# Bank of Ireland announces 10.5% credit interest on current accounts



## Sherman (1 Oct 2007)

Looks like Bank of Ireland are finally realising they have to actually compete in the marketplace. They'll offer 10.5% on credit balances up to €1,500 in current accounts up to February 2008, 4% thereafter.

See here.


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## asdfg (1 Oct 2007)

Can't find anything on their website


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## Guest124 (1 Oct 2007)

Why do you have to register for existing Customers? -This makes no sense to me other than they dont really want everybody registering and hence getting the Interest. What are the T & C's?


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## IrlJidel (1 Oct 2007)

asdfg said:


> Can't find anything on their website



All I find is  news item.


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## Guest124 (1 Oct 2007)

Yes typical BOI -make an annoucement and then have people looking all over their website for a place to register that dosent exist yet.


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## Fauve (1 Oct 2007)

I find this very amusing, I have just switched banks from BoI, and the nice lady at boi rang to tell me about "this offer she just got through the post this morning"... 10.5% interest upto a maximum of €1500
Brief terms are you have to have at least three online transactions per quarter plus other stuff she mentioned ..

We went ahead with the change anyway, so delighted to be away from boi!


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## Banking2006 (1 Oct 2007)

Spoke with Banking365 and agent said i should email careline@boimail.com to register for this offer. Contact appears to be Bernie McDonnell *phone *1850 753 357/ 661 5933 who's dealing with issues until an online registration system is completed.


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## gar123 (1 Oct 2007)

i spoke with them and they put me through to local branch who said i could find a form on website or in branch to fill in to apply

im a current boi customer


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## shanegl (1 Oct 2007)

Too little too late from BOI.

The Halifax offer is more attractive with Visa Debit included.


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## IrlJidel (1 Oct 2007)

shanegl said:


> Too little too late from BOI.
> 
> The Halifax offer is more attractive with Visa Debit included.



How long does Halifax's "10.47% EAR on          balances up to €2,000"  last for?

BOI's is only until Feb 08.


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## Brendan Burgess (1 Oct 2007)

So Bank of Ireland will pay you a max of €75 up to February and a max of €60 per annum after that? 

I don't think that they or AIB or Halifax should be allowed to advertise this product in this way. 

Or else they should be obliged to give a large notice on all ads: The maximum you can earn in a year on this product is €60. 

Brendan


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## Palantir_Use (1 Oct 2007)

Just got off the phone with Banking 365 ... they've set up a separate website for this ...


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## Palantir_Use (1 Oct 2007)

Bah - they lied to me ... even the staff have no idea what's going on


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## IrlJidel (1 Oct 2007)

Palantir_Use said:


> Just got off the phone with Banking 365 ... they've set up a separate website for this ...



Couldn't find any links to that from any of their main websites so when I initially followed your link I immediately thought it was a phishing attempt.

Checked the ssl certificate, IEDR domain entries and IP whois information to put my mind at rest.


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## RSMike (3 Oct 2007)

Spoke to them this evening on B365, I asked as an existing current account holder, could I register for the new current account, and they told me 9after being put on hold for 5 minutes) I will be able to "download" the application form from www.boi.ie on Oct 15th ( and presumably print it off and post it in, ), or I could get the form now from my local branch.

Another disastorous product launch from BOI. After a press release on Oct 1st announcing the ability to register online, it takes another 2 weeks to get the website up to date.

Come on BOI, Enter the 21st century ( or even 20th century for that matter)!


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## Purple (3 Oct 2007)

Brendan said:


> So Bank of Ireland will pay you a max of €75 up to February and a max of €60 per annum after that?
> 
> I don't think that they or AIB or Halifax should be allowed to advertise this product in this way.
> 
> ...


I agree, it's joke offering; just over €1 a week, woopie de do!


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## Towger (10 Oct 2007)

*BOI's 10% on the 1st 1,500 for Current A/C are looking for forms filled and IDs*

Following up on BOI's 'Introduction of Credit Interest on Personal Current Account Balances' .

There still no option to register online, so I contacted my branch. They told me that to get interest on my accounts I will have to :

A.	Fill up a form, which they will post out to me. They must still be having problems with their IT outsourcing.
B.	Send them additional identification, as it is a “legal requirement to have proof of identity, if interest is been paid into an account”.


Please feel free to discuss.


