# AIB Online Notice Deposit 7



## mollser

I notice a new offering from AIB, may be interesting...



> AIB today announced a new lump sum online deposit account.
> 
> The 'Online Notice Deposit 7 Account' offers the bank's customers up to 5.00pc AER and is available through AIB Internet banking. It said this latest offering complements the bank's existing 'Online Personal Savings Plan', which is geared towards the regular monthly saver.
> Both of these online accounts offer an alternative to customers who prefer to do their banking online instead of through their local branch, it said. Hugh O'Keeffe, head of resources strategy and products, AIB, said, "Our new 'Online 7-day Notice Deposit Account' puts customers in control of their money giving them the convenience of operating their account completely through AIB Internet Banking.



 [broken link removed]

Can't find out anymore info about it yet, its not on their website or through online banking just yet.


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## MugsGame

*Re: AIB e-savings account - 7 day notice*

Thanks for pointing this out. More in [broken link removed]. When it is available, I'll add it to the Best Buys.


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## extopia

*Re: AIB e-savings account - 7 day notice*

Hmmm. The 5% is only offered on deposits up to 10k. Additional sums up to 100k will earn 3.5%, according to the press release.


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## MugsGame

*Re: AIB e-savings account - 7 day notice*

Yes, I didn't say it would be at the top of the best buys  It's also not clear whether the reduced rate applies to the whole balance, or just the excess. Still, nice to see more competition around the 5% mark, which is now the lowest interest rate any of my savings are getting.


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## mollser

*Re: AIB e-savings account - 7 day notice*

Yes, looks like we'll be having the same merry-go-round as we did with FA - as to whether the 3.5% applies to the whole balance where the balance exceeds €10k


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## matrix1

*Re: AIB e-savings account - 7 day notice*

By by Rabo! (unless they hold their 5% rate after Christmas)


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## MugsGame

*Re: AIB e-savings account - 7 day notice*

I'd almost bet money Rabo won't be offering 5% in the New Year.










More like 5.3% I'd guess.


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## sapmanie

*Re: AIB e-savings account - 7 day notice*



> Yes, looks like we'll be having the same merry-go-round as we did with FA - as to whether the 3.5% applies to the whole balance where the balance exceeds €10k


No, for a change it's quite clear on the link given above:

5.00% AER for sums up to EUR10,000. 
3.50% AER for sums between EUR10,001 and EUR100,000.


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## GeneralZod

*Re: AIB e-savings account - 7 day notice*



sapmanie said:


> No, for a change it's quite clear on the link given above:
> 
> 5.00% AER for sums up to EUR10,000.
> 3.50% AER for sums between EUR10,001 and EUR100,000.



"For sums" could be taken to mean the whole balance.

3.50% AER on the remainder between EUR10,001 and EUR100,000 would be clearer.


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## MugsGame

*Re: AIB e-savings account - 7 day notice*

In fact I think "for sums" does mean the whole balance, as with FA. But I'm not certain!


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## GeneralZod

*Re: AIB e-savings account - 7 day notice*



MugsGame said:


> In fact I think "for sums" does mean the whole balance, as with FA. But I'm not certain!



Quad Erat Demonstratum


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## mollser

*Re: AIB e-savings account - 7 day notice*

As predicted above, here we go!


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## Starting Out

*Re: AIB e-savings account - 7 day notice*

Had a look at the press release but couldn't see when they were intending on offering this account and how exactly to open one.

Does anyone know when the account is available from?


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## sapmanie

*Re: AIB e-savings account - 7 day notice*

Don't try and make it more difficult!!! It's as clear as day. Notice the key words *up to* and *between*:

5.00% AER for sums up to EUR10,000. 
3.50% AER for sums between EUR10,001 and EUR100,000.

