When did the EBS start offering tracker rates?

Dinarius

Registered User
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I just noticed in a newspaper's table of rates that EBS have a tracker rate.

Last summer I went to the EBS as an existing customer (of five years standing, with a mortgage on our apartment) to see about a getting a top up to buy a house, while keeping the apartment. We wanted to increase our borrowings from 100k to a 300k total on both properties.

I asked if they had a tracker mortgage. I was repeatedly told that, no they didn't have a tracker product, but they did have the lowest standard variable. I pointed out that this was not competitive with other companies' offerings. The hair-gelled 25 year old at the other side of the desk persisted, so we closed our mortgage and moved to AIB.

I really wanted to stay because I liked their mutuality and would of course have been happy when they are eventually taken out.

Now I see they have a tracker product and I'm a bit annoyed to put it mildly.

Was I duped?

D.

ps (credit wise, we are cast iron. That wasn't an issue.)
 
They have been offering trackers for at least the last year or two as far as I know. At the start they didn't highlight them very much. If you knew and/or asked you were in luck. Even now they persist with their misleading campaign advertising the fact that they offer the lowest variable rate regardless of the fact that this rate is still significantly dearer than competitive tracker rates available to many borrowers. If you want to rejoin the society then put €127 (€130?) or more in a share/investment account.
 
ClubMan said:
Even now they persist with their misleading campaign advertising the fact that they offer the lowest variable rate regardless of the fact that this rate is still significantly dearer than competitive tracker rates available to many borrowers.
Indeed.

But, whether or not you're correct about the length of time they have been offered, the quoting of their tracker rates in newspapers is a very recent thing.

It certainly wasn't there last year. If it had been, I could have produced it to the twit I was landed with.

Many thanks.

D.
 
I went there last year in July to get an idea of how much I could get etc. and I was offered a tracker rate then.
 
Dinarius said:
But, whether or not you're correct about the length of time they have been offered, the quoting of their tracker rates in newspapers is a very recent thing.
They definitely offered tracker rates a year to a year and a half ago.
 
Just been on to the idiots.

You are correct: they have been offering tracker mortgages for a year and a half.

I was correct in believing that those rates have only been available to the compilers of mortgage tables in newspapers for about three months. Why this should be is anyone's guess.

I note on their website that members get personal loans, with no set-up fee, at 7.75% APR. This compares with 13.1% APR at NIB (I just called them two minutes ago) and 12.68% at my local credit union. Pretty impressive and worth regaining membership to avail of, IMHO.

I was told that my €300k (LTV about 30%) would qualify for a tracker of ECB + 1.05%. When we were refused a tracker last year, we switched to AIB. Must compare again after our 1 year new business comes to an end.

D.

ps........Just phoned EBS. Even €5 in a deposit account will make you a member and qualify you for the 7.75% rate. A complete no-brainer, as they say! ;-)
 
I have had an EBS tracker for last couple of years, mortgage which is 5 years old started as variable (same rate as competitive trackers at time) and then when they started trackers i switched to one though it was same rate as variable.

i think they have stepped tracker depending on your loan amount and loan to value which is the standard method used these days.

as for dealing with branch staff, same with any bank sometimes you get the person who is excellent and knows everything and other days you get the person behind the counter who is unsure which bank they even work for !
 
Dinarius said:
ps........Just phoned EBS. Even €5 in a deposit account will make you a member
I strongly suspect that they are wrong on this and that you need €127+ in a share/investment account! I have received incorrect information from them in the past so double check. Contact their membership/mutuality department. I was told that clearing my mortgage but keeping my Summit investments would continue to qualify me for membership. They were wrong and I lost my membership until I subsequently transferred €130 of my Summit SSIA to cash/deposits and regained membership.
Jo90 said:
think they have stepped tracker depending on your loan amount and loan to value which is the standard method used these days.
[broken link removed].
 
ClubMan said:
I strongly suspect that they are wrong on this and that you need €127+ in a share/investment account!

Thanks again. I'll just bung €200 into it and be done with it.

Yellow packers or what!??

D.
 
Make sure you open the appropriate type of account - a share/investment account and not any old account!
 
Dinarius,
You should check out other lenders as well, if you're loan to value ratio is 30% there's better offers out there than the one quoted to you by EBS. Check out [broken link removed]
 
Dinarius said:
I note on their website that members get personal loans, with no set-up fee, at 7.75% APR. This compares with 13.1% APR at NIB (I just called them two minutes ago) and 12.68% at my local credit union. Pretty impressive and worth regaining membership to avail of, IMHO.

Are you sure that everyone who applies qualifies for this rate? I'm not sure that they do.

Tesco offer loans at competitive rates, with no membership etc. requirements.
 
Thanks for the info guys. I'm with AIB's new business rate of 2.75% until Decemeber next (very nice it is too right now! ;-) ), so I'm sitting tight for the moment.

I just opened an EBS Members Savings Account. I made the point of asking if I needed to lodge a minimum of €127 and was told that they were frequently asked this question by people wanting to be sure of their position in the event of them de-mutualising. Apparently, it makes no difference. I have full voting rights even with a €1 initial deposit.

Will consider BOS when the time comes.

D.
 
Dinarius said:
I just opened an EBS Members Savings Account. I made the point of asking if I needed to lodge a minimum of €127 and was told that they were frequently asked this question by people wanting to be sure of their position in the event of them de-mutualising. Apparently, it makes no difference. I have full voting rights even with a €1 initial deposit.

D.


Take that with a grain of salt. As clubman says they have been known to get this wrong in the past. Lodge 130 Euro into a share acount and be done with it. Think about it, these are the very same people that were unaware that they had a tracker product when you asked a year ago!!
 
Indeed - when I asked about the very same thing they told me that it was €127 or more in a share/investment account. Once I transferred €130 of my SSIA funds into cash deposits the notifications of AGMs etc. started arriving again. I would be very surprised if this happened on lodging €1 or even €5 into a share/investment account.
 
Cheers guys.

I've just transferred a little over a grand into the account. That should cover it! ;-)

D.
 
The EBS in order to cut costs got rid of their experienced staff toward the end of the 1990's. They also closed their staff training department and left it to the managers to train their staff. I see this policy is now paying dividends!!!
 
Dinarius said:
I've just transferred a little over a grand into the account. That should cover it! ;-)
Assuming it's the correct type of account - i.e. a share/investment account and not a regular savings/deposit account.
 
ClubMan said:
Assuming it's the correct type of account - i.e. a share/investment account and not a regular savings/deposit account.

Just phoned them again to be sure. Got on to a guy in Investment sales who seemed to know what he was talking about (that's a first!).

The savings/deposit account that I opened does qualify me for full membership, attendance at meetings, voting rights etc., as long as I have at least €125 on deposit for a period of six months.

He was adamant about this. He went on to say that the only account that wouldn't qualify would be an equity investment account.

D.
 
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