Sly move by Anglo Irish Bank?

Hi,
I opened an Regular Saver with Anglo about a year and a half ago at 6.8%/. This went to 7% for a while. I was delighted.
This week I spotted that it had gone down to 4.5% on 1st July. I rang up and was told that they had a seperate saver at 8% and rather than have the 2 saver accounts competing, they lowered one to 4.5%. They told me that "unfortunately my a/c was of the type that was lowered to 4.5%. I can't transfer my full deposit into the 8% type as it is a reg saver with 1000 per month max deposits so the best I can do is transfer my balance into the 6% 1 yr fixed rate account and open an 8% reg saver.
It got me thinking that this could be a nifty scheme by Anglo. What if next year, they reduce the 8% reg saver to 4.5% an introduce a new 8% reg saver account. This way, they can still attract deposits in from new customers while avoiding paying the high rate of interest on the mature accounts with higher capital that have built up over the year.
It just doesn't smell right to me ....

If you only noticed this now then you should really keep a closer eye on your monthly paper or email statements/lodgement confirmations or on your AngloConnect account all of which state the effective deposit interest rate. The Anglo Regular Saver Issue 1 is a variable rate account and the terms & conditions to which you agreed when opening one allow them to change the rate at any time. This issue was discussed at length in at least on earlier thread on AAM. Some other regular saver account providers have also cut their rates on such products over the past year or so. They are also not lump sum accounts which is why you cannot transfer in more than €1K or whatever in any single month. No conspiracy theory necessary.

Ah sure I know. You're dead right Clubman!!! ;o)