Bank of Ireland Easysaver

G

Galway99

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Just came across this today - Bank of Ireland's Easy saver... from an initial search can't find any mention of it on AAM or the best buys..

Its a regular saver
max €500 per month
rate 7% on balances uptp €5000


[broken link removed]
 
interesting, also has a tiered rate so if balance goes above €5k the whole lot isn't penalise.
 
For someone who would be saving monthly over the next 3-4 years for a deposit on a house, is there much difference between the Easy Saver and the Smart Save regular Savings accounts?
 
Easy Saver offers a much better rate on the first €5,000 (7%) - there is no harm sticking money into that up to the 5k.

Otherwise I would open a savings account with First Active, Anglo-Irish, or EBS which all offer around the 7% mark (for now.)

There is no reason to tie yourself to BoI.
 
There are better regular saver accounts out there already - i.e. higher rates and higher monthly lodgement.
 
There may be one or two better Regular Savers out there but this has several advantages over others and would be worthwhile to be listed. Why isn't it?
 
tomreillly said:
For someone who would be saving monthly over the next 3-4 years for a deposit on a house, is there much difference between the Easy Saver and the Smart Save regular Savings accounts?
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I heard before that holders of a Smart Save account can get a discount rate for mortgages / personal loans. Might be no harm to check it out.
 
Opened a Bank of Ireland Easysaver last March with maximum monthly amount €500. Reached the max of €5,000 in last month, December, so had to close it as it falls from 7% to 3% when over €5,000. Received final amount of €5,113.95. I think this is poor return and, as I'm not good at calculations, wonder is this correct? I drip fed the monthly payments from an on demand Northern Rock account (5%). If I hadn't bothered and left the money in Northern Rock I would have got €5,100. So for setting up a DD and watching my current account balance every month I made the sum of €13.95.
 
PaddyW - No - the first instalment of €500 was made on 28th March last and last instalment on 28th Dec, which saw me reach the cut-off of €5,000 for 7% rate. The account was closed on 9th Jan.
 
This is the second best rate for a Regular savings acc at the moment! (Anglo=7.3%)
 
Do you need to be an existing account holder or set up an account to fund this, or can you fund the regular saver by transferring from another account?
 
askU said:
This is the second best rate for a Regular savings acc at the moment! (Anglo=7.3%)
Click to expand...

The AIB Parent Saver Accounts offer 8.25% on monthly deposits. This is surely the highest regular saver rate available and was as high as 10.25% last year. Anybody can open these accounts (not just parents) and with the maximum of four you can save 4 x €200 = €800 a month.

[Of course the rate is currently and min ECB + 6% and this will fall to min ECB + 4% sometime towards the end of May this year.]
 
oldtimer said:
Opened a Bank of Ireland Easysaver last March with maximum monthly amount €500. Reached the max of €5,000 in last month, December, so had to close it as it falls from 7% to 3% when over €5,000. Received final amount of €5,113.95. I think this is poor return and, as I'm not good at calculations, wonder is this correct? I drip fed the monthly payments from an on demand Northern Rock account (5%). If I hadn't bothered and left the money in Northern Rock I would have got €5,100. So for setting up a DD and watching my current account balance every month I made the sum of €13.95.
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Oldtimer. There was no need to close your easysaver. The €5000 still would have earned 7% only the amount over €5k would be on the 3%. You could have reduced your DD to €20pm.

I think the rate will be coming down shortly anyway.
 
Taxi Driver said:
The AIB Parent Saver Accounts offer 8.25% on monthly deposits. This is surely the highest regular saver rate available and was as high as 10.25% last year. Anybody can open these accounts (not just parents) and with the maximum of four you can save 4 x €200 = €800 a month.
Click to expand...

That is a good spot that you can open up to 4 of these accounts and yes it is the highest rate for a regular saver account.
 
Perplexed said:
Oldtimer. There was no need to close your easysaver. The €5000 still would have earned 7% only the amount over €5k would be on the 3%. You could have reduced your DD to €20pm.

I think the rate will be coming down shortly anyway.
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Hi Perplexed.

I, on advice from my BOI advisor did exactly the same thing as Oldtimer, with 2 Easysavers (my husband and I had one each).

I was told to close the 2 accounts and reopen 2 new ones at the better rate. Are you saying I could have left the 10k there at 7% and continued saving a minimum amount? Would it have been possible to open another new account at the current rates or can you still only have one easysaver each?

I then lodged the 10k along with other funds and got 3.65% for 18 months... not great, I know.

In your opinion and just purely as a matter of interest, was this the right road to go down closing the existing account?
 
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Taxi Driver said:
The AIB Parent Saver Accounts offer 8.25% on monthly deposits. This is surely the highest regular saver rate available and was as high as 10.25% last year. Anybody can open these accounts (not just parents) and with the maximum of four you can save 4 x €200 = €800 a month.
Click to expand...

At the end of the year the money accumulated in the Saver account is transferred into the deposit account where it earns 3% interest.

http://www.askaboutmoney.com/showthread.php?t=83812

Depends how much you can save monthly, though clearly you're better off elsewhere once the year is up.
 
Hi, I was thinking of opening an Easysaver account for saving children's allowance money. Can I put in a lump sum of 1000 when I open the account or can it only be small sums put in monthly ? Also, does it have to be done by direct debit from current account ? Thanks Gen
 
The max is 500 EUR per month so you cannot put in a lumps sum of 1,000 EUR.

The Anglo Irish Regular Saver product with a higher interest rate than BOI let's you deposit up to 1,000 EUR per month for a year.
 
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