# EBS regular saver a/c....7%



## Feeder

Hi All,

Has anyone got any information/opinions on the EBS regular saver account? they are offering 7% up to April 2008 but I can't find any information on things like: when interest is applied, withdrawl penalties, etc.

I couldn't find much on their website but maybe I am just a bit blind  so any information would be appreciated.

Thanks


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## oldtimer

Ring them on their dedicated number 1850 203636.


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## LexLuthor

[broken link removed] it?


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## annR

I just opened one of these.  Couldn't find the T&Cs on their website either, forgot to ask for them in the branch, I presume a copy will come in the post but it is a bit strange alright.


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## ClubMan

You opened an account without reading the terms & conditions?!


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## oldtimer

I went to the local EBS office to-day and requested their information leaflet on the regular saver a/c. Leaflet full of positive information but pity they don't print terms and conditions. At face value it looks good, minimum of 3% over ECB until 1/4/2008 and after that the rate will not be less than ECB rate until 30/4/2010. Save from €20 to €1000 per month, lodgements by direct debit, instant access. If you need to know more it appears you must call into your local branch or phone 1850 203636.


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## kilomike

Sounds ok, well done Oldtimer!


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## GreatDane

EBS said:
			
		

> *Terms and conditions apply. *
> 
> To open a Regular Savings account you must be resident in the Republic of Ireland and over 18 years of age.
> 
> *Current variable rate is 7.00% CAR based on ECB rate as at 06/06/2007.
> 
> A variable interest rate of 3% over ECB rate applies until 01/04/2008. Thereafter a minimum of ECB will be available until 30/04/2010.
> 
> Interest is subject to DIRT (current rate is 20%).
> 
> Lodgements may only be made by direct debit.
> 
> Minimum monthly direct debit lodgement is €20.
> 
> Maximum monthly direct debit lodgement is €1,000.
> 
> Information correct as at 08/05/2007.


 

At first glance, the positives highlighted by the EBS are fairly attractive and compare well with Hallifax, AIB & Anglo's 7% accounts.

Anyone know:

- How many withdrawls per year without penalty ?

- How many times per year can you increase / decrease the d/d ?

- Will we have full access via their (somewhat limited) online banking facilities ?

Many thanks

G>


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## z108

Can you make the direct debit from one EBS account to another ?


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## Cashstrapped

sign said:


> Can you make the direct debit from one EBS account to another ?



Yes, just set one up yesterday, it takes 15 working days to get the account up and going and direct debit can be from any bank or indeed another EBS Account.

Withdrawals are on demand and you can adjust your direct debit amount by letter or by going in to EBS and signing a new Direct Debit mandate if the transfer is being made from your other EBS Account, I got the impression from the staff member that this is flexible and can be changed a number of times if necessary once amounts are kept within the €20 - €1,000 monthly limit.


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## GreatDane

Hi

Thanks for the info, all sounds positive. I wonder why they don't have the full terms & conditions available in print, no offense but I really would like to have it in print before signing up (same for any account btw, not just this EBS one)

I think I'll give them a shout sometime next week.

Would also like to know:

- Whats the story if you have to take a payment holiday for some unforseen reason (are there penalties, can you re-commence etc) ?

- Does it give you full access to the account online, or just the balance as it did (badly !) with the SSIA accounts ?


Thanks

G>


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## annR

Hi

Yeah I know it's not best practice not to read T&Cs but I was happy to take the account at face value as it's obviously along the same lines as the competing products.  

However it does seem a little strange that the T&Cs don't seem to be anywhere.  I just rang that number and was told that if I want to see T&Cs they are in the brochure and I should pop into a branch.   However oldtime says 





> Leaflet  full of positive information but pity they don't print terms and conditions.


 
Strange.  I'll see what I get in the post.

A


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## DrMoriarty

I must say I'm rather in the same boat. I opened accounts in my own and my wife's name, set up the DDs from our current a/c elsewhere, have received confirmation of these and of our registration for online banking... but still no further statement of the account T&Cs than the little leaflet mentioned above.

As for the access via online banking, it's a bit of a joke, as Garrettod points out. I can see the balance on the accounts (currently €0.00, as the first DD hasn't arrived yet) but ...'View Transaction Is Not Allowed For This Account Type' (_sic_).

