Offset mortgage and linked savings account issue

T

TK Cork mum

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Hi All, i have offset mortgage account. Was looking to open an offset savings account linked to this and the branch have told me they can no longer do it....has anyone been able to do this recently? I thought all terms and conditions of offset remained so that we could have up to 4 offset accounts linked to offset mortgage?
I am going to make complaint to UB first and then onwards to ombudsman - it was not communicated that you could no longer open accounts linked to offset mortgage as far as i'm aware

Thanks in advance.
 
Not something I have come across, I had 4 but closed 2 of them. Do you have any linked account at the moment? You can have up to 4 but not sure whether that means you can open more at this stage when they are no longer opening accounts. Interesting question!
 
I have a facility account but I wanted a savings account also. Surely I’m being denied one of the benefits of the offset by not being allowed to open a savings account! Have sent complaint off to UB - will see how that progresses! You are permitted up to 4 accounts to link to it - what if people wanted to open more accounts in the future?
 
But realistically the same savings will accrue against the interest if you just lodge the money to the facility account. Yes possibly from a discipline/budgeting point of view it might be handier to have it in a separate account but you won't be disadvantaged by not having a specific savings account, it's not as if there is interest being paid on them anyway.

Be interesting to see UBs answer anyway!
 
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I think you have to maintain a minimum balance of €3000 in the facility account to not incur penal bank charges for using the facility account.
I tried using it in the last few years and got charged penal charges for each transaction.
 
That 3,000 rings a bell alright but I have more in it so it hasn't had any impact. I just noticed now though as I haven't had a look at it in a while that they stopped charging the monthly fee of €2 on facility account last September, there has been no debit since then!
 

Mortgages Support

Ulster Bank is closing. For help and support with your Mortgage queries visit the Mortgages page on our dedicated Customer Support Hub. We're here to support you through this change.
www.ulsterbank.ie www.ulsterbank.ie
I saw it mentioned that they were re-opening accounts of customers who had Offset mortgages linked to them, but I have not heard of them opening any new accounts.

There is a help option in the above link for a number to call.
 
rameire said:

Mortgages Support

Ulster Bank is closing. For help and support with your Mortgage queries visit the Mortgages page on our dedicated Customer Support Hub. We're here to support you through this change.
www.ulsterbank.ie www.ulsterbank.ie
I saw it mentioned that they were re-opening accounts of customers who had Offset mortgages linked to them, but I have not heard of them opening any new accounts.

There is a help option in the above link for a number to call.
Click to expand...
I have tried phoning them on numerous occasions but no one can answer my query. It was the branch that said no so i've registered a complaint. Wlll update as this progresses.
 
HI everyone, i finally got the resolution i wanted on this. After the branch told me they couldn't open any other accounts linked to the offset i sent off a formal complaint to their complaints dept - quoting that an offset mortgage was allowed up to 4 offset linked accounts and that i understood there was no change to my T&C's. I got a response about 2 months later apologizing and offering me 250 compensation and saying it was possible to open the account after all by phoning the customer call centre. I did this - and hit an obstacle and was told by numerous people that i couldn't open an account - would be handy if the complaints dept could pass on messages to the call centre or put a note on the account!! So after another number of phone calls and emails back to the complaints dept - i was finally sent an account opening form which i returned and i now have an Instant Access Savings account linked to my Offset mortgage...so message here is don't take no for an answer and persistence is key!
 
TK Cork mum said:
HI everyone, i finally got the resolution i wanted on this. After the branch told me they couldn't open any other accounts linked to the offset i sent off a formal complaint to their complaints dept - quoting that an offset mortgage was allowed up to 4 offset linked accounts and that i understood there was no change to my T&C's. I got a response about 2 months later apologizing and offering me 250 compensation and saying it was possible to open the account after all by phoning the customer call centre. I did this - and hit an obstacle and was told by numerous people that i couldn't open an account - would be handy if the complaints dept could pass on messages to the call centre or put a note on the account!! So after another number of phone calls and emails back to the complaints dept - i was finally sent an account opening form which i returned and i now have an Instant Access Savings account linked to my Offset mortgage...so message here is don't take no for an answer and persistence is key!
Click to expand...
Well done on persisting with it
 
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