BOI Notice Account deposit restriction

D

dub_nerd

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Have been looking at Bank of Ireland's 365 31-Day Notice Account. The "Product Features" states: "You can pay money into the Account just once (by a single SEPA Direct Debit from your Bank of Ireland Current Account) which will take a minimum of 8 working days".

Am I understanding this correctly? I thought a Notice Account was generally one that you could make any number of deposits and withdrawals from. I'm struggling to think what a one-time-only deposit account (other than a term deposit) would be good for! But the T's & C's document seems pretty explicit too:

2. Paying Money in and taking money out
2.1. You can only pay money into the 365 31-Day Notice Account:
2.1.1. from your Transfer Account (so you need to make sure you
have enough money in your Transfer Account to make the
payment you intend into the 365 31-Day Notice Account);
2.1.2. using a single Direct Debit (we will give you the form you
need to complete for this);
2.1.3. that is your personal money (for example, you cannot use
the 365 31-Day Notice Account for your business, a charity,
club or other organisation).​
2.2. You can pay money into the 365 31-Day Notice Account just
once (and the amount you pay in must not breach the following
Clause 2.3).
2.3. You cannot pay (a) less than €5,000; and (b) no more than
€1,000,000 (not counting any interest we may add) into the
Account.
​
Any AAM users tried this account?
​
 
Yep, correct.
They have another 31 day notice account that allows multiple lodgements, but rate is only 0.1% (Vs 0.15%)
 
But what's the point of an account you can take money out of but not put money into, and which is not a term deposit? Do you eventually just run it down to nothing, close it, and open another one? It's just plain weird.
 
Interesting questions...

I'm one of those having to find an alternative to Rabo.

I'd like something that is as painless, in terms of logdements/withdrawls as Rabo has been.

Even though I bank with BofI (current account and credit card) their deposit offerings look like more trouble than they are worth.

Basically, I'm looking for demand lodgement/withdrawal, at no cost to myself.

BofI doesn't seem to offer this, as far as I can see.

Thanks.

D.
 
Ditto. I'm also a BOI customer for my current account. Their deposit products are like something from the Stone Age though. A minimum of 8 working days for a SEPA transfer into their notice account, which is not even an interbank transfer? Come off it, that sounds like basically docking two weeks interest (not that it matters at current rates). With Rabo I could do a SEPA transfer to another bank at 11 am and have it there by 1 pm. The other thing I'm really going to miss about Rabo is not having a daily transfer limit of €20k like BOI's current account. I guess with the added security of a hardware FOB made that acceptable for Rabo.
 
An additional problem seems to be that most banks I might consider would also want me to move my general banking (e.g. my BofI current account) to them in order to open a savings account.

I had it easy with RABO. Not so easy now.

D.
 
So what do we do? Where do we go? It’s wrecking my head!

BOI offer children’s accounts with a rate of 2.5% as long as you don’t go over €5k which may be an option for my kids. I moved my currrent account from them recently so not that keen for my own savings.

Keep weighing up the options but getting nowhere.
 
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