# PTSB and AIB high interest current accounts vs. UB €150



## pennypincher (13 Mar 2007)

Seems too good to be true: [broken link removed]


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## BrenG (13 Mar 2007)

*Re: PTSB 10%Current Account*

Obviously is too good to be true. Something here is not quite right. Don't hold your breath.


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## Welfarite (13 Mar 2007)

*Re: PTSB 10%Current Account*

This is following AIB's same type of account but paying 5%. In fact its a good marketing ploy in that they only pay out UP TO €1500 on any account which €150 before DIRT.


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## sulo (13 Mar 2007)

*Re: PTSB 10%Current Account*

Link to Interest Rates section on PTSB:
[broken link removed]


PDF of INTEREST RATES AS AT March 8th 2007
[broken link removed]


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## z105 (13 Mar 2007)

*Re: PTSB 10%Current Account*

Sulo can you please copy and paste the link ?

The link to where on the PTSB website this info is ?


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## MugsGame (13 Mar 2007)

*Re: PTSB 10%Current Account*

It's not too good to be true, it's just clever marketing. 10% is only for the first year, and only on the first €1500. The €150 cash payment on offer from UB is actually a better deal if you work it out.


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## jrewing (13 Mar 2007)

*Re: PTSB 10%Current Account*

But AFAIK the UB deal is a once-off, the PTSB you should get every year. Right ?


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## DublinTexas (13 Mar 2007)

*Re: PTSB 10%Current Account*

And current customers can get  4 % for up to 1500 € out of if they meet the 1500 € a month to the account & 1 billpayment rule:

[broken link removed]


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## KalEl (13 Mar 2007)

*Re: PTSB 10%Current Account*



MugsGame said:


> It's not too good to be true, it's just clever marketing. 10% is only for the first year, and only on the first €1500. The €150 cash payment on offer from UB is actually a better deal if you work it out.


 
Where does it say the deal is for one year?
Even if it is surely it beats the other offers?


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## MugsGame (13 Mar 2007)

*Re: PTSB 10%Current Account*

sudo's link says it's an introductory offer. RTE say it only applies to the end of the year, which is about 9 months, reverting to 4% afterwards, so the AER for year 1 is aprox. 8.5%.

UB's €150 cash in hand better than PTSB's 8.5% of €1500 (at most, probably less) a year from now, less DIRT. 

Also in the RTE link, [broken link removed] for the next three months (AER 5.81%) -- and this rate is available to existing customers too, unlike PTSB.


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## KalEl (13 Mar 2007)

*Re: PTSB 10%Current Account*



MugsGame said:


> sudo's link says it's an introductory offer. RTE say it only applies to the end of the year, which is about 9 months, reverting to 4% afterwards, so the AER for year 1 is aprox. 8.5%.
> 
> UB's €150 cash in hand better than PTSB's 8.5% of €1500 (at most, probably less) a year from now, less DIRT.
> 
> Also in the RTE link, [broken link removed] for the next three months (AER 5.81%) -- and this rate is available to existing customers too, unlike PTSB.


 
Is the €150 not a once off cash dropsy for want of a better word?
I would have thought 8.5% and 4% thereafter is better than that...


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## MugsGame (13 Mar 2007)

*Re: PTSB 10%Current Account*

Who is guaranteeing any of these deals will still be available in a year? If someone is going to switch solely for the best deal (which I think is a bad idea anyway) they can switch again in a year, based on what's available then. The best deal now has to be assessed on its immediate merits.

UB will give you €150 cash into your hand (which you can then stick in a deposit account.). Not sure how long you have to keep the account open for, but probably no more than 12 months. PTSB will give you 8.5% (less DIRT) of €1500 (about €100) in a year's time. And that's assuming you meet certain conditions and have over €1500 in your account at all times (if not it will be 8.5% of some smaller balance).


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## KalEl (14 Mar 2007)

*AIB offer 11% on current a/c's-short term*

This seems to be a generous offer even if it's only until June.
So now you can have €1500 earning 11% with AIB and €10,000 earning 5% with Rabo. Good to see


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## MugsGame (14 Mar 2007)

AIB's is a time limited offer as stated above -- annual rate is 5.81% (and dropping each day.). You have to meet certain terms and conditions to avail of the offer. Effective interest rate on this (and from PTSB) is lower still as most people who qualify will have a higher balance for part of the month.


