Hi,
I have just accessed a Post Office Deposit account for the first time in 9 years with a view to moving the contents to a new account. There was a significant balance so I was surprised by how low the interest credited was. In the process of the transaction the teller informed me that my account was 'inactive' and that I would have to re-activate it.
The cumulative nett interest amounted to only 4.066 %. (Comparing this to the current rate of 1% AER, this is well less than I would expect for 1% compounded over 9 years)
So I have a few questions:
(1) Can I figure out how this was calculated? Is the current rate of 1% significantly higher than it would have been over the 9 years from 2002->2010?
(2) What DIRT rate should have been applied? I only asked for the interest to be updated in my account book today after 9 years but presumably it would have been updated in the An Post system at least annually and therefore the lower DIRT rates should have applied to much of the interest?
(3) Could the fact that the account was deemed 'inactive' at some point have an impact on the interest accruing? Presumably they can't just stop paying interest when they unilaterally decide that the account is 'inactive' without issuing me with any notice to that effect ?
Thanks for any advice,
Usjes.
I have just accessed a Post Office Deposit account for the first time in 9 years with a view to moving the contents to a new account. There was a significant balance so I was surprised by how low the interest credited was. In the process of the transaction the teller informed me that my account was 'inactive' and that I would have to re-activate it.
The cumulative nett interest amounted to only 4.066 %. (Comparing this to the current rate of 1% AER, this is well less than I would expect for 1% compounded over 9 years)
So I have a few questions:
(1) Can I figure out how this was calculated? Is the current rate of 1% significantly higher than it would have been over the 9 years from 2002->2010?
(2) What DIRT rate should have been applied? I only asked for the interest to be updated in my account book today after 9 years but presumably it would have been updated in the An Post system at least annually and therefore the lower DIRT rates should have applied to much of the interest?
(3) Could the fact that the account was deemed 'inactive' at some point have an impact on the interest accruing? Presumably they can't just stop paying interest when they unilaterally decide that the account is 'inactive' without issuing me with any notice to that effect ?
Thanks for any advice,
Usjes.