BOI Bonus scheme loop hole?

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phester

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I was just talking to a BOI person about the Bonus SSIA saver scheme. The lump sum earns 4% and continued savings earn 6.25%. The coninued savings need to come from a current account. This 6.25% is given for up to 18 months.

However if you draw money out of the savings account it comes out of the lump sum and not out of the continued portion.

So in theory at least if you draw money out of the savings a/c every month into your current A/C with a Direct Debit feeding back into the savings A/C the money will earn 6.25%.
Not sure what this means in monitery terms
 
Would like that explained a little clearer just opened one of those accounts at lunch time and to honest didn;t even look in to any thing about it!
 
Well It turns out that you dont need to lodge your ssia into the bank to avail of the savings scheme. Any amount that is taken out from your Currnet A/C by DD into this savings A/C will earn 6.25% (ECB + x) for the 18 months.

If you want you can lodge your ssia money and that will earn 4%.

You can DD up to between 20 to 1000 euro per month
 
Have to say yes! SSIA matured start of DEcember and really need to lodge the cheque in to some account and so useless when it comes to finance - I am hoping my coming here will help educate me a little!!
 
have to agree. Its all there already.


BOI does seem to be the most flexible of the lot.

Good max saving.

No conditions for removing money

you can change your DD as often as you like

Any way case closed I guess
 
phester said:
I was just talking to a BOI person about the Bonus SSIA saver scheme. The lump sum earns 4% and continued savings earn 6.25%. The coninued savings need to come from a current account. This 6.25% is given for up to 18 months.

However if you draw money out of the savings account it comes out of the lump sum and not out of the continued portion.
Click to expand...


Do you mean if you drip feed from the savings account in which you lodged your lump sum?

The lump sum at 4% v monthly contribution at 6.25% doesn't necessarily give you a higher yield.

Also I was advised that you could not set up a monthly direct debit to do this. You would have to manually request in writing each month.

However you can increase the monthly contribution from your current account up to a max of 1000e per month.

Please correct me if I'm wrong as this was the info. received when I made the same enquiry.
 
yes you would have to request the 1k each month (lump sum is used) and then lodge that into the A/C that you have the DD from to pay the monthly installments.
I taught all interest was calculated daily

so you would only loose the interest on the 1k that you took out for the duration of the transaction and then would make the higher rate when it goes back into the savings account. I still dont know what the monitory gain would be for this but if you dont have the extra money to spend I still think its a good way to make an extra few pounds if you have the time to spare
 
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