Will interest rate hold with EBS merger

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Bessa

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Money on deposit with INBS for one year since September, would the interest rate, and the term of the investment still hold if they merge with EBS. What say so depositors with INBS have as regards the merge of both building societies.
 
I assume you have a term deposit?

The conditions of your term deposit should not change because of the potential merger, with the exception of the name of the bank.

You have nothing to worry about.
 
Yes its a term deposit of one year. Thank you for clarifying this for me.
 
Fungus, I have the 3.75% variable rate Instant Access with IINS, is it similar in that it won't be effected because of the possible merger.

Also, does the rate just generally vary in line with ECB rates or are they varied at the whim of the board. Thanks.
 
kbie said:
Fungus, I have the 3.75% variable rate Instant Access with IINS, is it similar in that it won't be effected because of the possible merger.

Also, does the rate just generally vary in line with ECB rates or are they varied at the whim of the board. Thanks.
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Check the terms of the account to see if there are any rate guarantees specified. If not, it is a variable rate and so could go up or down at the discretion of the Society.
 
kbie said:
Fungus, I have the 3.75% variable rate Instant Access with IINS, is it similar in that it won't be effected because of the possible merger.

Also, does the rate just generally vary in line with ECB rates or are they varied at the whim of the board. Thanks.
Click to expand...

You have a product where INBS have guaranteed at least 1.25% interest until January 1st 2011. EBS/INBS will have to honor this offer.

I would guess that if the merger happens, EBS/INBS will call this a legacy account and drop the rate to close to 1.25%.

Keep an eye on the total gross rate. Your money is safe but the rate may drop.
 
Thanks Optimum and Fungus.

I have a further investment to make, c20K and think I will go with Investecs or Anglos 3.5% for 1 year from Best Buys.
 
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