# Ulster Bank Regular Saver changes



## Lightning

Ulster Bank have made plenty of changes to their regular saver products. 

This needs a new thread due to all the changes and the popularity of this product. 

UB have removed this product:



> *Ulster Bank: Regular Saver*
> _*3.50%*_ up to €100,000.
> Note 1: Regular lodgements required (standing order only)
> Note 2: Minimum €1 a month; Maximum €1,000.
> Note 3: Interest paid on first working day of each quarter.
> Note 4: Maximum balance €100,000.
> Note 5: Online access to account.
> Note 6: Optional ATM card offered.



UB have launched this product:



> *Ulster Bank: Special Interest Deposit Account.*
> _*4.00%*_ up to *€15,000*.
> _*1.50%*_ from €15,000 to €100,000.
> Note 1: Regular lodgements required (standing order only)
> Note 2: Minimum €1 a month; Maximum €1,000.
> Note 3: Interest paid annually each October.
> Note 4: Online access to account.
> Note 5: Withdrawals are limited to €13,000 per day to non Ulster Bank accounts.



Note the changes
1) Rate increased.
2) Cap for high rate dropped from 100K to 15K. 
3) Interest changed from quarterly to annually.

If you have the old account, the rate is likely to drop shortly, possibly to 0.01% so you may have to consider switching/moving your lump sum shortly.


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## justsally

*phew* CiaranT you gave me a fright!!! I thought someone else had taken over your much sought after and highly paid job of keeping money matters updated for us. But I see from another post that it's only Fungus's user's name that has changed.  My poor ticker can't take that kind of fright!!!!!
these kind of shocks.

Cheers

Justsally


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## Lightning

Thanks Sally. No shocks intended !!


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## thesmiler

I guess I can continue saving on the Regular Saver until they drop the rate?

Could I open the new account and (while the rate isn't dropped yet) save 2000 Euro per month?


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## Lightning

thesmiler said:


> I guess I can continue saving on the Regular Saver until they drop the rate?



Yeah, it won't be long coming. 



thesmiler said:


> Could I open the new account and (while the rate isn't dropped yet) save 2000 Euro per month?



Yeah, but it may not be worth the hassle as the drop will happen soon.


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## coldcake

I just got off the phone to Ulster bank ( Emma in the call centre) and was advised  of the following. The regular savers account has been closed to new customers for the past two months. The interest rate is hasn't changed recently and while can't predict the variable rate she hadn't heard about a planned drop in the rate. You can't transfer lump sums into the special interest deposit account you can only lodge regular amounts between 1 euro and 1000 a month. She said just to keep the regular savers account and keep an eye on the interest rate as usual and just keep saving.


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## GON15

What is the rate of interest on the old regular saver at the moment?


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## TheJackal

GON15 said:


> What is the rate of interest on the old regular saver at the moment?


 
It's still 3.5%

[broken link removed]

I must remember to keep an eye on this...


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## Lightning

coldcake said:


> while can't predict the variable rate she hadn't heard about a planned drop in the rate. You can't transfer lump sums into the special interest deposit account you can only lodge regular amounts between 1 euro and 1000 a month. She said just to keep the regular savers account and keep an eye on the interest rate as usual and just keep saving.



Waffle by a vested interest. Ulster Bank have made a strategic decision to maximise profits by dropping the rate on an existing product and offering a sweetener to new customers. The rate will drop.


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## Lightning

Ulster Bank had an advertisement in The Irish Times today. 

They have reduced the interest payment on their old Regular Saver account by 0.50% to 3.00%. 

I expect more decreases.


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## bleary

I had a first active regular saver, when it moved UB told me that the terms would remain the same. Anyone know if the rate drop applies to this account. Did my FA account become a UB regular saver with all its terms and conditions


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## camlin90

Yep the old First Active Regular Saver and the Ulster Bank Regular Saver are identical.
Withdrew all funds from both and cancelled my SO's yesterday - cheers Ciaran. Those were the days 7.15% from First Active!! Oh well all good things come to an end.


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## TheJackal

CiaranT said:


> Ulster Bank had an advertisement in The Irish Times today.
> 
> They have reduced the interest payment on their old Regular Saver account by 0.50% to 3.00%.
> 
> I expect more decreases.


 
Still says 3.5% on their website! Did you spot a start date for the reduction? 

Guess it's An Post for me!


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## cork

What is the an post option?


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## Lightning

TheJackal said:


> Still says 3.5% on their website! Did you spot a start date for the reduction?



May 15th 2010.


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## TheJackal

cork said:


> What is the an post option?


 
An Post do the best 3 year & 5.5 year rates for fixed term lump sum savings


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## Happy Girl

Rang Ulster Bank yesterday and said "there are no plans to reduce regular saver interest rate (currently 3.47%)". He knew nothing about ad in newspaper last week re rate decrease.


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## Lightning

Staff are not always told about pre-announcements.


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## chlipps

Anyone know what the latest rate is for this regular saver account?.. I dont see it on the Ulster bank page.