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## z109 (10 Oct 2007)

*Re: BOI's 10% on the 1st 1,500 for Current A/C are looking for forms filled and IDs*

What a load of tosh BoI are. I made a call today to try and get this set up. The first response was:
Ah sure you don't need to register, we'll do it automagically.
When I persisted:
Oh well, I've been on me holidays, sure what do I know.
Then, after talking to supervisor:
Looks like you do. I'll call you back with more details.

That was this morning. It is now this afternoon. I'm still waiting.

I'm also still waiting for another call back this afternoon (from last week) about their high interest 3 month account. Having transferred in mr NR money to my BoI deposit account, they are saying they won't let me open one of the new accounts "because it isn't new money to the bank". Are they the only bank in the world that operate this arcane idea?

They are rubbish and I am going to move my current account, my deposit account, my credit card, my two pensions and my PIP. I've had enough of them.


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## Towger (10 Oct 2007)

*Re: BOI's 10% on the 1st 1,500 for Current A/C are looking for forms filled and IDs*



yoganmahew said:


> Having transferred in mr NR money to my BoI deposit account, they are saying they won't let me open one of the new accounts "because it isn't new money to the bank". Are they the only bank in the world that operate this arcane idea?



I actually had the opposite experience, they were trying to get me to open one of those accounts for my NR money.


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## Marion (10 Oct 2007)

*Re: BOI's 10% on the 1st 1,500 for Current A/C are looking for forms filled and IDs*

I was told that the relevant forms for the current accounts will not be available to the branches until next week.

Marion


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## z109 (10 Oct 2007)

*Re: BOI's 10% on the 1st 1,500 for Current A/C are looking for forms filled and IDs*



Marion said:


> I was told that the relevant forms for the current accounts will not be available to the branches until next week.
> 
> Marion


Makes you wonder how you can get your interest starting 15 October, then, doesn't it


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## Guest124 (10 Oct 2007)

Still nothing on website to register -anybody an update on this?


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## asdfg (10 Oct 2007)

No brochures in the branches either


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## Marion (10 Oct 2007)

Broadbandken and asdfg:

I have merged the 2 threads on this issue. Check out the posts immediately above yours. 

Marion


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## Carmel (11 Oct 2007)

I spoke to an agent on Banking 365 this morning and she told me I couldn't register until 15th October when the application form will be put up on the BOI website.

C


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## Marion (12 Oct 2007)

The application form is on the website now

[broken link removed]

Marion


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## Guest124 (12 Oct 2007)

Sorry maybe I'm mad but if your a current BOI Customer you have to be pay as you go or flat fee or golden customer to get this and then you can also get "FREE" banking but if you are on "FREE" banking at the moment then sorry you cant get this. Is this correct, surely not?


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## IrlJidel (12 Oct 2007)

BroadbandKen said:


> Sorry maybe I'm mad but if your a current BOI Customer you have to be pay as you go or flat fee or golden customer to get this and then you can also get "FREE" banking but if you are on "FREE" banking at the moment then sorry you cant get this. Is this correct, surely not?



You can avail of the interest offer:

To avail of the package you pick a fee structure, but these fees are waived if you make three 365 phone or online transactions.

*"Another great reason to use 365 online and phone*
Make three or more payments from your personal current account using 365 phone or online5 and you will automatically qualify for Free Day-to-Day Banking6."

6 Applies to quarterly account transaction fees payable by customers on the 'Pay as you Go' and 'Flat Fee' options and Account holders with a Golden Years Current Account. Charges for other services may apply. Full details are available from any branch.


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## z109 (12 Oct 2007)

*deleted* - crossed with Irljidel


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## Guest124 (12 Oct 2007)

So the *minimum credit balance of €500* wouldnt count, you would have to make three phone or online transactions?


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## IrlJidel (13 Oct 2007)

BroadbandKen said:


> So the *minimum credit balance of €500* wouldnt count, you would have to make three phone or online transactions?



So it would appear. :-(

I guess it's to prevent ppl setting up  loads of current accounts but effectively treating them as a depostit accounts?

The application procedure is a pain. If it is for accounts you have already why do you have to furnish proof of address and identity again. You should be able to just apply on 365 online.

It's a pretty poor offer on reflection, only running til Feb 08 then reverting to 4%.


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## jasconius (13 Oct 2007)

Forgive my ignorance but if I am an existing customer of many years, why do I have to open this new account to have two current accounts. Surely my existing account can be converted ?