As my kids would say, like, hellooo?


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## annR

I received my confirmation of direct debit as well.  I think I will ring the branch and just ask them to send me the T&Cs.


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## ClubMan

DrMoriarty said:


> As for the access via online banking, it's a bit of a joke, as Garrettod points out. I can see the balance on the accounts (currently €0.00, as the first DD hasn't arrived yet) but ...'View Transaction Is Not Allowed For This Account Type' (_sic_).


That (and request an interest cert perhaps?) is all that I was ever able to with _EBS My Accounts Online _with my _SSIA _and other _Summit _investments. It's an online balance checker nothing else...


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## GreatDane

ClubMan said:


> That (and request an interest cert perhaps?) is all that I was ever able to with _EBS My Accounts Online _with my _SSIA _and other _Summit _investments. It's an online balance checker nothing else...


 


A real shame ....

I can't see what they have to hide etc, nor can I see how they might be using different computer systems which can't talk to each other .... eh, at very least for the new account & savings accounts etc (whatever about perhaps the summit funds) ?


Strange as it may seem, the literature they gave to one of my friends when requested via post, advertises a rate of 6.75% not 7% !


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## ClubMan

Not sure why you assume that they are hiding something as opposed to simply not investing in their customer facing _IT _systems or some other less sinister explanation?


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## GreatDane

Clubman

For your clarity, I have not assumed this ... just threw it in as one possibility, I did also say "etc" after the first part of my post .... also suggested perhaps the use of different systems etc.

Hope this clears things up for you 

Regards

G>


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## ClubMan

Seems odd to just mention one, seemingly sinister, possible explanation though. That's all...


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## Starting Out

I also have one of these EBS regular savings accounts opened. When the account was being described to me in branch I was given the impression that there were no limits on the amount of changes that could be made to the direct debit. However after realising I did not see this explicity stated anywhere I decided to e-mail their online support group. 

They let me know that there are no restrictions on making withdrawls from this account (similar to AIB's account) but you can only make 2 changes to the direct debit per year.


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## GreatDane

ClubMan said:


> Seems odd to just mention one, seemingly sinister, possible explanation though. That's all...


 

Eh

But I didn't just mention one .... thats the entire point mate !

I think you may be reading something into my original post which is not there Clubman, or perhaps it's a psychological thing with you because you actually suspect something sinister in this instance ?

For the record  ....

There are 2 possibilities I've suggested as you can see from the quote below, coupled with "ETC" to suggest other possibilities also.





Garrettod said:


> A real shame ....
> 
> *I can't see what they have to hide etc, nor can I see how they might be using different computer systems which can't talk to each other .... *eh, at very least for the new account & savings accounts etc (whatever about perhaps the summit funds) ?
> 
> Strange as it may seem, the literature they gave to one of my friends when requested via post, advertises a rate of 6.75% not 7% !


 

I do hope this clarifies the matter for you Clubman 

Regards

G>


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## GreatDane

Starting Out said:


> ....
> 
> They let me know that there are no restrictions on making withdrawls from this account (similar to AIB's account) but you can only make 2 changes to the direct debit per year.


 

Hi

Thanks for this info, the restriction to 2 changes in the d/d for example, is something all possible customers should be made aware of imho.


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## ClubMan

Garrettod said:


> Eh
> 
> But I didn't just mention one .... thats the entire point mate !
> 
> ...
> 
> There are 2 possibilities I've suggested as you can see from the quote below, coupled with "ETC" to suggest other possibilities also.


"Etc." is not really a point. Just a catch all. The only specific thing you mention is having something to hide. The point about different computer systems, coming after "etc." seems to be a separate one.


> I think you may be reading something into my original post which is not there Clubman, or perhaps it's a psychological thing with you because you actually suspect something sinister in this instance ?


 No - I'm simply going by what you actually posted.


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## Darando

Starting Out said:


> They let me know that there are no restrictions on making withdrawls from this account (similar to AIB's account) but you can only make 2 changes to the direct debit per year.


 

So does this mean you have to close the account if you want to change or lower the DD more than twice in the year or is there a penalty for doing so (i.e. a small fee)?

