# Anglo drop interest rates for lump sums



## camlin90 (12 Jun 2008)

Some hefty and puzzling drops, given current market conditions.
Think this is worth highlighting in case anyone misses it.

*Instant Access has dropped from 4.50% to 4.00%.
7 Day Notice has dropped from 4.55% to 4.05%.
30 Day Notice has dropped from 4.75% to 4.65%.
*
There are much better rates out there. 
In particular, Northern Rock, First Active and Halifax all pay 5% or more on instant access lump sums. AIB pays 5% for 7 day notice. 
7%+ available on drip-feed to regular saver accounts.

Check out best buys as normal.


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## MugsGame (12 Jun 2008)

Anglo may be trying to encourage rate tarts into their new 6 month fixed rate of 5.35%. Could also be preparing for a possible ECB increase (drop rates now so they can increase them again next month!).


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## mercman (12 Jun 2008)

They could also be preparing for many things, if we are to listen to the talk on the street !!


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## MugsGame (12 Jun 2008)

If you have evidence about specific difficulties with any Irish bank, go to the media. Otherwise I wouldn't listen to or repeat rumours heard on The Street, especially from people shorting Irish bank stocks.


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## mercman (12 Jun 2008)

They are not repeat rumours. Just the same old story from completely different quartres. And I have no intention on running to the media. However, I am surprised that the Central Bank have not issued any statements on the current financial status of the Financial Industry in this country.


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## Guest124 (16 Jun 2008)

As an Anglo Customer I'm not very impressed.


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## Jethro Tull (16 Jun 2008)

BroadbandKen said:


> As an Anglo Customer I'm not very impressed.


 
I'm not being smart but in that case vote with your feet


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## diarmuidc (16 Jun 2008)

Well for one thing, the price of money has gotten more expensive for banks so I'm surprised it has taken this long to reach my Anglo account.
Secondly, a 0.1% decrease on the 30 day notice is a reduction of 41E/year after DIRT on 50k. Not worth my time to move my account.
Thirdly, the AIB rate is on on amounts less than 10k. On greater than 10k AIB can't compete.
And finally, if I am not happy I'll move to Rabobank.


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## camlin90 (16 Jun 2008)

diarmuidc said:


> Well for one thing, the price of money has gotten more expensive for banks so I'm surprised it has taken this long to reach my Anglo account.



It works the other way round.
Banks have two main sources of funding, deposits and interbank borrowing.
If interbank borrowing gets more expensive, the deposit source of funding becomes more attractive... so you'd expect the bank to *raise* savings rates to attract more deposits.


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## iggy (16 Jun 2008)

I moved most of my deposit to Northern Rock yesterday. I have almost all my savings with N.R. now, ironically they are the most stable bank at present IMO.


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## Alex (17 Jun 2008)

BroadbandKen said:


> As an Anglo Customer I'm not very impressed.


 
i too am an anglo customer and i must say i'm very annoyed. they only put the rate on my account up 3 or so months ago and now it's back down again!


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## TonyD (17 Jun 2008)

On a related point it seems Ulster Bank has reduced their Reward Reserve account to a paltry 3.5%.


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## RedDevil (17 Jun 2008)

Anglo 5.35% for six months ?


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