Switching from AIB to PTSB - leaving SSIA with AIB

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Corolla97

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I am considering moving my current a/c from AIB to PTSB. In that event I would leave my SSIA with AIB ( fixed 4% ) ( PTSB rate is 2%).
The official in PTSB told me that if I move to PTSB that AIB would set up a "feeder account" to continue payments to my AIB SSIA a/c as AIB do not accept Standing Orders from other banks to their SSIA a/cs.
My concern is that if I switch to PTSB that I might miss a payment into my AIB SSIA.
Has anybody encountered any difficulty in switching banks but leaving SSIA a/c with original bank?
 
Corolla97 said:
My concern is that if I switch to PTSB that I might miss a payment into my AIB SSIA.
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Your payments to the ssia do not have to be by standing order. If you keep an eye on your feeder account and ssia for the month in question, and notice that your payment has been missed, then you should be able to go to the aib and lodge the money directly to your ssia by the end of the month.
 
While you don't want to miss out on any monthly payments if at all possible it's probably more critical that the timing of the move from one bank to another doesn't result in more than one contribution in one month that would exceed the €254 p.m. limit and cause you SSIA to be closed and the full amount taxed at 23% as a result.
 
Thanks Joe1234 and ClubMan. I will be monitor my SSIA contributions carefully if I decide to switch banks.
 
I did exactly what you are doing, I ended up missing one months payment to my ssia.
I rang about it and was able to make that payment on top of my usual monthly one. Of course I had thought that I had sorted it all out when I did the initial swap as PTSB were constantly telling me how they'd sort everything out with their "switch team".
One thing though I make my payments by standing order every month without any difficult, no feeder accounts here!
 
I cannot understand why aib can insist on a feeder account. Surely that puts even more bank charges in the customer. If ACC can accept my ssia standing order from both my aib account and now my boi account, then I think aib should be able to do the same.
 
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