Had a look at their T&C on their website and it doesn't mention anything about restrictions on changing the DD.


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## Starting Out

I was advised over their e-mail reponse system that the maximum was 2 changes to a direct debit. I'm not sure what would happen if you requested more changes than this.

When I opened this account originally it was the first savings account I opened and I wasn't aware of the types of restrictions some providers have in place on these accounts. It was only when I was made aware through another provider of their bank's restrictions that I sought confirmation from EBS on their policy.

I was quite surprised to hear of a change from what I was originally told in the branch.

FYI...I've found changing direct debits with them to be unnecessarily complicated. Many phone calls involved and faxed letters. It took a few months to sort out what I would presume is a straight forward change. As I've mentioned in other posts, I've found Anglo much more straight forward where you initiate the money transfer each month so you can decide what amount to transfer with as many changes or payment holidays as you'd like.

I have no affiliation with Anglo Irish Bank.


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## Darando

I also received a copy of the T&Cs and it doesnt mention any restrictions on changing amounts.

They are open Saturdays which helps also if you work during the usual "banking hours" .


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## Darando

Anybody heard if EBS are going to keep the 7% rate after this month?? Person in branch was unsure if it was going to be kept or drop to the ECB rate (4%).

This is the last month of the 7% so I guess another reg savers account needs to be closed (needs a minimum of €20 p.m. to remain open).


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## rebelred

I enquired of EBS by email as to what was happening to the rate on the 1st of April.  
The reply I received was that the ECB rate of 4% would apply.


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## cork

So - 4% is the rate after Arpril then?


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## DrMoriarty

It seems so, but they'll have to announce it officially. At the moment the [broken link removed] still state:


> Current variable rate is 7.00% CAR based on ECB rate as at 06/06/2007. A variable interest rate of 3% over ECB rate applies until 01/04/2008. _Thereafter *a minimum of ECB will be available until 30/04/2010*._


They may well 'do a Halifax', of course...


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## Godfather

I just closed my account... From now on just lump sums... I don't see such a great advantage if after such few months the rate is dropped...

Sorry for appearing pessimistic...


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## oldtimer

Totally agree with you, Godfather. I saved €1,000 per month for 18 months with Bank of Ireland. The term is now expired as per the terms and conditions and I have earned, after tax, the sum of €689. I am not much good at calculations but by  my reckoning, if I had invested my €18,000 @ 3% I would have got around the same interest. Granted Bank of Ireland never offered the top rate of 7%, highest point was 6.75%, nevertheless, I wonder did they calculate correctly.


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## camlin90

oldtimer said:


> Totally agree with you, Godfather. I saved €1,000 per month for 18 months with Bank of Ireland. The term is now expired as per the terms and conditions and I have earned, after tax, the sum of €689. I am not much good at calculations but by  my reckoning, if I had invested my €18,000 @ 3% I would have got around the same interest. G



Over the term you only had an average balance invested in the BoI account of
(1000 + 18000) / 2 = 19000 / 2 = 9500

So you can't compare this with having 18000 tied up over the full period.

However I take the point that regular saver accounts can be a lot of hassle. Personally I am persevering, I have regular savers with Anglo, FA, AIB and Halifax so I have a bit of diversification, and I'll take action immediately if the rate drops.
I also think the AIB account is worth considering, even for the pessimists amongst us, due to the significant rate guarantee until Feb 2009 and the fact you can open two accounts and thus lodge €600 per month (I have no connection with AIB)

On a more general front, short term lending rates are rapidly heading skywards again, with EURIBOR at a two-month high, as the credit crunch bites once more. This means banks are having to pay more than 4.6% to lend to each other - and that's the more creditworthy of them. They sure as damn won't get money off me for any less 
So there's hope savings rates won't fall too dramatically - just watch where you save!
http://www.euribor-rates.eu/current-euribor-rates.asp


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## Darando

Godfather said:


> I just closed my account... From now on just lump sums... I don't see such a great advantage if after such few months the rate is dropped...
> 
> Sorry for appearing pessimistic...


 

Some of us don't have lump sums to invest initally  just a few €100s every month left from our wages!! so thats the benefit of regular savings accounts I guess.


