new postbank products

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messyleo

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www.postbank.ie - hardly market leaders but it's a big improvement on an post!
the 3.3% savings rate is disappointing - i would have expected the ecb rate for them to compete in any way. hopefully they might add more variety e.g. fixed term and notice accounts later on.
the sure investor product with a guaranteed return of 102.5% might attract some of the risk averse / typical post office type cutomers to dabble in investments which might be good i suppose, but with the return capped at a max of 75% of the original investment it won't attract many.
 
You must bear in mind who the target market is and they are the main customers of PO's currently-SW recipients, be it UB, OAP, C Allow etc.
-Some of these do not have bank a/c's so this is a good, easy way for them to have their SW payments paid into an account, rather than have a cash payment each week, month.
-Reduction in the transfer of SW payments from an post to other financial institutions.
-Finally, by having less cash to payout customers, PO's will not need as much cash to meet requirements and therefore PO's become less attractive targets for theft.

For all others there are others e.g. Anglo-who are offering a very similar product to sure invest, bit with more up side, but a higher minimum investment(I think). See seperate thread on that.

On the up side thanks to Fortis there is now another new banking force in Ireland. Good ol AIB would have thought they were quids in to be the partner as their services are available through PO's. Fortis obviously submitted a proposal to an post that they could not say no too. What happens AIB in PO's now?

I do not work for Anglo or Fortis
 
Rather than posting them again here see my comments here.

Anglo Irish Bank is not directly comparable in my opinion since they have a much more restricted branch network than An Post/PostBank.

gravitygirl said:
www.postbank.ie - hardly market leaders but it's a big improvement on an post!
Click to expand...
You do realise that PostBank is a 50:50 venture between An Post and Fortis? I presume you mean that 3.3% on Sure Saver is streets ahead of the 0.10%-0.25% on the An Post Deposit Account?
 
As far as I know you can still do AIB business in An Post today if the signs boasting about it in one my branches today is to be believed .
 
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