# 4.75% 3 months, 19% apr



## gally74 (15 Sep 2008)

folks,

ive been offered this rate for a 3 month deposit, its with a main street bank, have banked with this bank for 7 years and have 2 mortgages with them, i have questioned and also looked for it in writing, they say its a branch only offer, too good to refuse, im only worried now about the solvency of the bank,


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## Lightning (15 Sep 2008)

Are you certain that the person behind the counter did not mix up a 4.75% AER rate that is fixed for 3 months - Rather than a 19% AER? 

Based on your previous posts (
http://www.askaboutmoney.com/showthread.php?p=548258#post548258 ) I assume you are talking about Ulster Bank as you have a mortgage with them.

My mate has been chasing Ulster Bank for months for a credit card with no success.  hmmmm ....


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## gally74 (15 Sep 2008)

well, ive asked them for the percentage, and the amount of interest paid in 3 months,

ulster bank are part of BOS in Ireland, which is part of HBOS in the UK, HBOS's share price is in serious decline, could they be under this much pressure for cash?


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## GeneralZod (15 Sep 2008)

19%, where do I sign up, it's like boom times again. 

They're part of Royal Bank of Scotland (RBS) not Halifax Bank of Scotland (HBOS).


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## WaterSprite (15 Sep 2008)

Get them to put the 19% APR bit in writing - I'd be amazed if someone isn't mistaken here...

Sprite


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## TSThomas (16 Sep 2008)

[broken link removed]

Presumably they misinformed you; and there's better rates around anyway.


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## ClubMan (16 Sep 2008)

gally74 said:


> *Re: 4.75% 3 months, 19% apr*
> 
> folks,
> 
> ive been offered this rate for a 3 month deposit


_APR _is for loans. _CAR/AER/EAR_ is for deposits. Are you sure that they're not offering you a credit card or something!


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## Brendan Burgess (16 Sep 2008)

> Are you sure that they're not offering you a credit card or something!


 
Brilliant!


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## gally74 (16 Sep 2008)

look, im no dope here, know that 4.75for 3 months is nuts, have asked 2 different people in the bank was it correct also asked them for a calculation in $$ terms of the interest the deposit would accru and they both tallied,

they said it s a branch only offer!

are ye sure, HBOS in UK is not the owners of bank of scotlant and hence ulsterbank?


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## Sunny (16 Sep 2008)

gally74 said:


> look, im no dope here, know that 4.75for 3 months is nuts, have asked 2 different people in the bank was it correct also asked them for a calculation in $$ terms of the interest the deposit would accru and they both tallied,
> 
> they said it s a branch only offer!
> 
> are ye sure, HBOS in UK is not the owners of bank of scotlant and hence ulsterbank?


 
Ulster Bank is owned by Royal Bank Of Scotland. Different to HBOS.

Take the rate and run if thats the case.


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## ClubMan (16 Sep 2008)

If they are offering to pay 4.75% for 3 months on deposits then it's almost certainly 4.75% _*AER *_which will mean c. 4.75% / 4 = 1.19% gross return on your money over that three month period.



gally74 said:


> look, im no dope here, know that 4.75for 3 months is nuts, have asked 2 different people in the bank was it correct also asked them for a calculation in $$ terms of the interest the deposit would accru and they both tallied,


Post the figures here.


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## gally74 (21 Sep 2008)

folks,

ye were all right, got them to confirm and it was 4.75 per year,

p


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## ClubMan (21 Sep 2008)

So are you saying that two people in the bank previously gave you return figures which tallied with the 19% _APR _figure?


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## rmelly (21 Sep 2008)

gally74 said:


> folks,
> 
> ye were all right, got them to confirm and it was 4.75 per year,
> 
> p


 
Don't think there was ANY doubt it was wrong.

Although in fairness it did give us this, so maybe it was worth it:



> Are you sure that they're not offering you a credit card or something!


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## twofor1 (22 Sep 2008)

I understood a balance of for example €40K in a joint account was 90% protected under the Irish Deposit Protection Scheme (€20K x 2 x 90% = €36K), I asked Anglo by email to confirm this, this was weeks ago before this weekends developments.

They replied weeks ago and said I was correct and we would receive €40K using my example under the scheme.

 I asked them to clarify as the scheme only covers 90%, should the figure not be €36K?

The polite reply was – no, my supervisor has confirmed in your example of a joint account with a balance of €40K you would receive €40K.

This was clearly incorrect at the time.

My experience with banks has often been the person you are dealing with or indeed their supervisors are often inaccurate in their information.

I could easily see how the O/P could be given wrong information twice.


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## GeneralZod (22 Sep 2008)

Yes, it is definitely within the realm of possibility.

But if that happened in this case it was a particularly egregious mistake for the bank official to make.


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## ClubMan (22 Sep 2008)

Yes - if it is the case that two separate bank officials calculated returns in line with 19% _APR _rather than 4.75% _APR _(for 3 months) then that would be extremely dodgy. Of course perhaps they gave our correct information and the original poster simply misinterpreted it?


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