AIB & EBS Deposit rate increase

A heads up for anyone thinking of opening one of AIB’s accounts in joint names. Sole accounts can be opened on line but joint accounts require a visit to a branch.

So we called into our local AIB today where we already have joint current and other accounts, thinking we could open a 2 year fixed term account there and then. Not that simple, you must book an appointment and the next available appointment is in 3 weeks time.

Had we realised appointments take 3 weeks, we would not have transferred the funds yet, lesson learned.
 
Des Pondent said:
A heads up for anyone thinking of opening one of AIB’s accounts in joint names. Sole accounts can be opened on line but joint accounts require a visit to a branch.

So we called into our local AIB today where we already have joint current and other accounts, thinking we could open a 2 year fixed term account there and then. Not that simple, you must book an appointment and the next available appointment is in 3 weeks time.

Had we realised appointments take 3 weeks, we would not have transferred the funds yet, lesson learned.
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the mind boggles. I had been wondering this, their press release had mentioned online opening, but was a bit vague.
 
They also said their new rates had attracted many wanting to open accounts and this was leading to longer than usual wait times for appointments.

AIB are also offering anyone enquiring about their fixed term products the option to speak to a financial adviser prior to the account opening to ensure every customer is educated on all options available to them. Presumably this service is a big part of the 3 week wait and is really just an opportunity for AIB to sell all their products.
 
Well I'm beat! I spent a good 20 minutes going round in circles on AIB website trying to find how to open a deposit account online. From what I can see:
  • if you are not already an existing customer, you can only open a current account online
  • If you are an existing customer you can open nearly any other type of account online
  • you cannot open a deposit account online if are a new AIB customer (unless you want to open a current account first!), you must make an appointment
Anyone had other experience? maybe I am missing something. When I say 'online' I am referring to the phone app too.
 
Toastin said:
  • a new AIB customer (unless you want to open a current account first!), you must make an appointment
Anyone had other experience? maybe I am missing something. When I say 'online' I am referring to the phone app too.
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You cannot open a fixed term deposit account with AIB without first having a 'payment account' with them; either a current account or a demand deposit account.
It's not just an online restriction.
 
RedOnion said:
You cannot open a fixed term deposit account with AIB without first having a 'payment account' with them; either a current account or a demand deposit account.
It's not just an online restriction.
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Yeah true, cannot open the demand deposit account online. So basically, if you are not already an AIB customer and want to open a deposit account, you have to make an appointment and start the process in person at the branch :(
 
Hi all,
I want to one of these fixed-term deposit account with AIB, but as I may be buying a house during the term, I want to be sure that I can access my funds if needed. On the webpage describing the account,
aib.ie

Personal Fixed Term Deposit Account

aib.ie aib.ie
it alludes in a vague way to the possible of withdrawing funds early.
"You can let us know what you’d like to do with your money at maturity (when the term ends) when you open an account, or at any time during the term up to the business day before maturity. You can choose one of the following instructions:
Reinvest the full amount and the interest earned, or
Take out some of the money and reinvest the rest, or
Take out all the money and close the account"
So I called them up to clarify. Firstly, the AIB customer care person said I'd need to go to the branch in order to withdraw early. Then I asked can I withdraw funds, and can you provide some written statement on this. Then AIB customer care person then said flatly that you have to leave funds in for the full term. I asked for the T&A for the account and was told they couldn't provide this. Usually with Irish term deposits there is a possibility to withdraw funds with some sort of penalty clause. Has anyone managed to clarify this for the fixed-term deposit account with AIB?
Thanks
 
John Lingua said:
Hi all,
I want to one of these fixed-term deposit account with AIB, but as I may be buying a house during the term, I want to be sure that I can access my funds if needed. On the webpage describing the account,
aib.ie

