Ulster Bank Special Interest Deposit Acc

Is it the banks themselves or the state that apply the €1000 limit per month on these regular saving accounts?
 
The bank of course , the state tries to discourage saving by taxing The bejAsus out of a very small rate of interest
 
CiaranT said:
The bank. These products are not aimed at large lump sum once off deposits.
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Ok, so most banks out there want our money, how come one of them doesn't break rank and go for a €1500 or €2000 monthly limit to attract new custom or encourage existing customers to increase lodgements?
 
seantheman said:
Ok, so most banks out there want our money, how come one of them doesn't break rank and go for a €1500 or €2000 monthly limit to attract new custom or encourage existing customers to increase lodgements?
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One one does it, they will all do it.

The high rates on regular savers are not aimed at large sums.

BoI do allow 1,500 EUR per month, on their Custom Saver product, but at a low rate.
 
I just saw in the Indo today that there will be a new rate decrease for many UB savings accounts. The special interest deposit account is dropping to 3.0% as I recall. I can't remember when this will happen, but I assume soon.

Time to shop around perhaps

digweed
 
The product has probably served it's purpose now as most will have maxed to the 15k. They will start another ono in a while which will only allow the dripfeed in to build it up again. 3% is still fairly competetive if you have reached the max.
 
Bit of a kick in the teeth, literally only got mine up and running a month ago now it's nearly redundant.
 
TheJackal said:
Jeez, only dropped to 3.5% less than two months ago
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The drop from 4.00% to 3.50% was announced in June 2012 but only been applicable recently due to the Ulster system outage.

Hence, there has been 6 months in between the 2 rate reductions.
 
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