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## Lightning

Ulster pay 3% for the legacy Regular Saver account.

[broken link removed]


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## Lightning

Ulster pay 3% for the legacy Regular Saver account.

[broken link removed]


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## chlipps

Thanks for update... worried there for awhile that they had it reduced similar to rate as per their similar interest deposit account when >15K


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## Lightning

Now that it is a legacy product, almost certainly Ulster Bank will reduce the rate to 0.01% over a period of time.


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## jaykayphd

*Ulster bank reducing their rates again effective from 2 Aug 2010*

Pathway and eSavings plus rates shall be coming down from the 2 Aug 2010

[broken link removed]


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## Lightning

Yeah, these changes are already reflected in the best buy threads.


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## waterman

Hello,

Looking for some advise (or how to calculate for myself). I have the old regular saving account, as far as I'm aware it is still paying 3%. In this account I have over 10k and I add to it every week.

My questions is would I be better to keep saving to this account as all my money is earning 3% or should I stop saving into this account and open the new 4% regular saving account with either EBS or UB? And how can I calculate at what rate it would become better to open the new account?

Thanks,
WM


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## Lightning

Yes, the legacy regular saver account is still paying 3%. However, this is very likely to decline to 0.01% over the coming months. 

I suggest you do the following:
Stop saving into this account and close it. Wire the lump sum to a Nationwide UK account which pays 3.3%. Then open an EBS account at 4% and save for one year only into this account.


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## waterman

Thanks CiaranT. Will look into those 2 accounts to see if they suit me.

Regards,
WM


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## kildon

the EBS rate of 4% is fixed for the 12 months of regular saving...its a no brainer as far as I can see


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## MysticX

Is it possible to close this account without dropping into your branch? (I really wish they would open on Saturdays)


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## jpd

I'm sure that a letter would be more than acceptable.


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## TheJackal

Mid-Oct now and rate still appears to be [broken link removed], which isn't too bad if you have a nice bit built up in the account.

After all, it's better to be getting 3% on a larger balance than having to start again from scratch on the 4% rate.


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## thesmiler

I don't see what's wrong in doing both...


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## helsbells

*UB Regular Saver*

The rate is still 3%, which was confirmed by UB branch earlier this week.


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## TheJackal

Nearly a full year since the rate was reduced and still [broken link removed]

Quite surprised but happy it hasn't been reduced further. I received c. 150euro in interest after DIRT for the last quarter.


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## TheJackal

Bumping this because I spotted an ad on tv the other day which said UB are paying 3% on balance up to 15K, 1.5% on balance. 

Assume they referred to their special interest deposit account.

I even rewinded the ad to confirm it said 3%, not 4% as it was (as still claims to be on UB's website). Confusing!

Anyone else spot that ad?


The old regular saver account is still paying 3% on balances up to 100K btw. Glad I've stuck with it!


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## TheJackal

TheJackal said:


> Bumping this because I spotted an ad on tv the other day which said UB are paying 3% on balance up to 15K, 1.5% on balance.
> 
> Assume they referred to their special interest deposit account.
> 
> I even rewinded the ad to confirm it said 3%, not 4% as it was (as still claims to be on UB's website). Confusing!
> 
> Anyone else spot that ad?


 
Think I can answer my own query here. Their sterling account pays 3%...


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## chlipps

web page as follows
[broken link removed]

no mention on that page of any interest rate change so i think its still 3%


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## TheJackal

Just got a phone call from my UB branch in Cork.

Regular Saver to go down from 3% to 2.75% next month. 

Still not bad if you have a nice bit built up by now. Max 100K balance allowed. I got 200euro interest last Qtr after DIRT.


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## chlipps

Their website still shows it at 3. Strange that they rang you to tell you about a reduction. Normally they try to hide the fact about reductions so that you dont decide to move your money/account


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## TheJackal

chlipps said:


> Their website still shows it at 3. Strange that they rang you to tell you about a reduction. Normally they try to hide the fact about reductions so that you dont decide to move your money/account


 
He was persuing me to change over to another account. Sent me out brochures. Perhaps he is on commission.

The pending change to 2.75% won't be on the website, as he said rate not changing til next month.

UB do offer higher rates, such as 4% on the current regular saver on balances up to 15K, then 1% on entire balance.

But this a/c (closed to new customers) is paying 3% (and 2.75% come Feb if he is correct) on balances up to 100K. 

So youre better staying with it. You could always open a 4% a/c as well, of course. 

Shows how important it is to educate yourself on what savings products are out there, and not be taken in by someone on the phone.


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## aoc3048

I was also advised of the change to the Regular Saver rate at a recent meeting.

Can you just confirm this though:



TheJackal said:


> UB do offer higher rates, such as 4% on the current regular saver on balances up to 15K, then 1% on entire balance.



Are you referring to the SIDA? I thought that paid 4% on first 15k and 1.5% on remainer, and no change to that account was mentioned.