Do all my standing orders and DDs etc have to be transferred to the new account. Does it come with a chequebook etc


Confused !


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## Guest124 (13 Oct 2007)

jasconius said:


> Forgive my ignorance but if I am an existing customer of many years, why do I have to open this new account to have two current accounts. Surely my existing account can be converted ?
> 
> Do all my standing orders and DDs etc have to be transferred to the new account. Does it come with a chequebook etc
> 
> ...


 
- It would not be a New account as such but an upgrade to an Interest bearing a/c so you would keep the same a/c number and existing DDs etc. However as mentioned you have to fill out more form's and supply ID. This is an insult and I think it's time to jump ship. I am really getting sick and tired of BOI at this stage.


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## Gaz (13 Oct 2007)

"This is an insult and I think it's time to jump ship. I am really getting sick and tired of BOI at this stage"

I agree totally with your view on BOI. I am speaking as a former customer and I cant understand now why i stayed with them for so long!


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## Guest124 (13 Oct 2007)

To comply with current legislation, proof of identity and current permanent address is required.
Is this correct? Just because they now finally want to give Interest on a Current a/c -even though you might already have an account open for years, you now have to provide more proof of ID and of your permanent address.

I really find this hard to believe!


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## sam h (13 Oct 2007)

IrlJidel said:


> *"Another great reason to use 365 online and phone*
> Make three or more payments from your personal current account using 365 phone or online5 and you will automatically qualify for Free Day-to-Day Banking6."


 
Go into your manager and kick up about this as it is crazy.  They do have the ability to grant free banking to your account without this silly messing about.  (I reckon it's away for them to up their on-line transaction rates so they can say they are the "most used" on-line site or some such rubbish!)

 Not sure if there is a way around having to provide extra paperwork for the interest? Anyone any odeas or anyone get past it?


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## asdfg (13 Oct 2007)

> To comply with current legislation, proof of identity and current permanent address is required.


 
Anyone know what this legislation is?  
Did any of the other banks that offer interest on current accounts insist on this additional information which BOI already have.


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## Galway99 (15 Oct 2007)

If you need to bringin all this documentation... is there anything to stop you opening 3 or 4 new accounts?


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## Towger (15 Oct 2007)

Galway99 said:


> If you need to bringin all this documentation... is there anything to stop you opening 3 or 4 new accounts?



The very thought crossed my mind 

I see on the small print on page 2 of ([broken link removed]) that they are taking 21 days to enable an account for credit interest.


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## ClubMan (15 Oct 2007)

asdfg said:


> Anyone know what this legislation is?


From _CitizensInformation_:

*[broken link removed]                     
**[broken link removed]                     
*


BroadbandKen said:


> To comply with current legislation, proof of identity and current permanent address is required.
> Is this correct? Just because they now finally want to give Interest on a Current a/c -even though you might already have an account open for years, you now have to provide more proof of ID and of your permanent address.
> 
> I really find this hard to believe!


Note that just because one might have had an account with a financial institution for years does not mean that one is exempt from being asked form ID as a matter of course or when opening another account. The financial institution is bound by law to ensure that they have up to date identification information for customers. If there is any possibility that this is not the case or that the information may be out of date then they are obliged to ask for up to date info.


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## amgd28 (15 Oct 2007)

Been using this site for my online banking for the last few years, not a recent site


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## Westie123 (15 Oct 2007)

asdfg said:


> Anyone know what this legislation is?
> Did any of the other banks that offer interest on current accounts insist on this additional information which BOI already have.



When I changed to an interest current account with AIB,they just filled out an internal request form. I certainly didn't have to supply ID, etc.


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## dublinhead (15 Oct 2007)

I applied this morning, straight forward the girl behind the counter filled the form out and copied my passport and esb bill. 5mins max. Whats the big hoo haa?


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## Sarsfield (15 Oct 2007)

dublinhead said:


> I applied this morning, straight forward the girl behind the counter filled the form out and copied my passport and esb bill. 5mins max. Whats the big hoo haa?


 
Getting into the shaggin' bank during working hours is the hoohaa!  That's why I do all my banking online!  Posting the application (stamp & envelope) would probably cost me half of the interest I'm likely to earn between now+21 days and 24/02/2008


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## aura (15 Oct 2007)

IrlJidel said:


> How long does Halifax's "10.47% EAR on balances up to €2,000" last for?
> 
> BOI's is only until Feb 08.


