No but they are wasting **** loads of money advertising their new terms on the tv, radio etc rather than just sending a letter.
Never fails to amaze how they can waste money, a letter added to a statement must cost a cent compared to millions spent on advertising.
Not an answer to your rate problem but shows they have no idea still how to run one.
Last month the AIB wrote to me that they were restricting the amount of money I could put in my deposit account. This is an old account for which they are changing the terms and conditions.
We have the BOI closing branches
forcing people to use machines when many are not comfortable doing that.
Yesterday I had notice from Ptsb that my deposit account with them will have interest rates reduced from 4% to 0.2%.
Why are these banks apparently encouraging depositors to draw out their savings?
I would have thought they needed deposits.
All I can imagine is that, government having virtual control of the banks, someone up there has decided depositors drawing their money out of the banks will stimulate the economy with their spending.
You come across as rather hostile, when all I was doing was asking for another reason for what I see as possible co-ordinated efforts to get depositors to decide it is not worth keeping their money in banks.
The reason, you seem to be saying, is that is just what banks do. That doesn't to me, answer the question "why?".
Hi Ciaran,
the AIB account was a Personal Savings Plan. Up till now I have been able to deposit and withdraw without limit. Now I am restricted as to the amount I can put in, which as I say, meant I had to redirect incoming funds to a different bank.
AIB: Online Personal Savings Plan
Year 1: 2.50% - 2.75% up to €12,000.
Year 2: 2.50% - 3.00% up to €24,000.
Year 3: 2.50% - 3.25% up to €36,000.
Year 4: 2.50% - 3.50% up to €48,000.
Year 5: 2.50% - 3.75% up to €60,000.
Year 6: 2.50% - 2.75% up to €72,000.
Year 7: Rate as per year 2 rate as 5 year rate cycle repeats etc.
- Minimum per month: €20 per month.
- Maximum per month: €1,000 per month.
- Access: Instant access but maximum of one withdrawal each year.
- Lodgement method: Standing order mandatory. Ad-hoc lodgements possible in addition to the mandatory standing order.
- Minimum period: None.
- Interest type: Variable.
- 2.50% is the 'base rate'. 2.75% to 3.75% includes 'bonus interest'.
- 'Bonus interest' is only paid if you comply with the below conditions:
(1) If you make no more than one withdrawal in the current 'year' (1 April to 31 March) and
(2) If you have made no more than one withdrawal in the each previous 'year' and
(3) You have made at least one lodgement each month to your account since account opening and
(4) All Lodgements are made between the 1st and 25th of each month.- Customers must have an AIB current account which may incur fees or AIB Demand Account and be registered for phone and internet banking.
- Withdrawals can only be made into another AIB account.
- Deposit Protection: Unlimited via Eligible Liabilities Guarantee.
The Ptsb is not a term deposit, but an AUD account. Even if it were a term deposit, to go from 4% interest to 0.2% is unusually drastic
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