Personal Fixed Term Deposit Account

aib.ie aib.ie
it alludes in a vague way to the possible of withdrawing funds early.
"You can let us know what you’d like to do with your money at maturity (when the term ends) when you open an account, or at any time during the term up to the business day before maturity. You can choose one of the following instructions:
Reinvest the full amount and the interest earned, or
Take out some of the money and reinvest the rest, or
Take out all the money and close the account"
So I called them up to clarify. Firstly, the AIB customer care person said I'd need to go to the branch in order to withdraw early. Then I asked can I withdraw funds, and can you provide some written statement on this. Then AIB customer care person then said flatly that you have to leave funds in for the full term. I asked for the T&A for the account and was told they couldn't provide this. Usually with Irish term deposits there is a possibility to withdraw funds with some sort of penalty clause. Has anyone managed to clarify this for the fixed-term deposit account with AIB?
Thanks
Click to expand...
I called to my local aib branch yesterday and asked the same question, " could I withdraw money if I needed it , in an emergency" I was told no, it was a Fixed Term deposit. Asked for terms ect. and was told if I waited another half hour someone more Senior would speak with me. I didnt have time to wait, but telephoned later in the afternoon and got a very vague answer. So I still do not know.
 
John Lingua said:
Usually with Irish term deposits there is a possibility to withdraw funds with some sort of penalty clause.
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No, there isn't any longer for personal deposit accounts. They can't charge a penalty, so they don't allow early breakage except in exceptional circumstances.
Edit: sorry, PTSB do have provision for early withdrawal, along with a break fee.

A fixed term bank deposit is fixed term.

One you could look at in your circumstances is State Savings. Money can be accessed early, and the amount of interest you'll receive is set out at the start.
 
Last edited:
Not easy to find, but it is there.

3. Withdrawals
• No mid-term withdrawals allowed during an Investment Period.
• Withdrawals are only permitted at Maturity.

11. Termination
• Subject to your right to cancel the Agreement within the ‘Cooling Off and Change of Mind’ section, the AIB Personal Fixed Term Deposit Account cannot be closed before Maturity.
• However, we can close your Account immediately if any of the circumstances detailed in conditions 12 or 14 of your terms and conditions occur.

You will find the above under ‘’Important Information’’ in the link below.
Conditions 12 & 14 can be found under ‘’Terms And Conditions’’ in the same link

https://aib.ie/our-products/savings-and-deposits/personal-fixed-term-deposit-account
 
According to AIB's Terms and Conditions, there is no problem getting your money back early. You just need to arrange one of the following: Death, Bankruptcy or a substantial unpaid debt with AIB and forgo the fixed term account in lieu. A poster here suggested, without any corroboration, that the banks will be flexible in hardship cases, however based on their behaviour over the last 15 years I'd be loath to rely on this, and in any event its unlikely that buying a house or getting a better return elsewhere would get much sympathy at a hardship hearing.

The clue is in the name - Fixed Term. You put your money away, throw away the keys and get it back with interest less tax at the end.

State Savings 3 year, 5 year and 10 year Fixed Term products have a different set of rules. These you can withdraw from at any time, and retain the interest earned to date. The downside is that this interest in the early years is close to sod all, and the interest over the full term is somewhere between mediocre and middling.

The way I approach it is as follows:
Bank fixed term - lodge and forget - money locked up for x months/years, unless there is some form of escape clause, usually with a poison pill.
State Savings fixed term - suitable if there is an 85/90% or greater probability that the money will stay full term.
Otherwise the options are something like a three month rollover account, Prize Bonds, Short Term Fixed Term, or a regular deposit A/C. Or for small amounts (under €20k, some of those trading companies like Lightyear and Trade Republic)
 
Freelance said:
A poster here suggested, without any corroboration, that the banks will be flexible in hardship cases,
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I suggested it, and I never said 'flexible'. What I actually said was (and its useful to read it in the context of where I said it)

RedOnion said:
Yes, they and other banks do indeed have provision for early termination in 'hardship' on a case by case basis.
Click to expand...

And you're correct, a planned house purchase or to reinvest for a better return elsewhere do not count.
 
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