To SPELL it out for you:

Deposit 1.00 - 10,000.99 and you will get 5%
Deposit 10,001.00 - 100,000.00 you will get 3.5%
Example 1: Deposit 15,000.00 and you will get 5% on the 10,000.99 and 3.5% on the remainder. I'll work that out for you. It's 4,999.01
That is to say 5% on 10,000.99 and 3.5% on 4,999.01
Example 2: Deposit 9,000.00 and you will get 5%. Deposit another 500 (that comes to 9,500) and you will get 5%. Deposit another 400 (that comes to 9,900) and you will get 5%. Deposit 50 (that comes to 9,950) and you get 5%. Deposit 100 and you get 5% on 10,000.99 and 3.5% on the remainder which is 49.01

No confusion. If there is, you need to go back to school methinks.

Following the OP's point though, I still don't see anything on their website about the new account...


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## Satanta

*Re: AIB e-savings account - 7 day notice*



sapmanie said:


> Don't try and make it more difficult!!! It's as clear as day. Notice the key words *up to* and *between*:
> 
> 5.00% AER for sums up to EUR10,000.
> 3.50% AER for sums between EUR10,001 and EUR100,000.
> 
> No confusion. If there is, you need to go back to school methinks.


I haven't been through the AIB info on this, but if you're explanation is coming from the above information, you're making assumptions.

If I deposit a sum of €9'000, I have deposited a sum up to €10'000. I recieve 5.00% clear as day.

If I deposit €15'000, I have deposited a sum between €10'001 and €100'000 and from the above (limited) information it can have two results:

Your understanding: 5.00% up to €10'000 and 3.5 on the remainder

OR

3.50% on the total.

Nowhere does it state that sums over the €10'000 figure recieve a combination of the two rates. 

[Logic would suggest that the lower amount would still recieve the higher %, but it isn't clearly spelt out as you suggest. Personally, I'd assume this is what AIB mean, but it's not what they have stated in the rates detailed above. You're inferring something which isn't explicitly stated.]


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## MugsGame

*Reading Comprehension 101*



> you get 5% on 10,000.99



Can you point to the part of the press release you base the above on?



> I still don't see anything on their website about the new account...


AIB usually announce changes and new accounts a few days before they update their consumer website.

I expect applications will be through AIB internet banking, as with the Online PSP. 

I'd guess it will all be live by Friday.


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## Starting Out

*Re: AIB e-savings account - 7 day notice*

Just in time for the weekend best financial buys supplements so


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## Gillers

*Re: AIB e-savings account - 7 day notice*

I got a call yesterday from AIB's Customer Service team (they ring every few months asking if they can do anything for me or if there are any problems - all very positive I have to say). Anyway, the new 7 day account should be available using internet banking in a couple of weeks. December 13 I think he said. I'd say the IT people are still working on it!

Gillers


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## ClubMan

*Re: AIB e-savings account - 7 day notice*



Gillers said:


> I got a call yesterday from AIB's Customer Service team (they ring every few months asking if they can do anything for me or if there are any problems


_UB _used to do this with me until I asked them not to call me again. I found it quite irritating to be honest.


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## MugsGame

*Re: AIB e-savings account - 7 day notice*

Thanks Gillers. Press Release is rather misleading then. I have a designated account manager in AIB, but I think she's given up trying to sell me products


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## dk99

*Re: AIB e-savings account - 7 day notice*

latest from my branch is it is being launched tomorrow. watch this space


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## mollser

*Re: AIB e-savings account - 7 day notice*



dk99 said:


> latest from my branch is it is being launched tomorrow. watch this space



Correct, it is alive and kicking this morning...


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## MugsGame

Yes, I signed up this morning. However, they don't yet have a product page clarifying the interest treatment.


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## pc7

holy moley that was easy just opened one in 10 seconds! very impressed


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## mollser

MugsGame said:


> Yes, I signed up this morning. However, they don't yet have a product page clarifying the interest treatment.



[broken link removed]

this page says interest is paid in April and October but doesn't clarify the under/over €10k issue


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## Starting Out

Just opened up one as well and very straight forward. Can't find any mention of the 5% interest rate though. 

On the deposit rates section of the website ([broken link removed]) the 7 days notice account is listed as 2.5% AER but not sure if this is the same as their new online product?? Presume not but can't find guidance on the AIB website to the new product.

Anyone any joy besides the press release?