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## Godfather

Darando said:


> Some of us don't have lump sums to invest initally  just a few €100s every month left from our wages!! so thats the benefit of regular savings accounts I guess.


 
Totally agree of course for that case. I just feel a bit disappointed. I opened lots of them and now I've closed most of them...


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## Darando

Godfather said:


> Totally agree of course for that case. I just feel a bit disappointed. I opened lots of them and now I've closed most of them...


 
Agree with that - but there is one benefit - You will not need to go through ID checks again!! Think how many different banks you had accounts with!!!


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## eileen alana

But if he closed most of them, he will have to present id again next time round!! It will be interesting to see if Anglo Irish drop the rate they are paying on their regular saver a/c.  I think their review date is in April. They did increase some of their savings  rates recently so hopefully they will continue the regular saver at the present rate.


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## camlin90

eileen alana said:


> It will be interesting to see if Anglo Irish drop the rate they are paying on their regular saver a/c.  I think their review date is in April. They did increase some of their savings  rates recently so hopefully they will continue the regular saver at the present rate.



I'm not aware of a review date on the Anglo RSA - there is nothing on the website?


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## eileen alana

John J said:


> I'm not aware of a review date on the Anglo RSA - there is nothing on the website?


 

John J - I am nearly positive I saw this written somewhere recently, however I could be wrong.  I'll call them on Tuesday to find out and report back then.  I'd be delighted if they don't drop the rate as I only opened this a/c a few months back and I am tied in for two years.


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## messyleo

Well you're not tied in for 2 years - you can withdraw the money at any time as far as I remember.


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## camlin90

> Well you're not tied in for 2 years - you can withdraw the money at any time as far as I remember.


Yep, that's true - early withdrawals will close the account - but presumably that would be the intention anyway!

Anglo has a minimum rate guarantee of 4.5% on the RSA but that would probably be too low for most people to justify keeping the account open.

Personally I would be surprised if they dropped the rate dramatically - they seem to have been making efforts over the past few months to attract more customer deposits - raising rates on all their accounts despite the ECB keeping base rates on hold.


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## Godfather

eileen alana said:


> But if he closed most of them, he will have to present id again next time round!! It will be interesting to see if Anglo Irish drop the rate they are paying on their regular saver a/c. I think their review date is in April. They did increase some of their savings rates recently so hopefully they will continue the regular saver at the present rate.


 
Anglo asks you to keep the reg. saver account for 2 years in order to avoid penalties...Let's hope they won't drop the rate!


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## messyleo

Yes but the only penalty for withdrawing is that they close the account and tranfer the balance to an easy access account. You don't forfeit any interest earned up to that point however, so intrinsically there is no penalty.


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## Godfather

gravitygirl said:


> Yes but the only penalty for withdrawing is that they close the account and tranfer the balance to an easy access account. You don't forfeit any interest earned up to that point however, so intrinsically there is no penalty.


 
Really Gravitygirl? That's of great relief!  Thank you


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## SS expert

What happens if you don't have enough money in your account to cover a direct debit?


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## eileen alana

eileen alana said:


> John J - I am nearly positive I saw this written somewhere recently, however I could be wrong. I'll call them on Tuesday to find out and report back then. I'd be delighted if they don't drop the rate as I only opened this a/c a few months back and I am tied in for two years.


 

I was wrong, sorry guys, the rate is 7% and they have no plans to review it in the immediate future.


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## oldtimer

Just a reminder the interest rate of 7% was due to drop to 4% to-day 1st April as per the original terms and conditions. However ASAIK the 7% rate is extended to 30th April.


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## jpd

Extension to 30th April, I was told this too in the Stillorgan branch yesterday. This will need to be checked when I get the interest payment later this year


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## askU

jpd said:


> This will need to be checked when I get the interest payment later this year



When is interest paid it is not stated in T&C:[broken link removed]


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## blorg

7% current variable rate and rate promise "until 30th April" are both on their website:

[broken link removed]


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## Duke of Marmalade

Just got a letter from Bert Shaw (EBS Office Manager) to advise that the rate on my savings account falls back to 4% on 1st May.

Thanks, Bert, I'll drop down over the next couple of days and withdraw my funds.


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## raven

At least they sent you a letter I guess.


