Avant/Bankinter launch deposit product in Irish market

The earlier question was, would more than one DD be possible? According to BankInter themselves the DD is once off. I've posted the details from their website above.
 
I found the DD a nuisance too. I'd no idea as to when it would happen and sods law, AIB had not cleared a transfer into the account in time. I got hit with a €10 charge by AIB and Bankinter never replied to my request to resubmit it. Strangely on the Bankinter app it's now showing a mysterious $ balance and an error message. I think I've given up on them.
 
I moved money from PTSB to a Revolut account so I didn't have to go into the branch and Bank inter took it from there.
 
The Bankinter website, and app, for their customer secure login, for their deposit offering, is down since this morning. Zero notifications of the outage and nothing on their website nor app about the outage. Poor comms by Bankinter.
 
There is no way to open a second term deposit at the moment.

The Bankinter website says they "reserve the right to limit the number of accounts" but does not say that you can't open a second term deposit. But when you go to open a second term deposit, BankInter say it is not possible right now.

First time I have heard of a bank limiting the number of term deposit accounts to one.
 
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I signed up with them today. Slow enough process, 14/15 screens to wade through. No when I try to log in to the app I get a spinning wheel - "wait while we process your request"

By comparison, it took about quarter of the time to sign up to Advanzia.
 
theresa1 said:

Bankinter raises maximum lodgement limit to €2m​

Bankinter has announced a temporary increase to its six-month fixed-term deposit rate and a significant increase in its maximum lodgement limit.
Click to expand...

€200k max lodgement goes to €2m max. Affecting less than 1% of the population I would imagine in terms of who would lodge over 200k? Rate goes, temporarily, from 2.6% to 2.7% (giving about €65 extra post dirt after 6 months on a 200k deposit) and they have all the main Irish media e.g. RTE, Indo, Irish Times etc. doing an article on it.

Good marketing I guess!
 
podgerodge said:
who would lodge over 200k
Click to expand...
Who would even lodge more than €100K (Deposit Guarantee Scheme limit - and some institutions/accounts only guarantee less than this) with any individual institution? Maybe this change is aimed more at businesses or something?
 
ClubMan said:
Who would even lodge more than €100K (Deposit Guarantee Scheme limit -
Click to expand...
I used €200k in the context of it being the max amount a joint account couple would likely ever lodge while remaining within the DGS limit thinking about my own circumstances (but didn't state that). Actually, not sure if Bankinter accept joint accounts?
 
And then we have the media reporting being too lazy.

Indo: Bankinter has announced an increase to its six-month fixed-term deposit rate and a significant increase in its maximum lodgment limit. From this week, Bankinter’s six-month fixed-term deposit rate will increase from a 2.62pc annual percentage rate (AER) to 2.72pc AER, but just for a limited six-week period. The Spanish-owned bank said the move will offer Irish savers the best fixed-term savings rates available in the market.

RTE: Bankinter has announced a temporary increase to its six-month fixed-term deposit rate and a significant increase in its maximum lodgement limit. From June 4 until July 14, Bankinter said its six-month fixed-term deposit rate will increase from 2.6% (2.62% AER) to 2.7% (2.72% AER) for a limited six-week period. The Spanish lender - which also owns Avant Money - said this will offer Irish savers the best fixed-term savings rates available in the market.

So both media outlets, using the identical text quoted in red above, probably quoting from a Bankinter press release (which I can't find). Neither RTE or the Indo thought long enough about it to ensure that their pasting of "best fixed-term savings rates available in the market" added clarification to readers that this only relates to the 6 months term. It could be inferred, but it's lazy.

Even Bankinter on their own website have a clearer proviso, also mentioning the banks they aren't comparing to, in fairness! But aren't they regulated by Spain? (They are also using CCPC.ie comparison tool - the inadequacy of the CCPC tool is becoming useful for banks advertising!)

"Take advantage of the best 6-month fixed term deposit rate*** in the market. ***excludes EU banks not regulated in Ireland"
 
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The lazyness of journalists when reporting on deposit offerings is staggering. Copy and paste and don't bother to check the facts.

"the best fixed-term savings rates available in the market." - Deeply misleading. The highest rate for a 6 month term only. It is not the best fixed term rate on the market - that is 3% for terms up to 5 years.

As for this rate change, it is clearly an attempt by Bankinter to hoover up deposits before mass maturities of the existing term deposits start to happen. I wonder what rate Bankinter will offer existing customers to roll their term deposits when a lot of maturities happen around August.

That said, 2.72% AER is a great rate for a 6 month term - albeit you can get 3% instant access for new accounts with T212 and new customers with Trade Republic and 3.51% for at least 3 months with Advanzia.
 
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With reporting like that it’s hard to blame people for being poorly informed on financial issues.
 
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