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## GeneralZod

Any word yet on if the interest rates are applied like with First Active's eSavings account or with RaboDirect's on-line account?


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## IrlJidel

Without an explicit answer you would have to assume that it applies to the whole balance.

To quote an AER,  the interest rate would have to apply to the whole balance.


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## iggy

pc7 said:


> holy moley that was easy just opened one in 10 seconds! very impressed


 Me too, that was really quick and easy....woohoo!


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## extopia

*Re: AIB e-savings account - 7 day notice*



ClubMan said:


> _UB _used to do this with me until I asked them not to call me again. I found it quite irritating to be honest.



Me too with PTSB. 

Amazing how the banks play on people loving to get sales calls, and how people go along with it. I'm starting to feel poorer than my friends who are always being called in to the bank to "discuss" their finances.


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## sunnyside

Am i right in thinking the interest in this account is addes twice a year(apr & Oct).?

What happens if you withdraw money before one of those dates,..do you get the interest on the months you would have had the money in or is it tough luck,..


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## GeneralZod

IrlJidel said:


> To quote an AER,  the interest rate would have to apply to the whole balance.



Good point.


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## sapmanie

A) Don't forget the charges...

> Account Maintenance Fee €4.50 per quarter or part thereof (on the current a/c if you have to open one): if you don't, best to open a demand deposit a/c, then no charges

> Automated/Self Service Transactions €0.20 each​ 
B) 





> On the deposit rates section of the website ([broken link removed]) the 7 days notice account is listed as 2.5% AER


 That's their Deposit PLUS 7-day account. For some reason, they haven't listed the online 7-day a/c here..?​ 
C) How much have people been depositing? Did you ask them to confirm what is the interest rate on a balance over €10k?​


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## z101

I am amazed so many people cant debate an issue without picking up the phone and calling AIB to clarify, if it's that important..


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## MugsGame

> debate an issue without picking up the phone and calling AIB to clarify



What makes you think they would give the correct answer? FA gave contradictory information on the same point. I'm waiting for the product page to appear on AIB's main site, which I expect will clarify matters. If you rely on what AIB tell you on the phone, you get things like:



> the new 7 day account should be available using internet banking in a couple of weeks. December 13 I think he said.


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## MugsGame

[broken link removed]. Still not 100% clear, but I think it operates like the FA account, i.e. interest rate applies to total balance.


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## vipera1

Interest rate is also stated on the  following page: 

[broken link removed]


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## AlroD

Just called AIB about this and yes the interest rate applies to total balance. So if you invest anything over 10,000 you will only get interest at 3.5%. Sneaky advertsiing by them. Surely they should be required to make this clearer in their ads.


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## Gandorf

Odd, I just spoke to AIB and was told that it was split, 5% for the first 10K and 3.5% on anything above.  They double-checked it too.  A bit confusing...


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## AleoN

Gandorf said:


> Odd, I just spoke to AIB and was told that it was split, 5% for the first 10K and 3.5% on anything above. They double-checked it too. A bit confusing...


 
I called into bank in person. Customer services guy didnt know. Went behind the counter to consult someone, came back and verified 5% on €10000, 3.5% on anything above that.
AleoN


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## simp

I can second that - called 24 hour banking and double checked with the person on the phone.

So...  Looks like this might be a good replacement for Rabodirect cash - if they reduce their rates in the New Year.


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## Slim

I thought the website was clear enough:
"You can avail of our great interest rates of 5.00% AER variable on all balances up to EUR10,000, and 3.50% AER variable on savings amounts from EUR10,001 - EUR100,000."

If this is not the case then this would be a seriously misleading statement!

Slim


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## MugsGame

Not misleading, just ambiguous.



> When I say a word, it means exactly what I want it to mean. No more and no less.


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## AlroD

Yes, called AIB again today and this time I was told that you would get 5% on the first 10k and 3.5% on all subsequent monies.


