Ulster Bank Special Interest Deposit Acc

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airgead07

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Hi

According to the bank (Customer Services and website) there doesn't appear to be any withdrawal restrictions on the above account

Can anyone confirm this? I can't seem to find anything about withdrawals in the T&C's.

Thanks
 
I have this account also, there are no restrictions on withdrawals, it is a super account as it will accept lodgments made online of more than €1000 at a time.
I have also looked at the t/c's and there is also no restriction on having more than one of these accounts, they will tell you there is however it is not in their specific account t/c's.
 
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Hi Palerider, I didn't realise you can make online lodgements as well as the regular standing order?? even better
 
it is a super account as it will accept lodgments made online of more than €1000 at a time.
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The second point on their page states that you can save between 1 and 1000 per SO but it doesn't say anything about whether you can put more than that in one lump online. Interesting, so I wonder if I could just lob in 13k daily max in one go and then get 4% on all of this ?
 
elcato said:
The second point on their page states that you can save between 1 and 1000 per SO but it doesn't say anything about whether you can put more than that in one lump online. Interesting, so I wonder if I could just lob in 13k daily max in one go and then get 4% on all of this ?
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You can't put a lump sum sub 1,000 EUR in a regular saver account.
 
Seems like a contradiction alright but Palerider suggests above that you can as an online deposit.
 
you can put 1K max a month standing order, and seemily online you can transfer aboue this.
 
I have just opened a UB savings account, 4% variable interest, No lump sum deposits, no restrictions on withdrawal, so i am transfering the maximum ammount of savings until I run down my other bank accounts, and then I can reduce the savings, (minimum €1 month)
 
just appllied online with UB for this account ,seems to be very generous to what they offered 12 months ago , happy with NationwideukIreland 2.96% but interest credited monthly (nice little visual incentive) but just want to spread it around , anyone spot any catches coz dont have the energy to fine toothcomb the T&C.
I take it that if you just close the account after say 6 months there would be no real major penalty with the annual interest account, obviously dont trust banks
 
just to clarify, you can transfer amounts over or under €1000 into the UB special interest account but you must do the transfer online, I expect this will be a short lived opportunity, great to get 4% for up to €15,000 on demand especially after transferring it in in one lump....;-)
 
Thanks for sharing this tip. I wonder how fast Ulster will close this loop hole that is against their T&C's.
 
The Terms & Conditions

I hate to rain on the parade but take a look at the following terms and conditions.

(You have to go to a document called "Personal Banking Terms & Conditions" under the heading "Additional Terms and Conditions for Special Interest Deposit Account")

6.1 You must set up a Standing Order to credit the Account monthly. The Standing Order must be for not less than €1 and not more than €1,000. The Standing Order can be increased or decreased within these limits.
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6.2 Lump sum cash, cheque or other lodgements are not permitted into the Account.
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7.5 In the event that a monthly deposit exceeds the monthly limit of €1000, we may request you to transfer the excess funds into another Ulster Bank Account.
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This seems to clearly rule out lump sum lodgements of more than €1,000. It is also stated that:

6.6 You may not hold more than one Special Interest Deposit Account at any time (whether in your sole name or in joint names).
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Hi Aureus,

You are absolutely right that putting a lump sum in this account is breaking the T&C's.

However, Ulster should have systems in place to prevent this happening.

Also, the T&C's say

we may request you to transfer the excess funds into another Ulster Bank Account
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i.e. they need to ask you to move the money. Ulster may decide it is not worth the hassle to pursue those that have circumvented the purpose of the regular saver account.
 
Hi Ciaran,

Ulster may decide it is not worth the hassle to pursue those that have circumvented the purpose of the regular saver account.
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That's possible. But what worries me is that they might take no action until it comes time to pay interest, and then refuse to pay any interest on lump sums that exceed the maximum permitted.

That would be a nasty surprise, as in the meantime I would have foregone any interest I could have earned by placing my extra lump sum elsewhere.

As I understand it interest is paid annually in October, so we might not know for sure until then. Maybe it's worth a punt anyway?
 
Regular statements issued between now and October will indicate the interest payable on the account for the period covering by the statement, Interest must be paid on that basis, Ulster are an excellent Bank, to do anything other than honour interest payments on funds held in the SID would be very surprising and would bring both negative publicity and allegations of sneaky behaviours as well as complaints to the regulator.

These t'c's as indicated are new, these specifics were not provided to me when I opened my Special Interest Deposit account so the system may well have changed but the account will still take online lump sum transfers, at the end of the day there will be very little involved as the 4% caps out at €15000 per account and you can only have one account per person now it seems.
 
I was going to take my lump sum from nationwideukireland and drop it into ulster bank but reasonably sure that UB are probably aware that you can transfer online over the 1k and just the interest payable will be at the .1% rate or whatever as more or less clearly stated , probably not a glitch at all,
May very well be wrong and if so I'd imagine its a serious flaw for their online banking system (for them)

BTW I don't really think that any bank really cares about negative publicity these days , do you?
 
Regular statements issued between now and October will indicate the interest payable on the account for the period covering by the statement ...to do anything other than honour interest payments on funds held in the SID would be very surprising.
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I hope you're right. But I've recently received a statement of my account in the post and it contains no interest figure and no promises about the amount that will be paid. When I bring up an online statement it simply states "full details of interest to be applied available on request." So I'm not yet reassured.

..there will be very little involved as the 4% caps out at €15000 per account
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There is still a few hundred euro at stake.

UB are probably aware that you can transfer online over the 1k and just the interest payable will be at the 0.1% rate or whatever as more or less clearly stated
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What the terms and conditions clearly state is that ad hoc lump sums are not permitted. So there does seem to be a flaw in their online system. There's nothing in the T&C's that I can find about a reduced rate applying, but I guess if you are violating the terms and conditions they can apply any interest rate they like.
 
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