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## chlipps

TheJackal said:


> He was persuing me to change over to another account.,,,,
> 
> Shows how important it is to educate yourself on what savings products are out there, and not be taken in by someone on the phone.


 
I thought UB would not allow one transfer money into another UB account i.e. that they only allowed you open a new account if the money was being fed in from another external bank account 

Yes, very true as regards educating yourself. I'm leaving it in the one for 3% for now


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## TheJackal

aoc3048 said:


> I was also advised of the change to the Regular Saver rate at a recent meeting.
> 
> Can you just confirm this though:
> 
> 
> 
> Are you referring to the SIDA? I thought that paid 4% on first 15k and 1.5% on remainer, and no change to that account was mentioned.


 
I think I was wrong there. It's 1.5% on the remainder above 15K

[broken link removed]


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## TheJackal

The old regular saver rate has been dropped from 3% to 2.75% now

[broken link removed]


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## Lightning

Yeah, Ulster have changed a lot of their legacy rates. 

Full cache comparison of old legacy rates to new legacy rates:
https://www.changedetection.com/log/ie/ulsterbank/no-longer-available_log.html


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## chlipps

Value is still quoted at 2.97% gross / 3% AER on the link. Where have you seen the reduction?

[broken link removed]


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## Lightning

chlipps said:


> Value is still quoted at 2.97% gross / 3% AER on the link. Where have you seen the reduction?
> 
> [broken link removed]



What do you mean by "Value"? 

The regular saver account is now 2.75% AER.


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## chlipps

'' Value''... sorry i mean ''Interest Rate''... it is listed as 2.97% gross/3% AER on the link in your post,... just wondering where you have seen 2.75%

Row is as follows
Regular SavingsQuarterly1-100,000              2.97          3.00


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## TheJackal

chlipps said:


> '' Value''... sorry i mean ''Interest Rate''... it is listed as 2.97% gross/3% AER on the link in your post,... just wondering where you have seen 2.75%
> 
> Row is as follows
> Regular SavingsQuarterly1-100,000 2.97 3.00


 
no. Not sure why your page is still saying teh old rate. It says

Regular Savings Quarterly 1-100,000 2.72 2.75


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## Lightning

chlipps said:


> '' Value''... sorry i mean ''Interest Rate''... it is listed as 2.97% gross/3% AER on the link in your post,... just wondering where you have seen 2.75%



Here: [broken link removed]

Click the refresh button on your browser if the new rate is not appearing.


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## chlipps

Thanks... works now


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## TheJackal

Not sure when this came in but just had a random look on UB's website and the rate has dropped again by 0.25%

Regular Savings Quarterly 1-100,000 2.47 2.49

Edit: that's it for me. Moving my cash now. Prob to An Post


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## Lightning

It came in yesterday, as at 15 October 2012.


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## seantheman

I see that in the Sunday Times money section yesterday that they had UB
monthly savers at 3.5%. That's not correct ,is it?


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## TheJackal

seantheman said:


> I see that in the Sunday Times money section yesterday that they had UB
> monthly savers at 3.5%. That's not correct ,is it?


 
Drops to 3% end of Jan


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## Lightning

seantheman said:


> I see that in the Sunday Times money section yesterday that they had UB
> monthly savers at 3.5%. That's not correct ,is it?



The Sunday Times are not including the rate change announced in November 2012 with the effective date of late January 2013. 

If a rate change has been pre-announced, then I personally think that all best buy lists should update their rates at that point in time rather then waiting for the effective date. It gives people the best possible information when opening an account.


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## seantheman

CiaranT said:


> The Sunday Times are not including the rate change announced in November 2012 with the effective date of late January 2013.
> 
> If a rate change has been pre-announced, then I personally think that all best buy lists should update their rates at that point in time rather then waiting for the effective date. It gives people the best possible information when opening an account.


 
Agree entirely with your way of dealing with rate changes in the Best Buy's


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## TheJackal

Ulster Bank dropping rates again

http://www.ulsterbank.com/roi/perso...mation/summary-rates/no-longer-available.ashx

from Dec 2nd from 1% to 0.5%


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## Lightning

Yeah, that rate change was announced on 2 October 2013. There is no reason to keep that legacy Ulster Bank regular saver account open.


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## elcato

Sorry - Am I missing something. The regular saver up to 15k is still 2.5% according to their website. Is this changing soon ?


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## TheJackal

elcato said:


> Sorry - Am I missing something. The regular saver up to 15k is still 2.5% according to their website. Is this changing soon ?


 
No change mentioned yet. See here

http://www.ulsterbank.com/roi/personal/saving/useful-information/summary-rates.ashx

The other account mentioned in an older regular saver a/c no longer open to new customers. It was ported over from First Active a few years ago. UB have been steadily reducing the rate paid on that a/c.


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## Lightning

Exactly. There is no rate change to the Ulster Bank Special Interest Deposit Account rate. The rate change is on the legacy Ulster Bank regular saver product.


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