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## plaudit (14 Mar 2007)

I switched to UB for the €150 today. I guess if you have enough time you can keep switching around between different banks and credit cards etc. to make a few quid for yourself. 

For example my credit card gets paid off every month by direct debit and the limit is €2200, I could switch to somebody offering 9 months interest free and open a current account with AIB, deposit €1500 that I usually use to clear my credit card into an AIB current account and get ~€100 "free money"


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## Cahir (14 Mar 2007)

I just switched my AIB current account to a high interest current account.  Only took about 3 minutes.


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## KalEl (14 Mar 2007)

Cahir said:


> I just switched my AIB current account to a high interest current account. Only took about 3 minutes.


 
Marvellous...so you have to ring them and ask to be put on a high interest current account?


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## Cahir (14 Mar 2007)

KalEl said:


> Marvellous...so you have to ring them and ask to be put on a high interest current account?



Yes.  I rang my branch and they put me through to some other place.  All they have to do is change the description of the account.


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## KalEl (14 Mar 2007)

Cahir said:


> Yes. I rang my branch and they put me through to some other place. All they have to do is change the description of the account.


 
Thanks...I'm actually on the phone right now doing it!


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## Galway99 (14 Mar 2007)

just did it too... originally rang their main number but was given another 1850 152428


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## NHG (14 Mar 2007)

...because our c/a with aib is a old one (and on a 30 line or something) they cannot change the a/c description over automatically and we would have to open an new a/c and therefore change all the direct debits, standing orders, maestro card etc ... there is always an obsticle in the way...


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## plaudit (14 Mar 2007)

NHG said:


> ...because our c/a with aib is a old one (and on a 30 line or something) they cannot change the a/c description over automatically and we would have to open an new a/c and therefore change all the direct debits, standing orders, maestro card etc ... there is always an obsticle in the way...


 
This is the biggest problem with switching banks and accounts etc. They should be able to just do it without you having to bring in 2 bills, ID, marraige certificates etc. I did fill in a form to get the direct debits and standing orders sorted out by the banks but the girl in Ulster bank more or less said that somebody along the way will probably make a balls of it and I will have to keep an eye on it all myself.


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## gordongekko (14 Mar 2007)

They will only change solo accounts over the phone for joint accounts you have to go into the branch


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## Seagull (14 Mar 2007)

I phoned into the branch, and I was told we don't actually have to go in. We just have to send in a request with both signatures.


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## KalEl (14 Mar 2007)

They can't change mine until next week!
Some rubbish about interest yet to be applied to my account blocking the changeover to a HICA-apparently that's the official term. High Interest Current Account


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## Noor77 (14 Mar 2007)

AIB have just today upped their "HICA" rate to *11 percent* - pursuant to another jump by PTSB


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## MugsGame (14 Mar 2007)

See above Noor -- the annual rate is 5.81% (and dropping the later you open the account.).


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## Mayo1969 (15 Mar 2007)

Ditto. Was concerned since the small print had mentioned that you might lose some benefits but this is only really applicable if your existing CA was a student account with favourable lending rates or if you had an AIB pension. There is a quarterly admin fee for the a/c but this is obviously waived if you qualify for free banking, i.e. by using your laser card and paying at least one bill per quarter (e.g. Credit card) via on line banking.


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## irishpancake (15 Mar 2007)

I've been disappointed by AIB on this.

First person I spoke to last week said yes no probs, we can do it for you now. I said just let me think about it, i'll get back onto you. She had all the account info, etc

Got back on yesterday, and apparently because I have what's called a "Rolloverdraft" with them, I have to call into the Branch, which I haven't done for years  

Has anyone encountered this, does it mean that my account number, DD's, SO's etc, will have to be migrated to a new account. If so, I think I'll jump ship.


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## irishpancake (16 Mar 2007)

Just an update on this.....

Very angry with AIB. 

Called into my Branch today, only to be told that the only way I can be facilitated is to switch my account, including having to change my long-standing, over twenty years, account number, with all that entails for my DD's SO's, Rabo money mover, Salary payments, etc.