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## cork

Harchibald said:


> Just got a letter from Bert Shaw (EBS Office Manager) to advise that the rate on my savings account falls back to 4% on 1st May.
> 
> Thanks, Bert, I'll drop down over the next couple of days and withdraw my funds.


 

Rang them today & they confirmed rate was going back to 4%.

Was thinking of INBS or EBS - INBS now - I surpose.


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## Duke of Marmalade

raven said:


> At least they sent you a letter I guess.


And I have thanked Bert publicly here on AAM. And Bert's magnaminity didn't stop there, he has offered to book me a "Savings and Investments review".


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## oldtimer

Yes, I got same letter with an offer of a 'personal review.' However they tell me to go to my local branch for the review - but the local branch they mention is 50 miles away despite a branch in my home town. Unless they offer me another product at 7% I have no interest in a personal review. Its a no brainer for me - close the EBS and go across the road to Irish Nationwide @ 7.35%.


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## Darando

So for me its bye bye EBS also. Will have to decide where to go but not leaving it there at 4%. I thought banks etc. were crying out for money!

Only thing is there is no EFT on their online banking so its a trip to the branch for a bank draft I guess and then a trip to another bank to lodge it!! (unless they do transfers over the phone to external account such as AIB ???  anyone know if they do?)


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## jpd

I suspect that they do not use internet banking as that would make it too easy to switch out of EBS to another institution - having to visit the office to withdraw yours funds ia a pain in the neck


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## ClubMan

Darando said:


> Only thing is there is no EFT on their online banking so its a trip to the branch for a bank draft I guess and then a trip to another bank to lodge it!!



Surely worst case you can do this by post either or both ways?


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## DrMoriarty

I rang my branch to ask whether I should write to them or to head office to close the account and they said they couldn't take written instructions, I'd have to call in person with ID... 

I imagine you could insist on doing it by post if you really had an issue with that, though.


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## oldtimer

The reason they want you to call to a branch office is to confront you and get one of their ''advisors'' persuade you to leave your money in one of their saving or investment schemes. Be warned, they haven't much to offer at the moment but the ''financial advisor'' will dress up their schemes. To quote from their letter ''the review will focus on what is important to you.'' Ask him/her to match the regular savers of Irish Nationwide, Halifax, AIB, First Active, Bank of Ireland, all of which are 7% or more. They are not at the races with 4%. Under the terms and conditions you are entitled to withdraw your money and he/she cannot argue with that.


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## DrMoriarty

I'll also suggest to them (with plenty of mock earnestness) that they remove or revise their website ad... 

[broken link removed] _...Switch to one of our competitors!_


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## carpedeum

Yep. Just received my letter. Bye bye EBS. 

It takes a certain type of arrogance to reduce an interest rate from 7% to 4% at any time, but, especially in the current world economic situation when banks are crying out for money. 

Then again remember this is a so called mutual institution who believe in paying their executives very competitive rates for achieving little and splurging on golf and other junkets. They certainly don't look after their members as they did in the past. Most old style branch managers are gone. I have noticed that a lot of their branches, including Swords, are now managed by "Agents" who push certain investments that are primarily in their interests. EBS are now only a mutual society in name only.

http://www.independent.ie/business/ebs-splashes-out-on-us-golf-junket-1081487.html


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## Bobby1

carpedeum said:


> Yep. Just received my letter. Bye bye EBS.
> 
> It takes a certain type of arrogance to reduce an interest rate from 7% to 4% at any time, but, especially in the current world economic situation when banks are crying out for money.
> 
> Then again remember this is a so called mutual institution who believe in paying their executives very competitive rates for achieving little and splurging on golf and other junkets. They certainly don't look after their members as they did in the past. Most old style branch managers are gone. I have noticed that a lot of their branches, including Swords, are now managed by "Agents" who push certain investments that are primarily in their interests. EBS are now only a mutual society in name only.
> 
> http://www.independent.ie/business/ebs-splashes-out-on-us-golf-junket-1081487.html


 
Carpedeum, how is it arrogant to change the rate when its been in the Terms & Conditons for ages? I checked my T&C today and its been this since I opened the account in June 2007. 

