Avant/Bankinter launch deposit product in Irish market

The Times says that BankInter will launch a regular saver product. So I guess the pending "Saver" product will be a regular saver product rather than a lump sum deposit account.
 
This may be a typo, but Bankinter are showing 3.3% for 1 year on their site! (and 2.72% for 6 months)
https://www.bankinter.ie/personal/save-and-invest/fixed-term-deposit-account at 13.30 today.

12 month fixed term​

3.30% p.a
3.30% AER
  • Term: 12 months
  • Deposit from €2,000 to €2 million.
  • Fixed interest is paid on maturity
  • Access up to 25% of your funds after 8 weeks.
Sadly, when I clicked on "Take My Money!" well, "Apply Now", I got:

Maintenance Notice.​

We’re currently making some improvements to our website, so applications for Deposit Plus accounts are temporarily unavailable.

Please try again later.

Here's hoping.....

** Update 23.30 - it now says 2.30% for 1 year term as given in Lightning's list. Oh well....
 
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44520.webp
looking good. This might wake up a couple of the others


EDIT: the same page still lists 1 year at 2.3% further down
 
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Hardly pointless, unless you take the view that a bank deposit that is not backed by a state guarantee is completely useless, which would be a fairly extreme view.

€100k is the standard guarantee provided by the state for deposit accounts in Ireland; the amount for BankInter is the same as for any other bank.

(A couple could open a joint account and benefit from a guarantee of €100k each, or €200k in total.)
 
From Google AI re DGS for what it's worth...
How many times have savers had to avail of the Irish or other EU nations' deposit guarantee schemes?

The Irish Deposit Guarantee Scheme (DGS) has been formally invoked and used to pay out compensation 5 times in its history:
  • IBRC (Irish Bank Resolution Corporation) – Activated following liquidation in February 2013.
  • Berehaven Credit Union – Activated in July 2014.
  • Rush Credit Union – Activated in November 2016.
  • Charleville Credit Union – Activated in October 2017.
  • Drumcondra and District Credit Union – Activated in July 2020.
Across the Rest of the EU
  • National deposit guarantee schemes across the 27 EU member states (plus EEA countries) are separate entities managed independently by each country.
  • While exact cumulative tallies for every single micro-payout across all 30+ European DGS bodies are not tracked under a single historical counter, individual EU nations have activated their schemes dozens of times collectively—mostly for smaller cooperative banks, credit unions, or during localized banking strains (such as failures in Cyprus, Italy, Latvia, or Spain over the past two decades).
  • As of recent European Banking Authority data, EU-wide DGS funds span 33 distinct schemes holding roughly €85 billion in pre-funded assets to protect approximately €9.1 trillion in covered deposits.
Click to expand...
 
TomEdison said:
(A couple could open a joint account and benefit from a guarantee of €100k each, or €200k in total.)
Click to expand...
No joint account possible with BankInter (without further explanation given) but the point is obviously valid insofar as separate accounts of €100k each are opened by each spouse.
 
TomEdison said:
Hardly pointless, unless you take the view that a bank deposit that is not backed by a state guarantee is completely useless, which would be a fairly extreme view.

€100k is the standard guarantee provided by the state for deposit accounts in Ireland; the amount for BankInter is the same as for any other bank.

(A couple could open a joint account and benefit from a guarantee of €100k each, or €200k in total.)
Click to expand...
id rather not have my money in 2 or 3 accounts , much prefer to have it in 1
 
DublinAnthony45 said:
id rather not have my money in 2 or 3 accounts , much prefer to have it in 1
Click to expand...
In that case you'll need to weigh up if, for you, the convenience of having one account with more than €100K is worth the (possibly small) additional risk of having more than the deposit guarantee scheme amount in one account. Many or most people would probably play it safe by only keeping a maximum of €100K with any one institution.
 
Max Weber said:
How are they able to undercut AIB and BOI and PTSB?
Click to expand...

They're not great benchmarks to be fair. But I appreciate many are conditioned to look at the deposit market through their products.

Even at 3.3% there's still a healthy margin versus their lending rates.

The 3 Irish banks have a deposit base that for the most part don't seem to care what rate they get. They could afford to pay more they simply don't need to.

The likes of Bankinter and Raisin will chip away at the low rates but given the apparent lack of interest it might take a while.

One advantage that Bankinter ( Ireland) has is it doesn't don't have a branch network to run here either.
 
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