This is due to so-called "old Accounts" such as my rolloverdraft not being facilitated by the IT people when they designed the account conversion system.

Apparently, there is no way around this, short of redesigning the software globally. This is their excuse.

Now, I find this totally unacceptable, and I told them this. So my reward for loyally banking with them for as long as I can remember is to be offered a lower level of service than applies to others, even new customers.

Needless to say, I have dispatched a letter of complaint to their Customer Service Department, but don't hold out much hope.


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## BillyNoMates (16 Mar 2007)

Why can't AIB just pay all current accounts the 4%?

Why would there have to be a process in order to switch?


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## mobileme (20 Mar 2007)

I've just been on the phone with them (AIB) as instructed on their website and surprise, surprise, I have to go into the branch to change. No explanation...just the way your account is set up blah blah. They are a royal pain in the behind...


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## oldtimer (20 Mar 2007)

I rang AIB central low cost phone number last week and, after verifying my personal details, was transferred to high interest current account there and then on the phone. Was also told it was *11% interest* until June. I mentioned as I was an existing customer would I lose any benefits as stated on website and was told no. Couldn't believe it was so simple.


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## KalEl (20 Mar 2007)

oldtimer said:


> I rang AIB central low cost phone number last week and, after verifying my personal details, was transferred to high interest current account there and then on the phone. Was also told it was *11% interest* until June. I mentioned as I was an existing customer would I lose any benefits as stated on website and was told no. Couldn't believe it was so simple.


 
As I stated earlier there was a problem switching my a/c over to this HICA and I was told to call back tomorrow. Is everyone sure there is no sting in the tail with this product...that it doesn't impinge on free fees, online banking etc?


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## irishpancake (20 Mar 2007)

KalEl said:


> As I stated earlier there was a problem switching my a/c over to this HICA and I was told to call back tomorrow. Is everyone sure there is no sting in the tail with this product...that it doesn't impinge on free fees, online banking etc?



Hi KalEl

See my previous post on this.

Apparently, AIB's IT people were not able to include certain "Old Account" types, such as my Rolloverdraft, into the Account conversion procedure, and as this only affected a small percentage of their customer base, they launched the product anyway. 

The major drawback for me personally is that to now avail of the HICA, I will have to change my account number, with all the hassle that entails for OD's, S/O's, salary payment into a/c, etc, etc.

Now, if I have to do that, I may as well switch to another provider, such as UB or PTSB, who are offering similar deals, with less restrictive free banking current accounts.

I have written a very scathing letter, by snail mail to their Customer Services Manager in Bank Centre Ballsbridge, and I will keep the board informed.


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## sherib (20 Mar 2007)

A small correction which might be of interest. Current account numbers will *not* be changed when signing up to the new high interest current account. This only applies to old *Cash Save* accounts I've just been told. I have to fill in a form to apply for this HICA. 

The rate is 11% until June and then 4% until - I don't know when.


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## KalEl (20 Mar 2007)

irishpancake said:


> Hi KalEl
> 
> See my previous post on this.
> 
> ...


 
Thanks IPC...I actaully went into the branch today as I was nearby. Turns out I was given misinformation over the phone and wouldn't have been able to switch to a "HICA" by ringing them tomorrow.
There's a problem with any current account opened prior to the money laundering legislation. I've got to drop in the usual stuff (bill, ID etc) before they can change the account...it'll still be the same account with the same number.
Fair enough I suppose...just have to get the Colombian money sent straight to Rabo!


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## sherib (20 Mar 2007)

> Originally Posted by *KalEl*
> There's a problem with any current account opened prior to the money laundering legislation.


That's strange - my account has been with the same AIB branch for > 25 years and I only have to fill in an application form to avail of the HICA - but then I have only ever had a standard current account. There's been no mention of having to submit any documents. Maybe they've overlooked my money laundering account - joke . And though I haven't been over the threshold of the bank in 25 years (due to changed address) I haven't had a single problem in all that time.


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## KalEl (20 Mar 2007)

sherib said:


> That's strange - my account has been with the same AIB branch for > 25 years and I only have to fill in an application form to avail of the HICA - but then I have only ever had a standard current account. There's been no mention of having to submit any documents. Maybe they've overlooked my money laundering account - joke . And though I haven't been over the threshold of the bank in 25 years (due to changed address) I haven't had a single problem in all that time.


