Had a look at the BOI SSBA account and I'm a bit confused by terms and conditions. ...
"A fixed rate of 4.00% (E.A.R.4.00%) is applied on your matured SSIA balance for the first three months, thereafter from months 4-18 you will receive the European Central Bank (ECB) rate. If you continue to save, the rate you will receive on any new savings (subject to limits) for the first 18 months will be the ECB rate plus 2.75%. This is currently a rate of 6.25% (E.A.R. 6.25%)."
Does this mean that after 3 months the old savings with be at ECB rate and new savings will be ECB + 2.75%??? or am i reading it wrong?