be great to see what bank offered the best savings/regular savings rate over the past say 3 years. Then people could make a long term decision. saving is supposed to be a long term habbit so why do all these products only last for a few months then revert back to ECB . IF they can offer them why dont they do a tracker product say 2% above base guaranteed for 3/4/5 years?
 
Re: AIB 7.3% regular saver for new accounts

I already have a regular saver account since last year, so to get the above rate do I have to open another one?
 
Re: AIB 7.3% regular saver for new accounts

from what i quickly read in the press release (stand to be corrected) it would only apply to new accounts. and thats what really is annoying me. what rate will existing regular savers get. maybe a call/complaint to head office/branch or few negative posts here will get them to change their mind.....i see where they note "best buy" In their press release...maybe they are a fan of AAM!!
 
Re: AIB 7.3% regular saver for new accounts

yeah i'll try ring my branch tomorrow and see what they say
 
Re: AIB 7.3% regular saver for new accounts

if I remember correctly the 'other' regular saver had to be funded from an AIB account. Anyone know if this will be the case here? I bank with PTSB, a bit of a pain to open an AIB current account to feed money from PTSB to the current account to the regular saver
 
Re: AIB 7.3% regular saver for new accounts

It's an introductory offer to get new business and lead the best buy tables, without the expense of paying a high rate on accumulated balances in year two. Existing accounts have already reverted to ECB.
 
Re: AIB 7.3% regular saver for new accounts

I'm beginning to wonder whether these high interest accounts are worth it at all. If the 7% interest rate is only for a year, you're not earning 7% on the entire amount you put in over a year. I think it works out at 3.5% or thereabouts. Would we not be better off leaving it in the likes of Rabo which offers favourable rates over a longer term.
 
Re: AIB 7.3% regular saver for new accounts

I have to say, I find this an absolute disgrace. So customers who have been saving for a few years with their old AIB reg savigs account, have to head bank down to the bank to open another account. That is a complete joke and to be honest I find it bad on AIB part.
 
Re: AIB 7.3% regular saver for new accounts

Halifax started the trend of reducing the payout for existing account holders.

I'm also wondering if quoting AER here is misleading, since only people who open the account today can avail of the headline rate for a full year.
 
Re: AIB 7.3% regular saver for new accounts

On their website now.

[broken link removed]

Please note: You must have an existing AIB account to nominate as your payment account. If you are not an existing AIB customer, and do not have an existing AIB Current, Cashsave or a Demand Deposit account, you will need to visit your local AIB branch. You will need to bring two pieces of identification with you (a passport or full drivers licence for photographic identification and a recent utility bill or bank statement to prove your address) so that we can open a payment account as well as an AIB Regular Saver Account for you.

Looks like its open an AIB current account or nothing
 
Re: AIB 7.3% regular saver for new accounts

You can open a Demand Deposit account (without a current account) and use that as the payment account.
 
Re: AIB 7.3% regular saver for new accounts

there are account fees applicable to the demand deposit a/c the only way you can avoid these fees is by opening a current a/c with a card and use the online banking and card several times a quarter. I agree i feel a bit of a mug for signing up to their recent offers. it was a waste of my time. but kept me in the habit of saving. i should have opened an anglo a/c when i was going to . i wont make the same mistake this time. will probably close this a/c and transfer it elsewhere after i wade through the rubbish and short term promises . its a scandal that they can offer this rate for 12 months for a product that is essentially a long term buy/option for a customer. Its just a clever introductory rate like on a mortgage (discount in first yr) but you proceed to get ripped of for the life of the product.
 
Re: AIB 7.3% regular saver for new accounts

money man said:
there are account fees applicable to the demand deposit a/c the only way you can avoid these fees is by opening a current a/c with a card and use the online banking and card several times a quarter.
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I think not?

[broken link removed]


On another note this could stack well with the FA 7.15%. First 300 to AIB and the remainder to FA. Though the FA would be more easier to manage as it's an SO versus a DD.
 
Re: AIB 7.3% regular saver for new accounts

They are worth it as long as the high rate applies and as long as the terms & conditions are not unnecessarily restrictive (e.g. restrictions on access such as apply on some or arcane penalties such as apply to the bonus rate on Halifax regular saver accounts etc.).
 
Re: AIB 7.3% regular saver for new accounts

Could you argue that this is mis-selling / mis-leading given the short term nature of the higher rate linked to a long term account/product ? If it was a mortgage it would have to be clearly defined as a one year discount variable mortgage . i think that this very relevant info should not be lost in terms and conditions but should form part of the product name to clearly show people that this is just a short term introductory offer?
 
Re: AIB 7.3% regular saver for new accounts

money man said:
Could you argue that this is mis-selling / mis-leading given the short term nature of the higher rate linked to a long term account/product ? If it was a mortgage it would have to be clearly defined as a one year discount variable mortgage .
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First Active get away with sticking a big "3.8% APR" on their posters for their offset mortgage with, in smaller text above, "get your rate down to" based on some combination of lodgements to the offset account over the lifetime of the mortgage thereby reducing the effective rate charged on the mortgage. I've complained to IFSRA about this but can only assume that they did not consider it a problem. Of course, under existing legislation, they are not allowed to tell me what happens with or on foot of the complaint that I have made...
 
Re: AIB 7.3% regular saver for new accounts

If it was highlighted in the public domain like on the today fm show (is it conor pope who does it?) maybe it could go towards offsetting !!the damage caused by this mis-selling?
 
Re: AIB 7.3% regular saver for new accounts

money man said:
If it was highlighted in the public domain like on the today fm show (is it conor pope who does it?) maybe it could go towards offsetting !!the damage caused by this mis-selling?
Click to expand...
Sorry - I don't understand what you mean and have no idea what was on that show.
 
Re: AIB 7.3% regular saver for new accounts

The account launched yesterday and the headline rate expires a year from yesterday (or sooner, if the ECB base rate changes.). All lodgements must be by DD. It takes a few days to setup a DD.

Therefore it's not possible for anyone to avail of the advertised rate for a whole year. I think this is potentially misleading.
 
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