 
It just shows you how things really differ from branch to branch...


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## sooty (20 Mar 2007)

NHG said:


> ...because our c/a with aib is a old one (and on a 30 line or something) they cannot change the a/c description over automatically and we would have to open an new a/c and therefore change all the direct debits, standing orders, maestro card etc ... there is always an obsticle in the way...


 

Yes, this is true....anyone with an current account opened for a long time with AIB would be under a code 30.......the new HICA is under the code 40......you cannot switch from a 30 to a 40......know its bank jargon but thats the way it is.

What is needed is a new account number etc.


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## sooty (20 Mar 2007)

sherib said:


> A small correction which might be of interest. Current account numbers will *not* be changed when signing up to the new high interest current account. This only applies to old *Cash Save* accounts I've just been told. I have to fill in a form to apply for this HICA.
> 
> The rate is 11% until June and then 4% until - I don't know when.


 

Incorrect Sherib......don't know where you got this but it has nothing got to do with Cashsave accounts?.....


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## MugsGame (20 Mar 2007)

I think Sherib means that one of the "current accounts" that can't be switched automatically is the old Cashsave account.


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## sherib (20 Mar 2007)

Yes MugsGame - that's correct. My current account number will not change with the new AIB HICA - I don't know anything about Cash Save accounts or what their description or status is, except what I was told by a bank employee - they cannot retain their old a/c number.


> Originally Posted by *Sooty *
> ..anyone with an current account opened for a long time with AIB would be under a code 30.......the new HICA is under the code 40......you cannot switch from a 30 to a 40......know its bank jargon but thats the way it is.
> 
> What is needed is a new account number etc.


 
Must disagree. My current account with AIB is an old one, like 25 years, and the account number will not be changed I have been assured. But then as KalEl wrote there seems to be differences between branches tho' that shouldn't impinge on software which, presumably, is common to all the branches. 

Perhaps the confusion is calling cash save accounts "current accounts" which they don't appear to be in AIB's banking lingo or so it seems.


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## sooty (20 Mar 2007)

*My current account with AIB is an old one, like 25 years*, 

Would by any change your account have been maybe a Student Account changing over to the different levels as the years went on?

sooty


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## KalEl (20 Mar 2007)

sooty said:


> *My current account with AIB is an old one, like 25 years*,
> 
> Would by any change your account have been maybe a Student Account changing over to the different levels as the years went on?
> 
> sooty


 
No, mine was a student account which has since changed but I still have to jump through a few hoops to get the HICA.


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## sooty (20 Mar 2007)

Very interesting......all student or children accounts are product code 40 within AIB......the new HICA is also in the family of the product code 40 so it should have been a straight forward swap.....did you have to change number?


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## KalEl (20 Mar 2007)

sooty said:


> Very interesting......all student or children accounts are product code 40 within AIB......the new HICA is also in the family of the product code 40 so it should have been a straight forward swap.....did you have to change number?


 
No apparently not. I rang last week to get them to change the account to a HICA and they told me they couldn't because there was still interest to be applied to my current account. They said if I called back on Wednesday (tomorrow) it'd be fine.
I happened to call in today and was told I'd need to provide ID and utility bills as I opened my a/c prior to the money laundering changes. They said the number would stay the same.
It started as a student account, became a graduate account and is free fees at the moment.


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## sooty (20 Mar 2007)

Yes that makes sense....your account started off in the "40" family and so can be changed over.....you will need to make sure you continue to do 1 laser transaction per quarter and 1 24 hour/internet banking transaction per quarter to qualify for the free banking.....the reason they asked for the money laundering requirements is probably coz they are constantly updating their records....


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## sherib (21 Mar 2007)

*My current account with AIB is an old one, like 25 years*,


> Originally Posted by *sooty*
> Would by any change your account have been maybe a Student Account changing over to the different levels as the years went on?


The above post by Sooty seems to refer to an earlier one of mine:


> My current account with AIB is an old one, like 25 years, and the account number will not be changed I have been assured.