I was in Raheny office yesterday and they told me that EBS are bringing out another Regular Savings account, interesting if they do.


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## Duke of Marmalade

Bobby1 said:


> I was in Raheny office yesterday and they told me that EBS are bringing out another Regular Savings account, interesting if they do.


 
I don't deny them the right to reduce the rate to 4% but if they open a new RSA at 7% and hope by inertia that a lot of the fourpercenters won't move, that to me would be sneaky.


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## Bobby1

Harchibald said:


> I don't deny them the right to reduce the rate to 4% but if they open a new RSA at 7% and hope by inertia that a lot of the fourpercenters won't move, that to me would be sneaky.


 
I agree Harchibald, sounds like an AIB job to me, (to get the new rate you have to open a new account, cant transfer balance into new account etc...) Raheny office said more then likely it would be the exact same type of account as the current one, but they had not confirmed the rate, you never know they migh be forced to go higher to stay on top with the likes of AIB, INBS and First Active!


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## Darando

Harchibald said:


> I don't deny them the right to reduce the rate to 4% but if they open a new RSA at 7% and hope by inertia that a lot of the fourpercenters won't move, that to me would be sneaky.


 
If they do this (like AIB) then I will be well miffed...some loyalty to customers that is. Another insult to Irish consumers and shows exactly what our financial institutions think.

I never even received a letter staing rate drop (or extension to 30th April)  but I guess they don't have to seeing it was in the T&Cs.

Interesting to see if FA keep there reg savers going (easy online access/standing order) - must be the most accessible ( I know INBS has a higher rate but requires calling, and no online access etc)


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## annR

I presume EBS pay you any interest due to you if you close the account now i.e. at 7%?  It doesn't state it in the T&Cs.


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## DrMoriarty

Yep. We just closed ours today and the withdrawal dockets indicated the total amounts lodged (including the interest added last December 31st), plus interest earned since.


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## Duke of Marmalade

Decided in the end to hold onto EBS 4% account for diversification and a demutualisation punt even though a bit cheesed off only got 6 months of 7%.


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## DrMoriarty

Eh, I hate to say this, Harchibald, but I don't think that regular saver a/c qualifies you for membership! See .

AFAIK, you need a Share a/c with a balance greater than €127.


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## Duke of Marmalade

thanks doc


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## queenlex

withdrawing mine too  there are much better offers out there like some suggested here.  PS how much notice must institutions give nre: changing their rates is there a rule or not in general?  Many thanks in advance for any knowledge of this,

Q


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## ihatemyjob

i have not received any letter about this but is it true that rate has dropped to 4%??


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## Darando

ihatemyjob said:


> i have not received any letter about this but is it true that rate has dropped to 4%??


 

It's definately 4% now. Just logged into my EBS online account and it has under the "my account" section the current interest rate on each account  - regular savings account - 4%


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## ihatemyjob

what will you have to do to close the account?? my branch is on the other side of the country from where i live so i hope i can just go into any branch to close it! thanks for the info - going to set up a regular savings AIB account.


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## DrMoriarty

We just brought in the account statements and ID. In the circumstances they should be able to contact the other branch for verification if need be, but I'd suggest you ring both branches first.


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## Duke of Marmalade

DrMoriarty said:


> Eh, I hate to say this, Harchibald, but I don't think that regular saver a/c qualifies you for membership! See .
> 
> AFAIK, you need a Share a/c with a balance greater than €127.


Doctor,

Doc, you really spoilt my bank holiday weekend. 

I seemed to recall asking the Q when I opened the a/c and was told I was a member. Anyway just phoned to confirm and I can assure all EBS savers that they *are* members.


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## ClubMan

When I cleared the mortgage I asked an _EBS _representative if the fact that I also held _Summit _funds would qualify me for membership and they told me that it would. It did not. I had to open another account subsequently and wait a while before I became a member with voting rights again. If in doubt get it in writing. If you get the _EBS _(not _Summit_ or whatever they're called now) general meeting circulars and voting papers then you are virtually certainly a member. The most recent of these were in the past few months.


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## Duke of Marmalade

_Clubbie_, I can see how Summit funds (separate UCITS aren't they?) wouldn't qualify. 

