BOI Supersaver Account

I

Interstellar

Registered User
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I have just applied for a BOI supersaver. I was amazed to receive my IBAN by text given all the stories about scamming and phishing. I did not transfer funds until I added the account to my BOI 365 app. I then got a call next day from BOI security checking it was me transferring funds. The person I spoke to was equally surprised that I got the IBAN by text and said he would discuss it with the bank. Anyone else had a similar experience?
 
What do you think is wrong here?
IBANs are specifically designed to be shared around.

Giving IBAN number

There a lot about scams and giving details about our bank account Some imply that the IBAN and BIC should be avoided, I fail to see how a scammer can draw from a person's bank account by giving these IBAN detail and not giving any passwords. We give IBAN numbers all of the time for electronic...
www.askaboutmoney.com
 
BoI are using an IT platform off Noah's Ark. Two weeks for appointment to open a Fixed Term a/C !!! Then five days to transfer funds from my BoI account!!! .... & wait for it, another expected five 'working days' before I can view the new term account on my BoI app!!!
Pathetic customer care and little wonder that TRUSTPILOT rates the service as 'appalling '
 
All of which is irrelevant to the question asked.
 
ClubMan said:
All of which is irrelevant to the question asked.
Click to expand...
In your humble opinion the 'Super Saver', Term Deposits and the inability of BoI to run a user friendly platform is irrelevant? Interesting perspective in trying to justify an unfit for purpose , user unfriendly system that patently treats the client with contempt.
 
Looking back through the messages on my phone from BOI over the years, I received text notification of the IBAN and BIC for various accounts (incl. current, deposit etc) which I set up with them. I don’t have any issue with it as IBANs are no more than an “destination“ for transfers etc. They frequently appear on invoices, quotations and other documents. I don’t believe there is a security or privacy issue.

That’s not to in any way dispute that BOI’s IT platform is a living fossil with a (poorly) cobbled together and dysfunctional web and app interface slapped on top.
 

We opened a couple of accounts with them this year and we got our IBANS by text. Then, as you did, we added it to Banking365, so there was an extra check.

How often does anyone open a new account? I think it's once a decade for me. So the chances of spammers sending a false IBAN the very week I open an account in the hopes I will transfer my life savings into it would be slim. But not zero.

That said, I would expect to get an email and a letter also to confirm.

ClubMan said:
All of which is irrelevant to the question asked.
Click to expand...

I think it's relevant because all the delays do make it more likely you would fall for a scam. If everything is done in a couple of days then there is a very short window for scammers to strike it lucky. If it takes weeks then your guard is down and you are less likely to scrutinise thing as you are probably in a rush to just get it all sorted. I could definitely see someone on week 3 of the process getting a scam message while busy at work, transferring the cash, and then there's trouble.

Bank of Ireland IT is far worse than AIB, Revolut, N26, or KBC (RIP, a very nice app).
 
The issue is the sending of the IBAN by text.
Your post has nothing to do with that.
 
ClubMan said:
The issue is the sending of the IBAN by text.
Your post has nothing to do with that.
Click to expand...

I think, with respect, that the general issue is the 'Super-Saver' offering from BoI and the poor, non customer focused, administration by the said bank. Not that difficult to see the DIRECT connection to the matters under discussion. Forgive me if I'm wrong, but tardiness and obfuscation does not excuse poor management.
 
It would be a issue of a scammer sent you an IBAN and you transferred funds to it.
 
The boi security person who rang to check that it was me transferring the funds was also surprised that I received my IBAN by text. How is customer supposed to feel?
 
From recent experience…
Opening the super saver failed via the app, I had to use my laptop (blank screen in app, iOS 16).
Various delays in opening account which are mentioned as you open it - e.g cannot transfer until after something like 8 days. I opened the account in late August, received the text message a few days later with IBAN. waited 3 weeks wondering why nothing had been debited, contacted them to be told my debit would be oct 6 !
Morning of oct 6, BOI current account is debited, nothing in super saver balance yet on Oct 7.
So, account open for over 1 month with nothing in it, so I challenge you to maximise the benefit of the interest rate when these kinds of shenanigans are in force, keeping in mind the whole “first year” interest rate.
 
Would it not be better to place the money in TR’s 4% instant access each month?
 
Does anyone know when interest is applied? It has been 12 months and almost 3 weeks since my account was activated and interest hasn't been applied to my account yet. If i withdraw funds and close account, will interest still be applied?
 
chaton20 said:
Does anyone know when interest is applied? It has been 12 months and almost 3 weeks since my account was activated and interest hasn't been applied to my account yet. If i withdraw funds and close account, will interest still be applied?
Click to expand...
Yeah, it's applied 12 months to the day of the very first deposit you made into the account - not when the account was opened and activated. You can ring & they'll tell you exactly when that was, or look through your account statements & you can work it out.
 
Thanks, i will call them because it's well over 12 months since first deposit.
 
I received a Confirmation letter for the Super Saver account. I assume the higher balance is net interest, but strangely they don't show it as Gross less DIRT (sometimes they do).

As I have it a year, the new rate is 2% on 30k and a measly 0.5% on the balance. You couldn't find a more cryptic way to impart the information - designed to confuse rather than enlighten! Needless to say direct debit cancelled and I will be looking for a new home for it.
 
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