Bank of Ireland - New Savings Rate - 6%

S

sprogman

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Hi,

I caught the tailend of a radio program today about a new Bank of Ireland savings account - I think it was something like 6%.
Any one have any details - or was I just dreaming.
Can't find anything on bank or Ireland website.

Sprogman
 
Re: Bank of Ireland - New Savings Rate - 6% ??

I think that it is for a regular savings account and not just for a deposit.
 
Re: Bank of Ireland - New Savings Rate - 6% ??

is this correct that the lump sum is at 6%? I would be really surprised. And delighted!! But i have my doubts..
 
Re: Bank of Ireland - New Savings Rate - 6% ??

Just spoke to BOI. The initial lump sum is at 4% and regular savings thereafter is 6%.
 
Re: Bank of Ireland - New Savings Rate - 6% ??

There is no way the Bank of Ireland are going to give 6% on the lump sum. They have not officially announced their rates yet from 1st December but expect the regular savers interest to be 6%. The lump sum will be 4% for three months and after that will be the ECB rate. They could not match the regular savers rate with the lump sum rate - all of us would be rushing to them with our lump sums at 6%
 
Re: Bank of Ireland - New Savings Rate - 6% ??

Per BoI website (Press releases),


"Special Bonus Saver Account offers a variable rate of 6.00% EAR for new regular savings is available to all customers from 1st December 2006. In addition, the lump sum rate, applicable to SSIA holders only will increase from 3.75% to 4.00% EAR for the first 3 months, and then revert to the ECB rate".
 
Re: Bank of Ireland - New Savings Rate - 6% ??

this would interest me from the point of view of saving for tax payment in oct as self employed. How does it work re withdrawl of all or most of money each year in oct and subsequently resaving again from nov onwards? At present doing dd to revenue each month with no credit interest?!
 
Is anyone signing up for this? Doesn't seem to be any instructions on the website and my branch isn't answering their phone.
 
Bank of Ireland are terrible at this kind of stuff - simple information, availability of same. Seems like everybody is just waiting for the website tobe updated after stories in the Press.
 
Ok. Just to clarify.

Special Bonus Savers a/c is what your SSIA with BOI turns into if you do nothing. The present rate on this is 4% for 3 months & thereafter the ECB rate for the next 18months. If you continue to save, anything from €20 to €1000 monthly you will earn 6% on the new savings element. This rate is promised to be at least that for 18months.

New SBSA a/c's had been restricted to people who wanted to transfer in a lump sum from a maturing SSIA in another Financial entity. You can still do this & the lumpsum you lodge will earn 4% & continuing savings from €20 - €1000 per month will earn 6% interest.

The new piece -apart from the increased rate - is that these a/c's are now open to anyone, (subject to them having a c/a as a feeder a/c & complying with the anti-moneylaundering legislation ) as a regular saver a/c.
You can save anything from €20 - €1,000 monthly (this can be done weekly or fortnightly also as long as it doesn't fall short or exceed the limits) as long as it is done by Direct Debit.

The one thing you CANNOT do with any of these a/c's is to lodge lumpsums (with the exception of the SSIA lumpsum) at any time. They have to be based on regular DD based savings exactly like the system for your SSIA.

The main difference from a lot of other regular saver a/c's is that there are no strings attached. You can withdraw at any time, you can change your DD amt up or down, you can close it at any time. You are not tied in for any timespan.

(I want to make it clear that I work for BOI & I am not plugging this but trying to clarify as there seems to be a lot of confusion)
 
Thanks for the clarification Perplexed. I'm just wondering about the feeder account though.

Perplexed said:
The new piece -apart from the increased rate - is that these a/c's are now open to anyone, (subject to them having a c/a as a feeder a/c & complying with the anti-moneylaundering legislation ) as a regular saver a/c.
Click to expand...

Can this be with any bank or does it have to be a current account with BOI like the AIB Regular Saver?
 
Another question for you Perplexed - I had my SSIA with ACC Bank and when I got my cheque I lodged it into my BOI Savings Account (also have a current a/c) back on 8 Nov 06 - will I be allowed to lodge this money into my new SBSA a/c. I can provide a closing statement from ACC Bank if needed.
 
Sorry, I should have clarified that. You can have your current a/c with any bank - as long as it's an a/c that can pay out D/D's.

As long as you bring in your closing statement from ACC to prove that your funds have come from an SSIA a/c I'm sure there should be no problem transferring the lump sum into a Special Bonus Saver Account.

Be sure to bring in your ID & proof of your address (the final statement from ACC might be accepted for this) Even though you obviously have existing a/c's in BOI the regulations on Interest Bearing A/C's mean we still have to get new ID.

You might as well earn 4% on your SSIA money. In an ordinary Demand Deposit it's only earning 0.55% !
 
Thank you for being honest about your affiliation. How long does the 4% on the lumpsum last? I thought it was only for 3 months!

I would recommend saving the lump sum separately. NR offer the same rate but with a longer rate guarantee.

you can close it at any time. You are not tied in for any timespan.
Click to expand...

This is true of all the regular saver accounts (even the Anglo one.). BoSI are the only one that may penalise you for closing the account.
 
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