BOI DepositLine

[RSMike]

FYI, got details today on the BOI Depositline accounts

Note: This is different to the 18 month Bond they were advertising in some of yesterdays papers.

I was told by my local branch that the "DepositLine" accounts are targeted at NR defectors and only became available Sep 20th.

The two accounts I got info on are:

(1) Demand DepositLine (Issue 2),
- Interest rate is 4.6%, for 3 months,
- Withdrawals on demand and no limits.
- An agreed Maximum amount (Deposit Line) is agreed on opening the account, which cannot be exceeded thereafter.

(2) 6 Month DepositLine (Isuue 5)
- Interest rate is 4.6%, for 6 Months
- Minimum Deposit €50K, Maximum Deposit €5M
- An agreed "Deposit Line" on opening , as in (1)
- Withdrawals limited to 50% of "DepositLine", otherwise reverts to a "default" interest rate
- "Default" interest applies also if you close the account before the term.

I also (probably inadvertently) was shown some documentation from Head Office telling the local branch that the above rates strictly only apply to "new business" (and it was confirmed to me that the rates are targeted at getting NR deposits in).

 

[carpedeum]

Re: BOI DepositLine Offering

FYI, got details today on the BOI Depositline accounts

Note: This is different to the 18 month Bond they were advertising in some of yesterdays papers.

I was told by my local branch that the "DepositLine" accounts are targeted at NR defectors and only became available Sep 20th.

The two accounts I got info on are:

(1) Demand DepositLine (Issue 2),
- Interest rate is 4.6%, for 3 months,
- Withdrawals on demand and no limits.
- An agreed Maximum amount (Deposit Line) is agreed on opening the account, which cannot be exceeded thereafter.

(2) 6 Month DepositLine (Isuue 5)
- Interest rate is 4.6%, for 6 Months
- Minimum Deposit €50K, Maximum Deposit €5M
- An agreed "Deposit Line" on opening , as in (1)
- Withdrawals limited to 50% of "DepositLine", otherwise reverts to a "default" interest rate
- "Default" interest applies also if you close the account before the term.

I also (probably inadvertently) was shown some documentation from Head Office telling the local branch that the above rates strictly only apply to "new business" (and it was confirmed to me that the rates are targeted at getting NR deposits in).

Interesting link found on BOI site.. DepositLine, but, for business customers!

[broken link removed]

 

[RSMike]

Re: BOI DepositLine Offering

Interesting link found on BOI site.. DepositLine, but, for business customers!

[broken link removed]

Yes, very interesting!

The hard copy of the T&C I got today for the 6 month DepositLine, targeted at NR customers, as far as I can see, (at a quick scan) is identical to the 6 month T&C at the above link.
Note: the T&C I got today is Issue 5, the one at the link above is Issue 4.

The other hard copy of T&C I got today, titled "Demand DepositLine", is a bit different to the 3 month one at the link above (see my previous post for some details).

Not sure my local branch really understood all the nuances of the T&C's at this stage, got the impression they were reading a lot of this fo rthe first time also.

So, seems BOI's strategy was to get something out quick, to hoover up the NR money, by dusting down something already on offer to business customers. Not the BOI of old it seems ?................