To satisfy your persistence - my current account with AIB is > 25 years in existence. I never had a student account with AIB just a plain, ordinary, money in, money out standard current account. I wouldn't bother with the HICA if there was any question of changing my account number - fortunately there isn't. Maybe I'm just an upstanding, longstanding customer. I'm satisfied that AIB is satisfied that my a/c no. stays the same. No offence but isn't this getting a bit boring?
Sherib


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## smree (21 Mar 2007)

Called AIB and changed over this morning no problems (Hopefully!).


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## River (21 Mar 2007)

KalEl said:


> It started as a student account, became a graduate account and is free fees at the moment.



I also had a graduate account and was told that if I wanted the HICA, my account would have to be reclassed i.e. would no longer be a graduate account. I believe the only benefits of graduate account are the free fees which I qualify for anyway so I agreed to the reclass.

I did not have to provide any additional ID details but account was opened within last 10 years


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## ClubMan (21 Mar 2007)

Not sure if it was mentioned already but *existing *_PTSB _current account holders should go [broken link removed] in order to enable interest payments on their account.


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## KalEl (21 Mar 2007)

River said:


> I also had a graduate account and was told that if I wanted the HICA, my account would have to be reclassed i.e. would no longer be a graduate account. I believe the only benefits of graduate account are the free fees which I qualify for anyway so I agreed to the reclass.
> 
> I did not have to provide any additional ID details but account was opened within last 10 years


 
So was mine...which leads me to believe their procedures vary from branch to branch. My one is a disaster on a number of fronts!


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## sooty (21 Mar 2007)

sherib said:


> *My current account with AIB is an old one, like 25 years*,
> 
> No offence but isn't this getting a bit boring?
> Sherib


 

Pardon me for being curious!......just doesn't make sense....anyway....will say no more.

sooty


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## Joe Nonety (22 Mar 2007)

When I switched to the high yield current account I was told I'd have to get rid of my overdraft facility or else I'd lose 1.5%.


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## parsi (30 Mar 2007)

Hmm. I rang their locall number and was told to contact the branch. The branch told me to write in or fill out a form in another branch. The lost my fax but received the second copy. They then rang to tell me that I had a very rare (!!) account and I couldn't change unless I changed my account number "because the system wont allow it". I told them if I was doing that I may as well change my bank...

Much humming and hawing followed. Was asked if it was a business account - replied that I'm paye. End result was that they are to ring me back.


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## Boombastic (3 Apr 2007)

Hi Guys, it appears there is an issue surrounding older AIB accounts being moved to the High interest account. Unfortunately the systems department never explained to Branch staff how to move these older accounts, the problem arises because the Branch try to move the account number to the high interest account and the system does not allow them. In order to move older accounts the Branch need to change the customer type to D (I think that's what It is) and the system will allow them to move you straight away. To summarise explain to your Branch that they need to change your customer type before trying to switch account types.

Hope this helps


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## sooty (3 Apr 2007)

Not the case Boombastic....nothing got to do with customer type....as I said before it is because some old AIB accounts are under a type 30 and the new accounts are under a type 40.....the system within AIB won't allow a swop from a 30 to a 40.....


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## Boombastic (3 Apr 2007)

sooty said:


> Not the case Boombastic....nothing got to do with customer type....as I said before it is because some old AIB accounts are under a type 30 and the new accounts are under a type 40.....the system within AIB won't allow a swop from a 30 to a 40.....


 

That's strange, I had an old account which they could not transfer over, I rang my contact in Corporate Banking and they sorted it out with the branch and the IT department and that was the explanation given to me.


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## MugsGame (3 Apr 2007)

Has anyone who has changed their AIB account to a high interest account received anything in the post to confirm it? I switched by phone over three weeks ago, was told they would send me out some bumph, and have yet to receive anything.

Update: got home and the bumph had arrived in today's post!


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## cool_cat (13 Apr 2007)

One of the PTSB [broken link removed] to get the high rate says you must:

_"Carry out 1 financial transaction on www.open24.ie, permanent tsb’s Internet Banking Facility a quarter, example Money Transfer or Bill Payment. " _

Does this mean if you transfer money to say your Rabo account once a month through internet banking, or transfer money between 2 PTSB accounts, you qualify for the rate?

Thanks,


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