Bank of Ireland Easysaver

Rate on this account is down from 7% to 4.75% as of today.

(Rate above €5K is down from 3% to 1.5%)
 
Time to look at best buys again. Mods, is there a better option available that has the same flexibility?
 
The Best Buy Regular Savings thread should help and is up-to-date.

The Bank of Ireland account has always been listed last; the limited maximum investment means it's not really worth the effort, even before the recent rate reduction. The AIB Parent Saver account isn't listed, for a similar reason.
 
MugsGame said:
The Bank of Ireland account has always been listed last; the limited maximum investment means it's not really worth the effort, even before the recent rate reduction. The AIB Parent Saver account isn't listed, for a similar reason.
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I see the point being made but surely the same applies for the stated "best buy". The Anglo Regular Saver Account has a maximum effective balance of €13,000 and offers a rate of 7.30%.

The AIB Parent Saver plan has a maximum effective balance of €10,400 (across the allowed four accounts) and offers a rate of 7.75% (even after today's 0.50% reduction). Though it will reduce to ECB + 4% near the end of May. The money is then transferred to a Deposit Saver Account. This has a miserable rate (possibly even below 1% !!) though all except €5 can be immediately withdrawn. Money can also be withdrawn from the Saver Account at any time without penalty.

There doesn't seem to be much in the difference to suggest that the AIB offer "is not really worth the effort" while the Anglo account is.

Before tax and based on current rates saving €800 a month in the AIB account(s) would yield €403 in annual interest while the equivalent amount in the Anglo account would yield €380 in interest.
 
Are you ignoring the effort of opening four accounts and managing four standing orders / direct debits and eight accounts?

What if AIB ask for proof these four children exist? The Anglo account is open to all, is the most flexible of all the accounts about lodgement method, converts to a relatively competitive deposit account at end of year, and a couple can open a joint account and double their maximum monthly lodgement.
 
I think regular saving accounts are now a thing of the past and with the interest rates dropping so much it is not worth the bother of setting up DD's and standing orders. They followed on from the Charlie McGreevy 25% bonus scheme and, although interest rates looked attractive, they flattered to deceive. I had quite a few up to last year and was always disappointed with the interest. I now have just one remaining, Anglo Irish Bank, which on its anniversary drops dramatically. When that matures in two months I am finished with them.
 
Any news on the INBS regular product which has an decent interest guarantee only until the end of March?
 
oldtimer said:
I think regular saving accounts are now a thing of the past and with the interest rates dropping so much it is not worth the bother of setting up DD's and standing orders. They followed on from the Charlie McGreevy 25% bonus scheme and, although interest rates looked attractive, they flattered to deceive. I had quite a few up to last year and was always disappointed with the interest. I now have just one remaining, Anglo Irish Bank, which on its anniversary drops dramatically. When that matures in two months I am finished with them.
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Please remember that not everyone has a lump sum to put on deposit straight away!!, so if they have an extra €500 they can save every month - where should they put it? Reg savers of course.

This is where they are of benefit surely.
 
Taxi Driver said:
I see the point being made but surely the same applies for the stated "best buy". The Anglo Regular Saver Account has a maximum effective balance of €13,000 and offers a rate of 7.30%.
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What do mean effective balance of €13k, is there a ceiling for higher interest.
 
camrock1 said:
What do mean effective balance of €13k, is there a ceiling for higher interest.
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you can lodge a max of €1000 pm and the account only runs for 1 year (hence €1000 opening lodgement followed by 12x€1000 = €13000)
 
MugsGame said:
Are you ignoring the effort of opening four accounts and managing four standing orders / direct debits and eight accounts?

What if AIB ask for proof these four children exist? The Anglo account is open to all, is the most flexible of all the accounts about lodgement method, converts to a relatively competitive deposit account at end of year, and a couple can open a joint account and double their maximum monthly lodgement.
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I didn't find the effort an issue. I collected four application forms on a Friday and filled them out over the weekend. One for my own child, two for nieces and one for an unrelated child. I was not asked for any proof more than that provided by the parent's signature.

Four direct debits of €200 is no different to one of €800. They are set up and are taken automatically from my (AIB) current account. Since opening the accounts I have had to do nothing.

Granted there is the hassle of moving the money out of the woeful Parent "Deposit" Accounts after 12 months but that can be done in a few minutes online or in the branch. The money in either account can be accessed anytime without penalty.

Look, I don't have anything against the Anglo Account and it is a very attractive offer, it's just that I would be slightly slower in dismissing the AIB Parent Saver offer and feel the reasons given are still a little weak.
 
camrock1 said:
it does, just got off the phone from bank. thats a big drop.
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A big drop indeed. How did you find out about this? Per the account's terms and conditions interest rate changes are supposed to be communicated to account holders. I don't remember receiving anything (I'd have to have a look when I get home).

Account T&C said:
4.4 Any change to the interest rates being applied to the Account will be communicated to you as soon as the change comes into effect and by whatever means the Bank deems most appropriate.
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In any case I think I'll move to Anglo.
 
I signed up to this when the rate was 7%. Just looked at the website now because i was going to recommend it to another person and its down to 4.25%

[broken link removed]

EasySaver Gross Rate%*EAR%*Balances up to €5,000 4.25%4.25%Balances over €5,0001.00% 1.00% *All rates are correct as at 14/05/2009 and are subject to change.

What does this mean for me - am i now on this 4.25% rate now also? or the original 7% i signed up to.

Many thanks


Edit:
Ah just read the previous messages on this - looks like it does affect me. Whats the story with these savings accounts - if enough people sign up to them they cut the rate. Thieves im thinking.
 
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