Some movement:
Bank of Ireland to increase interest rate paid on savings
Bank of Ireland has become the first bank to react to sustained Government pressure for an increase in deposit rates.www.independent.ie
And the rate on Demand Deposits is to to be increased to 0.10pc (previously 0pc).
Seriously... 0.1%.. Generous or having a laugh?This is the rate change which will affect most people
Brendan
Why do they make it so complicated?
It's lip service to dampen down any negativeIn short a headline grabbing rate but enough restrictions that it won't materially impact banks cost of funding or satisfy any saver to any great extent.
10 times better than PTSB nowSeriously... 0.1%.. Generous or having a laugh?
Because it’s actually nothing other than a marketing ploy. These “regular saver” accounts are just a convoluted gimmick to allow the banks to proudly claim they offer 2% or 3%. In reality, these claimed rates can be ignored. The demand deposit and term deposit rates are the key measures.Why do they make it so complicated?
Ball is now with AIB, PTSB and NTMA's to act next.
I wouldn't say they can be ignored, regular saver accounts do have their place but yeah in this case it is pretty much being done just so they can say they have passed on the rate increases to savers without it actually costing them much. The demand account going to a whopping 0.1% just highlights this. The worst part is it will likely work. The press here won't highlight that BOI demand rates are over 20 times lower than similar offerings in Europe that are probably easier to open than the BOI account any way.Because it’s actually nothing other than a marketing ploy. These “regular saver” accounts are just a convoluted gimmick to allow the banks to proudly claim they offer 2% or 3%. In reality, these claimed rates can be ignored. The demand deposit and term deposit rates are the key measures.
Speaking of "the Press" I heard BOI's move yesterday been described on RTE Radio as a "hike" hardly a hike a small increase yes and as pointed out above pretty meaningless for those with funds in current and demand accounts. Moral of the story as ever is don't expect your bank to do anything for you unless there is something worthwhile in it for themselves.I wouldn't say they can be ignored, regular saver accounts do have their place but yeah in this case it is pretty much being done just so they can say they have passed on the rate increases to savers without it actually costing them much. The demand account going to a whopping 0.1% just highlights this. The worst part is it will likely work. The press here won't highlight that BOI demand rates are over 20 times lower than similar offerings in Europe that are probably easier to open than the BOI account any way.
I would say that BoI still has the ball and it's up to them to play it properly if they are going to play at all.
Brendan
Same as PTSB so.The 31 day notice account even at 1% might be interesting if someone has some funds sitting in their BOI current account while they consider other options. Also BOI is a bank where some people are reasonably happy to have more 100k so that could be another attraction.
Most of the savings accounts can be opened online but the 31 day notice seems to require an appointment and visit to the bank.
"It’s never been easier to apply for a Bank of Ireland Savings Account. You can book an appointment in a Bank of Ireland branch to apply for a Savings Account."
They don't want to make it easy, that 31 day notice would be reasonably popular if it was as easy to setup as the demand deposit which you can do in the app I think.
PTSB....
"How to Apply
You can only open this account by attending one of our branches. It cannot be opened online or in-app.
You can make an appointment in any of our branches and submit your application with one of our team."
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