I understand your caution but this was a very definitive statement on their phone helpline. I left no room for ambiguity, even discussed demutualisation. I am satisfied but of course it is up to others to seek their own level of assurance.


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## ClubMan

Harchibald said:


> _Clubbie_, I can see how Summit funds (separate UCITS aren't they?).


Yes - _UCITS_. That term meant little to me at the time but I was told that they qualified me as a member when they didn't.



> I understand your caution but this was a very definitive statement on their phone helpline. I left no room for ambiguity, even discussed demutualisation. I am satisfied but of course it is up to others to seek their own level of assurance.


Did you get the recent notification of the _AGM _and voting papers?


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## DrMoriarty

As ClubMan says, the only 'definitive' proof of membership status is if you received voting papers for the recent AGM. 

_[Edit: post crossed with ClubMan's]_


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## Duke of Marmalade

ClubMan said:


> Did you get the recent notification of the _AGM _and voting papers?


I *knew* you would ask that. I can't remember.


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## jpd

Certainly the new Nationwide Regular Saver @ 7.35% is NOT a member's account


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## blorg

I have it both verbally when opening and by confirmed by email (today) that the EBS Regular Saver IS a share account:



> Thank you for your e-mail.
> 
> I can confirm that the regular savings account is a share account.
> 
> Please do not hesitate to contact us by phone at 1850 654321 or by e-mail
> at info@ebs.ie, if you have any further queries or requests.



I did get the member's magazine the other day. No voting papers but I did only start the account five months ago. I'm hanging in there with my €200, would probably vote against demutualisation if it ever comes up, but I'll take the windfall if it passed ;-)


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## ClubMan

Popped into the _Liffey Street _branch to look for an application form. None on display so I asked at the information desk for one. Your man told me that there was no application form and to open a regular saver would involve a c. 30 minute face to face financial review _"because it's an investment account (!?!) - to make sure that the account is suitable for the customer"_. As a member all I can say is thank goodness _EBS _are in such a healthy financial position that they can afford to turn away business from people who cannot be bothered with such a palaver to open a deposit account.


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## DELLBOY 08

ClubMan said:


> Your man told me that there was no application form and to open a regular saver would involve a c. 30 minute face to face financial review



Is this standard procedure in all EBS outlets or was the guy just using it as an opportunity to try & sell you other products.
I was intending on opening an account tomorrow with them but this sounds like way to much hastle.

On another note, I read at the start of this thread that EBS's online banking was poor. Is this still the case or has it improved?


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## WaterSprite

I also tried to open a regular saver in Liffey St and yer-one looked at me as if I was mad just to walk into an empty office and expect to actually meet someone or set up an account (in an institution in which I already hold one account).  Anyway, after sulking for the rest of the morning, I called Drumcondra EBS and asked to set up an appointment to set up an account and the nice chap there said something along the lines of "don't be minding those crowd in Liffey St, come on up and we'll do it for you in 5 mins" which he duly did.  So head for your local EBS is my answer!

Sprite


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## DELLBOY 08

WaterSprite said:


> I also tried to open a regular saver in Liffey St and yer-one looked at me as if I was mad just to walk into an empty office and expect to actually meet someone or set up an account (in an institution in which I already hold one account).  Anyway, after sulking for the rest of the morning, I called Drumcondra EBS and asked to set up an appointment to set up an account and the nice chap there said something along the lines of "don't be minding those crowd in Liffey St, come on up and we'll do it for you in 5 mins" which he duly did.  So head for your local EBS is my answer!
> 
> Sprite



Cheers for that I'll give it a go and see. Whats their online banking like by the way?


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## ClubMan

DELLBOY 08 said:


> Is this standard procedure in all EBS outlets or was the guy just using it as an opportunity to try & sell you other products.
> I was intending on opening an account tomorrow with them but this sounds like way to much hastle.


He told me that this was standard procedure and that there was no other way. Even when I explained that I was already a member and didn't need anybody to advise me on the suitability of the account to my needs. While obviously _EBS _are free to administer their account application procedures as they see fit I think that this is ridiculous and have complained to the _EBS _via their website about it.



WaterSprite said:


> So head for your local EBS is my answer!


_Liffey Street _*IS *my local _EBS_!


