Bank of Ireland announces 10.5% credit interest on current accounts

[z109]

Re: BOI's 10% on the 1st 1,500 for Current A/C are looking for forms filled and IDs

I was told that the relevant forms for the current accounts will not be available to the branches until next week.

Marion

Makes you wonder how you can get your interest starting 15 October, then, doesn't it

 

[Guest124]

Still nothing on website to register -anybody an update on this?

 

[asdfg]

No brochures in the branches either

 

[Marion]

Broadbandken and asdfg:

I have merged the 2 threads on this issue. Check out the posts immediately above yours.

Marion

 

[Carmel]

I spoke to an agent on Banking 365 this morning and she told me I couldn't register until 15th October when the application form will be put up on the BOI website.

C

 

[Marion]

The application form is on the website now

[broken link removed]

Marion

 

[Guest124]

Sorry maybe I'm mad but if your a current BOI Customer you have to be pay as you go or flat fee or golden customer to get this and then you can also get "FREE" banking but if you are on "FREE" banking at the moment then sorry you cant get this. Is this correct, surely not?

 

[IrlJidel]

Sorry maybe I'm mad but if your a current BOI Customer you have to be pay as you go or flat fee or golden customer to get this and then you can also get "FREE" banking but if you are on "FREE" banking at the moment then sorry you cant get this. Is this correct, surely not?

You can avail of the interest offer:

To avail of the package you pick a fee structure, but these fees are waived if you make three 365 phone or online transactions.

"Another great reason to use 365 online and phone
Make three or more payments from your personal current account using 365 phone or online5 and you will automatically qualify for Free Day-to-Day Banking6."

6 Applies to quarterly account transaction fees payable by customers on the 'Pay as you Go' and 'Flat Fee' options and Account holders with a Golden Years Current Account. Charges for other services may apply. Full details are available from any branch.

 

[z109]

*deleted* - crossed with Irljidel

 

[Guest124]

So the minimum credit balance of €500 wouldnt count, you would have to make three phone or online transactions?

 

[IrlJidel]

So the minimum credit balance of €500 wouldnt count, you would have to make three phone or online transactions?

So it would appear. :-(

I guess it's to prevent ppl setting up loads of current accounts but effectively treating them as a depostit accounts?

The application procedure is a pain. If it is for accounts you have already why do you have to furnish proof of address and identity again. You should be able to just apply on 365 online.

It's a pretty poor offer on reflection, only running til Feb 08 then reverting to 4%.

 

[jasconius]

Forgive my ignorance but if I am an existing customer of many years, why do I have to open this new account to have two current accounts. Surely my existing account can be converted ?

Do all my standing orders and DDs etc have to be transferred to the new account. Does it come with a chequebook etc


Confused !

 

[Guest124]

Forgive my ignorance but if I am an existing customer of many years, why do I have to open this new account to have two current accounts. Surely my existing account can be converted ?

Do all my standing orders and DDs etc have to be transferred to the new account. Does it come with a chequebook etc


Confused !

- It would not be a New account as such but an upgrade to an Interest bearing a/c so you would keep the same a/c number and existing DDs etc. However as mentioned you have to fill out more form's and supply ID. This is an insult and I think it's time to jump ship. I am really getting sick and tired of BOI at this stage.

 

[Gaz]

"This is an insult and I think it's time to jump ship. I am really getting sick and tired of BOI at this stage"

I agree totally with your view on BOI. I am speaking as a former customer and I cant understand now why i stayed with them for so long!

 

[Guest124]

1. To comply with current legislation, proof of identity and current permanent address is required.

Is this correct? Just because they now finally want to give Interest on a Current a/c -even though you might already have an account open for years, you now have to provide more proof of ID and of your permanent address.

I really find this hard to believe!

 

[sam h]

"Another great reason to use 365 online and phone
Make three or more payments from your personal current account using 365 phone or online5 and you will automatically qualify for Free Day-to-Day Banking6."

Go into your manager and kick up about this as it is crazy. They do have the ability to grant free banking to your account without this silly messing about. (I reckon it's away for them to up their on-line transaction rates so they can say they are the "most used" on-line site or some such rubbish!)

Not sure if there is a way around having to provide extra paperwork for the interest? Anyone any odeas or anyone get past it?

 

[asdfg]

To comply with current legislation, proof of identity and current permanent address is required.

Anyone know what this legislation is?
Did any of the other banks that offer interest on current accounts insist on this additional information which BOI already have.

 

[Galway99]

If you need to bringin all this documentation... is there anything to stop you opening 3 or 4 new accounts?

 

[Towger]

If you need to bringin all this documentation... is there anything to stop you opening 3 or 4 new accounts?

The very thought crossed my mind

I see on the small print on page 2 of ([broken link removed]) that they are taking 21 days to enable an account for credit interest.

 

[ClubMan]

Anyone know what this legislation is?

From CitizensInformation:

[broken link removed]
[broken link removed]

1. To comply with current legislation, proof of identity and current permanent address is required.

Is this correct? Just because they now finally want to give Interest on a Current a/c -even though you might already have an account open for years, you now have to provide more proof of ID and of your permanent address.

I really find this hard to believe!

Note that just because one might have had an account with a financial institution for years does not mean that one is exempt from being asked form ID as a matter of course or when opening another account. The financial institution is bound by law to ensure that they have up to date identification information for customers. If there is any possibility that this is not the case or that the information may be out of date then they are obliged to ask for up to date info.