 
There is no closing date for the Halifax offer


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## Guest124 (15 Oct 2007)

BOI are using the money laundering legislation etc. as an excuse to make this process more of a hassle than it should be. AIB from a post above seems more straight forward.


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## jasconius (15 Oct 2007)

Following is an email received today from BOI, when I queried the fact that I am an existing customer: 

_Thank you for your e-mail to Bank of Ireland Customer Care Unit.

The account is not a new account, but we are obliged to request documentation under the taxation on savings legislation. You must also fill in a registration form.

The procedures for registering for existing customers are as follows:

Existing customers must provide evidence of identity and current permanent address in order to comply with the Taxation on Savings legislation. This would consist of a photocopy of either a passport or driving licence, and a copy of a recent utility bill (less than 6 months old), or copy of correspondence from a state or semi-state body.

The registration forms will be available in Branches or can be downloaded from the website www.bankofireland.ie from Monday 15th October.

The completed registration form and copy ID documents should then be sent to:

Central Fulfilment Unit
Bank of Ireland
Operations Centre
Cabinteely
FREEPOST F4421
Dublin 18
_


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## efm (16 Oct 2007)

jasconius said:


> ...._Existing customers must provide evidence of identity and current permanent address in order to comply with the Taxation on Savings legislation. This would consist of a photocopy of either a passport or driving licence, and a copy of a recent utility bill (less than 6 months old), or copy of correspondence from a state or semi-state body._


 
Hmmm...I wonder is the "Taxation and Savings legislation" what BoI call the [broken link removed] or is it something different?

If it is the EU Savings Directive then the Irish adoption of this directive allowed for existing customers (before 2004) to be identified by name and address.

I could be completely off the mark here so any more info would be good to get.


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## pinkyBear (18 Oct 2007)

Hi there 
[broken link removed]

I rang 365 121 this am - the above link contains the online form needed to be completed to get the increased rate.
P


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## Galway99 (19 Oct 2007)

opened 2 new credit interest current accounts today!  Was told there was a limit of 2 but didn't push it and cant find it in the terms and conditions.  I will now go about converting my 2 existing accounts...


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## galv (23 Oct 2007)

The BOI WEBSITE says:

_*Another great reason to use 365 online and phone
*Make three or more payments from your personal current account using 365 phone or online5 and you will automatically qualify for Free Day-to-Day Banking6._

[broken link removed]


I presume this is EVERY month. .... three times a month is a bit much?

RGS.

G


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## IrlJidel (23 Oct 2007)

galv said:


> The BOI WEBSITE says:
> 
> _*Another great reason to use 365 online and phone
> *Make three or more payments from your personal current account using 365 phone or online5 and you will automatically qualify for Free Day-to-Day Banking6._
> ...



It is *per-quarter*. See application [broken link removed]


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## Sarsfield (23 Oct 2007)

Sarsfield said:


> Getting into the shaggin' bank during working hours is the hoohaa! That's why I do all my banking online! Posting the application (stamp & envelope) would probably cost me half of the interest I'm likely to earn between now+21 days and 24/02/2008


 
Well, despite my last comment (above), I found myself with some spare time this morning & popped into my branch to get my 10.5%.  10 minutes out of my life queuing but otherwise pretty painless.


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## Guest124 (23 Oct 2007)

I got my dear Mum to drop into my local branch today with my application form and a photocopy of my driving licence and recent correspondence from the vhi with my name and address on it. The clerk said the vhi letter was not accepted and wanted a utility bill. A little row then ensued and then the clerk looked up my account or accounts and then turned around and said 'thats grand' and handed back the letter and photocopy of my driving licence.
Why didnt the clerk check the account (s) in the first place if she was going to take this action? The vhi is a semi state company and therefore the letter should have been accepted. Lack of training yet again. Dont you just love BOI!


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## pinkyBear (1 Nov 2007)

Hi Guys,
I have registered for this a week ago (sent the docs and stuff), as of yet I have not heard from BOI - do they notify you once the new interest rate is available to your account???
Thanks
P


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## Guest124 (3 Nov 2007)

I've had no acknowledgment yet (doubt they do one), infact they wrote to me saying Congratulations that I have qualified for FREE banking and a Interest Earning feature on my current account. Sure I've had FREE banking since the summer of 2006 - Dont you just love BOI!


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## z105 (3 Nov 2007)

> Dont you just love BOI!


 
No !


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