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## WaterSprite

DELLBOY 08 said:


> Cheers for that I'll give it a go and see. Whats their online banking like by the way?



I haven't used their online banking for this account but used it when I had my SSIA with them and it was all right - nothing special but told me what I had in the account.

Sprite


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## WaterSprite

ClubMan said:


> _Liffey Street _*IS *my local _EBS_!



That is annoying for sure.  For me, although Drumcondra is my local EBS, I'd never actually set foot in that office until I opened the account, so, if you still want to open an account, then head for a smaller EBS office (and ring in advance to see if you can just walk in an open an account).  I was also pretty mad at EBS in Liffey St when I tried to open the account there and agree with you that it's ridiculous that they can't/won't do it there and then - or at least that they don't say in their literature that you can't open it on the spot.  It was a total waste of time.

Sprite


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## ClubMan

I got this response to my complaint. 


> Date: 28th  October 2008
> Re: Account Opening
> 
> Dear ...
> 
> I acknowledge with thanks your most recent email with regard to your enquiry concerning our procedures for opening a new account here in EBS Liffey St.
> 
> Firstly please let me begin by offering my sincerest apologies to you for the delay in replying to you enquiry raised. As requested I will set out below our procedures we have in place to facilitate the opening of new accounts.
> 
> 
> All members      who wish to open a new account must do so by meeting with a Savings and      Investment Adviser.
> 
> 
> Should      a Savings and Investment Adviser be free on the day then there is no need      to make an appointment. We will facilitate the members request there and      then. However, if a Savings and Investment Adviser is not available at the      that time we can arrange the following;
> 
> A} Ask the member would they like to wait for a short period of time
> until a Savings and Investment Advisor becomes come free or
> alternatively
> 
> B} Schedule an appointment for a future date that is suitable to the
> member
> 
> 
> The      reasoning behind making an appointment for a new account is as follows;
> A} Confidentiality – Accounts are no longer opened at the counter. This
> is to protect you the member and to ensure that all details of any
> conversations are discussed in private.
> 
> B} With all new account opening we also go through what’s a called a
> Member Review with all our members. This process has been
> developed to provide our members with a greater standard of care and
> insight when discussing their financial needs and options.
> 
> C} As part of this process, and as required by the Financial Regulator,
> we will ask you about, among other things, your current financial
> position, what you require from your investment, your current views
> on potential risks and how quickly you will need access to your
> funds
> 
> D} This process was also introduced to help meet many of the
> requirements set down by the Financial Regulator. In taking this
> approach we are protecting you and ourselves in this regard
> 
> E}  We also use this valuable time with our members to ensure that all
> our records are up to date and to enquire has any of your
> circumstances changed since we spoke to you last
> 
> Regarding the time it takes to open an account that very much depends on you the member and how many questions one might have to ask at that time. We do not have a set time for opening an account; however we do recommend that at least 30 minutes be set aside for each review / appointment. Not all appointments I add take up this amount of time. Again I extend my apologies to you if this message was not conveyed accurately to you at the counter.
> 
> I would like to take this opportunity to thank you for providing me with your feedback regarding your concerns surrounding our account opening practice.
> 
> Finally I hope going forward your experiences will be one of a positive nature. Please feel free to contact me at .... should you need to discuss any aspects of the above.
> 
> Kind regards
> 
> ...


Surely the _IFSRA _issue is a red herring since this is a regular saver deposit account with no restrictions on access to the cash and not, for example, an account/investment that restricts access or may involve volatility/risk to the sums saved?


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## ClubMan

So today I get a call from_ Liffey Street _inviting me to come into them for a free financial review so that they could tell me about all the great products that they have to offer and it would only take about an hour of my time. This, remember, from the same crowd who would not let me open an account when I dropped in unilaterally. What a joke...


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## redstar

ClubMan said:


> So today I get a call from_ Liffey Street _inviting me to come into them for a free financial review so that they could tell me about all the great products that they have to offer and it would only take about an hour of my time. This, remember, from the same crowd who would not let me open an account when I dropped in unilaterally. What a joke...



You could go along to the review, and start off by saying "...now, where was I, Oh yes I wanted to open an account last <whenever>, but you wouldn't let me. Now, what did you want to see me about ?..."


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