EBS Regular Savings Account

[carpedeum]

I've just picked up a leaflet at my local EBS this morning - NEW EBS Regular Savings Account - dated 08/05/2007.

Current variable rate offered is 6.75% CAR. They promise that the rate will be a minimum of 3% over ECB until 01/04/2008 and after that not less than the ECB until 30/04/2010. Save from a minimum of €20 to a maximum of €1000 per month. Lodgements by DD only.

 

[MugsGame]

Re: Best Buys-Regular Savings Rates

Thanks! As soon as it's on their website, I'll add it to the Best Buys summary above.

 

[MugsGame]

With the recent ECB rise, this account features strongly in the Best Buys, thanks to their rate guarantee.

I assume this doesn't qualify as a share account, e.g. voting rights, a share in any future demutualisation. Can anyone who has opened one of these accounts clarify this? Which EBS accounts do qualify as share accounts.

 

[MugsGame]

(This thread is open for replies now -- when I moved it here from the Best Buys, I didn't notice I'd left it closed to new posts.).

 

[boaber]

I assume this doesn't qualify as a share account, e.g. voting rights, a share in any future demutualisation. Can anyone who has opened one of these accounts clarify this?

I opened up one of these accounts yesterday. Looking through the Terms & Conditions I cannot see any mention of being excluded from any future demutualisation. In relation to voting rights, paragraph 27 states the following:

"The first names individual on an Account is deemed to be the representative shareholding member under the Building Societies Act 1989 (and any acts extending, amending, or replacing that Act). This means that only the first named on an Account may vote at meetings of EBS where all conditions for eligibility to vote have been met."

It does not go on to say what the conditions for eligibility to vote are though

 

[ClubMan]

It does not go on to say what the conditions for eligibility to vote are though

This covered in detail in several other EBS related threads.

Only if an account is a share/membership account does it confer membership. Voting rights are further dependent on the customer having a certain level of mortgage borrowings or savings for a certain period of time as laid out in the society's rules.