Anglo Irish Annual Regular Savings Account

Re: Anglo Irish launches new 8% Regular Savings Account

Macattack said:
i rang them and ask, they said if you withdraw in the first 6 month the account automatically closes
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Macattack said:
it would cause the account to close, youd still be given all of your interest though.
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Yes:

[broken link removed]

4 Withdrawals

4.1 If you need to make a withdrawal in the first 6 months of opening the account, your account will be closed and the balance
inclusive of accrued interest will be transferred to an Easy Access Account. Unlimited withdrawals are allowed after the 6
month anniversary of account opening.
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Re: Anglo Irish launches new 8% Regular Savings Account

Anyone else thinking of pulling out of this one. If you save 1,000 a month and at the end of 12 months you have 13,000 saved Instead of getting the 13,000+interest you might only get 11,700 (90%) if rumors about the banks difficulities are to be believed.
 
Re: Anglo Irish launches new 8% Regular Savings Account

Seems like you are the only one perpetuating the rumours - back page of the Irish Times business section today (Fri 18th July) deals with Sean Quinn's investments - which was your original concern.
 
Re: Anglo Irish launches new 8% Regular Savings Account

Trying to decide on whether to drip feed €2000 per month into this account from a first active esavings account - what would the difference in interest earnings be and is it worth the hassle considering the volatile situation this bank is in at the moment any opinions would be appreciated.
 
Re: Anglo Irish launches new 8% Regular Savings Account

GON10 said:
Trying to decide on whether to drip feed €2000 per month into this account from a first active esavings account - what would the difference in interest earnings be
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Work it out - e.g. the regular saver interest here and the reducing lump sum interest elsewhere. Obviously drip feeding an 8% regular saver account from a c. 5% lump sum account will yield higher interest returns than just leaving the money in the 5% lump sum account otherwise.
and is it worth the hassle considering the volatile situation this bank is in at the moment any opinions would be appreciated.
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Yawn. How many times will this thing about alleged risk/volatility and Anglo keep cropping up? Read the key posts on deposit protection schemes etc.
 
Re: Anglo Irish launches new 8% Regular Savings Account

Got round to opening one of these accounts at last.

I must say process with Anglo is very easy.

Sent cheque with app form, and got an e-mail statement 2 days later :)

I am setting up a Standing Order from my Halifax account, and I was going to use the IBAN info shown on my Anglo statement, as I have not yet received my account details by post.

The IBAN should contain all the necessary info, account number and sort code, or so I thought.

Example Anglo IBAN: IE34 ANGO 9902 20XX XXXXXX

The 99-02-20 is the Sort code, but the XXXXXXXX is not your bank account number.

I rang customer service to confirm details, again the process is very efficient, and was told not to use the account number contained within the IBAN, but a different 8-digit code which I was given.

So just be careful when setting up a payment from your Current Account, check with Anglo what your Account Number is, don't use the number given in the IBAN shown in e-mail statements.
 
Re: Anglo Irish launches new 8% Regular Savings Account

Just opened this account sent 1st deposit electronically online from my bank, should hit anglo account 28 July. Is it then possible to make another payment on the 1st August and gain some extra days interest ?
 
Re: Anglo Irish launches new 8% Regular Savings Account

Yes. You can deposit up to €1K in any calendar month in as many or few transactions as you choose. If you exceed the limit then I think they just move the excess to another account but check in case it would cause the account to be closed.
 
Re: Anglo Irish launches new 8% Regular Savings Account

Ok Thanks yes according to terms and conditions if you put in too much in one month it goes automatically into a anglo current account
 
Re: Anglo Irish launches new 8% Regular Savings Account

I sent the first deposit on 9th of july, should I wait until 9th of August to send the next one or can I send in on 1st of august?
 
Re: Anglo Irish launches new 8% Regular Savings Account

ClubMan said:
Yes. You can deposit up to €1K in any calendar month in as many or few transactions as you choose. If you exceed the limit then I think they just move the excess to another account but check in case it would cause the account to be closed.
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Clubman, I asked the Anglo rep this very question as I wanted to test the water with a €1 transfer but was told it was only one transfer per month so I needed to send the full €1000.

I haven't read the documentation around this and I am only quoting the Anglo rep and she could be wrong :)
 
Re: Anglo Irish launches new 8% Regular Savings Account

I was told (in relation to the RSA Issue 1) that any number of lodgements was OK once the limit was not breached. I never tested this in practice though. From my email:
Payments into the Regular Saver account don’t have to come as a standing order. Standing orders are just a convenient facility so that you don’t have to remember to send the funds each month, but you can send them in yourself whenever you like. You could send weekly payments if you wish, as long as they don’t exceed €1,000 per month.
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Re: Anglo Irish launches new 8% Regular Savings Account

See the FAQ too;

[broken link removed]


  • You choose the commencement date, which can be any day between the 1st and the 28th of any calendar month.
  • Monthly savings contributions can be made for up to a maximum of €1000 per applicant per month.
 
Re: Anglo Irish launches new 8% Regular Savings Account

I'm coming in a little late on this thread I realise. If we transfer the lump sum from our regular savings account (originally 7%) into the new premium demand account (5.35%), can we use this account to drop-feed the new Reg Savers 8% account? Additionally what happens after the 6 months have come to an end in the premium demand account - a reduced rate of interest?
 
Re: Anglo Irish launches new 8% Regular Savings Account

tkd_demon said:
I'm coming in a little late on this thread I realise. If we transfer the lump sum from our regular savings account (originally 7%) into the new premium demand account (5.35%), can we use this account to drop-feed the new Reg Savers 8% account?
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I don't think that you can do it directly since Anglo don't seem to facilitate standing orders or electronic funds transfers from the Premium Demand account. You would presumably have to transfer money from the Premium Demand account to a regular current account and from there to the Regular Saver account.
Additionally what happens after the 6 months have come to an end in the premium demand account - a reduced rate of interest?
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Nobody knows yet.
 
Re: Anglo Irish launches new 8% Regular Savings Account

tkd_demon said:
If we transfer the lump sum from our regular savings account (originally 7%) into the new premium demand account (5.35%)
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I'll probably do this as well.

Are there any negative consequences with regards interesr on the old 7% accounts?
 
Re: Anglo Irish launches new 8% Regular Savings Account

cork said:
Are there any negative consequences with regards interesr on the old 7% accounts?
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If you mean loss of interest then no - there is no penalty for closing the account and transferring funds.
 
Re: Anglo Irish launches new 8% Regular Savings Account

Cheers Clubman, I also mailed Anglo my enquiries and got the following reply.

"You will be unable to set up the Premium Demand Account as a feeder account for the Regular Annual Saver Account as the Terms and Conditions of the Regular Saver state the funds must be sent electronically from another financial institution"

"The interest rate is currently at 5.3% Gross for balances up to €20,000 – this is a variable rate but is guaranteed to at least match the ECB plus 0.5%. Should the balance go above €20,000 the interest rate decreases to 4.5% Gross for the entire balance of the account – this rate is also variable and is guaranteed to at least match the ECB"
 
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