Having waited 2 weeks for an appointment with a branch & taking time off work ,after telling an employee I am not an existing customer ( on the phone while making appointment) I was told in person at the branch today I need to open a current account to qualify for a term deposit account ..I should have asked for the T&Cs while there but only thought of this afterwards , anyone else told this ? Frustrating after the effort to get there and the time waiting ...I see a lot of posts about non Irish bank deposits at higher rates ...is there a lot of paperwork required to open one of these ? Is there a link to the information ? Thanks in advance
AIB deposit - need to open current account ?
- Thread starter telco
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Des Pondent
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According to this, a personal demand deposit account will do the job;
What if I do not have an AIB Payment Account but want to open a Personal Fixed Term Deposit?
To open a Personal Fixed Term Deposit, you must first open an AIB payment account such as a Personal Demand Deposit or a Personal Current account.
What if I do not have an AIB Payment Account but want to open a Personal Fixed Term Deposit?
To open a Personal Fixed Term Deposit, you must first open an AIB payment account such as a Personal Demand Deposit or a Personal Current account.
Are you basing this on experience ? I tried w by phone and in person twice and was told I couldn't despite having a mortgage, Credit card and a deposit account with them. I made a complaint online about their website stating I didn't need to have a Current account and they answered by apologising for the oversight on their website and would correct it to state you do need a Current account/online banking.
Yeah, personal experience. I do not have a current account with AIB but I have a regular saver account with AIB and a Personal Demand Account. Also, had a term deposit a very long time ago with no issues. The regular saver account and term deposits work fine with no current account.
Maybe things have changed and maybe I have a legacy setup. But the T&C's are clear - you don't need a current account. But maybe the T&C's are about to be updated as you have indicated.
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Hi Lightning,
The terms of the Online Saver Account state that they must be funded by standing order from a Demand Deposit Acount.
Standing orders cannot be set up online if you don't have an AIB debit card. You can't get a debit card if you don't have a current account. I don't have a debit card.
I have checked, and I can transfer funds online, from my Demand Deposit Account into my Online Saver Account.
I don't know if I will get the 3% interest if I fund using account transfers, instead of standing orders.
I have phoned and emailed AIB to ask this question, but I have not received an answer from AIB.
Do you know if account transfers will work for the 3% interest rate ?
Hi S Class,
I was in AIB Bray today and while the first person said I needed a current account the second person I talked to said a deposit account would work to feed the regular saver. I’ll be signing up for 4 later this month.
Best, Opus
Thanks Opus,
I am aware that the funding can be from a demand deposit account.
The terms state it must be paid by standing order. Only extra top ups are allowed by account transfer.
I can only set up standing orders by visiting a branch and there is a fee for setting up the standing order in the branch.
i also have 4 accounts. Visiting a branch to initially set up and pay for 4 standing orders and then repeat this process any time I want to alter the standing orders is to much hassle.
What I am trying to find out is, if I fund using account transfers, will I qualify for the 3% interest rate.
I am aware that the funding can be from a demand deposit account.
The terms state it must be paid by standing order. Only extra top ups are allowed by account transfer.
I can only set up standing orders by visiting a branch and there is a fee for setting up the standing order in the branch.
i also have 4 accounts. Visiting a branch to initially set up and pay for 4 standing orders and then repeat this process any time I want to alter the standing orders is to much hassle.
What I am trying to find out is, if I fund using account transfers, will I qualify for the 3% interest rate.
I set up my 10 euro standing order via using a AIB card reader many years ago. No fees involved.
A standing order is mandatory as per the T&C's but it might or might not be enforced.
Additional account transfers work for the 3% interest rate.
S Class is correct. AIB's security is now based on having both a Debit Card and Card Reader. Therefore you need an account which provides a Debit Card to setup payees etc. for other account types. I have been told that it is no longer possible for branch staff or "anyone in AIB" to setup payees to get money from an account. Without a Debit Card you have to go to a branch to get money out. It took a formal complaint to get this information out of AIB.
I guess you could open a current account, Demand Deposit and Online Saver and get a debit card and reader. Then set up a 10 euro standing order (minimum) and then close your current account and debit card but keep the Demand Deposit and Online Saver open. I.e. just one month of current account fees to pay.
Can’t you set up a standing order for the deposit account from your own current account?
As per the T&C's, the standing order must come from an AIB Current Account or our Demand Deposit Account into the AIB Online Saver Account.
Sure but can’t you set up a standing order from your current account to go into the demand deposit account?
The lads in Bray AIB didnt see it as a problem. Just saying as all….
Yes anybody can do that.
The arkwardness of not having an AIB current acount will occur if you decide to alter or suspend the transfers from your Demand deposit account.
You will have to visit AIB Bray and pay a fee to have these carried out.
In the era of internet banking this is ridiculous.
Get your standing orders set to the minimum level of 10 euro per month when you are getting set up. You can make up the rest of the 1000 euro per month by transfers from your Demand Deposit account. This way if you are strapped for cash you will avoid having to call into AIB to reduce or suspend the standing orders.
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