Bank Of Scotland ( Ireland) - 3.75% Deposit Account

S

ShaneMc

Registered User
Messages
152
Hi,

Just read on RTE News that with the roll out of their new branch network they will be offering a whole range of products including a monthly savings account at 3.75%.
 
Thats a great deposit rate, easily the best going, though if you're on current account mortgage it still makes sense to pay into that, as 3.75% makes 3% after DIRT. CAM rate 3.29% before latest expected rise. Would need 4.11% deposit rate for after tax equivalence (all other things being equal - which they never are!!).

Cant beat competition !!
 
Good news although it's not available yet so Northern Rock Demand Online at 3.25% gross CAR for amounts of €1,000 or more is still the best standard demand deposit rate on offer. Note also that BoSI's account is described as "a monthly savings account" so it may have strings attached that don't apply to the likes of NR's and Rabo's demand deposit accounts. We'll have to wait and see. I can't find the separate press release about this account which is mentioned [broken link removed].
 
The fact that it mentions "a monthly savings account" would suggest there is a maximum
you can deposit into it at a time - I think AIB have launced a similar product recently
(though with a lower interest rate).
The product is obviously launched to attract the SSIA savers who've got
used to putting a set sum away every month. Good news though, a little
competition is always nice.......

Incidentally, I used to live in Perth, Western Australia and after Bank of Scotland completely bought
BankWest (the local large bank) in 2003 it launched an aggressive marketing campaign
to attract new customers including an at-call online savings account with
a deposit rate of 6% (which was 0.5% higher than its nearest competitor) .
There were no strings attached ie monthly deposits etc
 
bogwarrior said:
The fact that it mentions "a monthly savings account" would suggest there is a maximum
you can deposit into it at a time - I think AIB have launced a similar product recently
(though with a lower interest rate).
The product is obviously launched to attract the SSIA savers who've got
used to putting a set sum away every month. Good news though, a little
competition is always nice.......
Click to expand...

[broken link removed] is 3.25% gross* per annum (A.E.R. 3.25% - 4.875%).

You set up a montly payment schedule but you can also pay into it using the NSC & Account No. as often as you like. You get a bonus if you don't withdraw any money.

It is easier to set up than RaboDirect, if you are an existing AIB customer, as you can do it all online without producing any documentation etc.
 
[broken link removed]

They have just release info on it now!

Problem is you must saving every month with direct debit between €10-€750
from what I can see!
 
Yeah - terms & conditions apply alright (my underlining):
Customers have instant access to their money. Withdrawals can be made in branch, cheque or by electronic transfer. Customers can withdraw any amount up to the balance. If more than two withdrawals per year are made or monthly payments cease, the interest rate will revert to 1.75%

...

The account must be opened for 12 months to qualify for the full savings rate.
Click to expand...
 
It's not really better than the AIB product (as a regular savings account), is it (other than the fact that you may not need a current account incurring fees to operate the BoSI account)?

I note that the 3.75% includes a 1.5% bonus (i.e. the rate is the ECB + 1.25%) and the rate will revert to the ECB base from January 2008.

It's still better than most products out there, but I don't think it is much to shout about when compared to AIB, Northern Rock and Rabo.
 
And
"Maximum Initial Investment €10,000"

Like the AIB Online accout, this seems to be aimed at the SSIA market.
It is a good rate, but it seems like a loss-leader, otherwise they wouldn't limit the opening balance or the monthly payment.
 
from what i heard on the radio this morning, the current account won't be available for at least 6 months (i think the guy said its something to do with regulations).
 
I think that all of their products should be made available from tomorrow. I don't like this bit by bit introduction.

Mimi
 
mimi rogers said:
I think that all of their products should be made available from tomorrow. I don't like this bit by bit introduction.
Click to expand...
This alleged bit by bit introduction surely? Nobody has stated authoritatively that this is the case yet. bogwarrior's comments are clearly a bit vague:
bogwarrior said:
from what i heard on the radio this morning, the current account won't be available for at least 6 months (i think the guy said its something to do with regulations).
Click to expand...
 
mimi rogers said:
I think that all of their products should be made available from tomorrow. I don't like this bit by bit introduction.

Mimi
Click to expand...

It takes time to roll out products and systems functionality. It is easier to take deposits than to set up a current account (that may be along the lines of a loyalty account with various bells and whistles attached) system that will operate robustly.

If you don't like it, ignore BoSI (and ACC!) and take your business elsewhere (or wait for Danske to enter with their current account offering). There is choice, some better than others.
 
I don't like what I see at the moment and I'm allowed to not like it. I do plan on taking my business elsewhere thanks. It would have been nice to see BOS roll out everything all at once. I'm sure I'm not the only one who thinks so. It would be more attractive for people to switch then and they would get even more business straight away.

Mimi
 
That's what it sounds like according to the tone. By the way I am not going to get drawn into a little tiff. They happen far too often on this site.

Mimi
 
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