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## MysticX

This looks like an acceptable replacement for Rabo though i'm not an existing AIB customer so to get this setup:
(1) Visit local AIB branch and setup a demand deposit account(though the AAM sticky states you need a current account???). Naturally bring 2 forms of ID for anti money laundering requirements.
(2) Register for AIB online banking.
(3) Do an EFT from my main bank to the new demand deposit account(should accept EFTs from external banks right?).
(4) Use AIB online banking to internally transfer funds from the demand deposit account to the online notice deposit account.
(5) See about setting up a payee to transfer interest payments to.

So in essence the demand deposit account would function like a Rabo current account..i.e. an intermediary for funds management?

Thanks.


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## GeneralZod

Just opened one of these in preparation for moving over 10k from Rabo this week.

It was delightfully easy. I simply selected AIB on-line banking option that I wanted to set one up and it came straight back with a sort code and account number that was immediately visible in my list of accounts.

No annoying requests for ID from the bank that I've already supplied them with.


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## MysticX

From the AAM sticky http://www.askaboutmoney.com/showthread.php?t=27891:


> Customers must have an AIB current account and be registered for phone and internet banking. 7 days notice required for withdrawals. Interest paid in April and October.


 
From AIB page [broken link removed]:


> You must be a registered user of AIB Internet Banking, and have a suitable payment account, for example a Demand Deposit or a Personal Current Account.


 
So looking at the AAM _must + current account_....

Are there some complications or something if you just opt for the demand account in online banking???


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## GeneralZod

I've only got a cashsave account (savings with rubbish interest rate) and a regular saver account. A current account is not a prerequisite if you have a cashsave already.


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## Kye1

I plan on opening a savings account with AIB. I have no lump sum to deposit. I was going to start with 10 Euros going into the savings weekly and forget about it.

Would i be better off with the personal savings account or this new Notice Deposit 7 account? It seems the new one is better, but people are talking about putting alot of money. Any advice is welcome.

Kye.


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## MysticX

> This looks like an acceptable replacement for Rabo though i'm not an existing AIB customer so to get this setup:
> (1) Visit local AIB branch and setup a demand deposit account(though the AAM sticky states you need a current account???). Naturally bring 2 forms of ID for anti money laundering requirements.
> (2) Register for AIB online banking.
> (3) Do an EFT from my main bank to the new demand deposit account(should accept EFTs from external banks right?).
> (4) Use AIB online banking to internally transfer funds from the demand deposit account to the online notice deposit account.
> (5) See about setting up a payee to transfer interest payments to.


 
I've actually gotten around to kicking this off so just an update in case anyone is following the same flight plan.
Probably just the branch I visited but of note:
-Had to prompt them that you don't need an AIB current account to open a demand deposit account with them, in fairness though probably no-one has opened one up in ages so they probably weren't familiar with such accounts
-Had to reassure them that this is what I wanted(as the interest rate is awful), thankfully the manager understood what I ment when I explained that it's only going to be a feeder account for an Online Notice Deposit 7 Account 
-Bit surprised that they were asking for personal details like was I married, but at least they gave me the option of declining to submit such details

So by tomorrow I should have my new(and perhaps rare) AIB demand deposit account, then onto getting online banking running.

Btw which is the least troublesome and error free method of getting AIB online banking up?
Their site states:


> Submit the registration form and one of our Customer Service Agents will contact you at the time you specify on your application. No need for a signature or further form filling
> Or
> 
> Our registration team are available 8.00am to 9.00pm Monday to Friday​
> Just Call *1850 724 724* for immediate Internet access to your account information​


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## Kye1

No chance anyone can answer my post? I get paid tomorrow so i can finally start saving.

Kye.


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## oldtimer

It is a matter of personal choice. Personally I would opt for the on line notice deposit 7 as it is less restrictive.


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## ClubMan

Kye1 said:


> No chance anyone can answer my post? I get paid tomorrow so i can finally start saving.
> 
> Kye.


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## moondance

*AIB Online Notice Deposit 7 Account*

I apologise if there is already a thread on this but I did look and couldn't find it. I just opened this account to move some of my Rabo money over as they are offering 5% interest - but there is a 7 day notice if you want to withdraw funds. 

My problem is that I just tried setting up a standing order from my current account to this saving account and I kept getting an error. So I called the support line and I was told that you can't set up a standing order to this type of account as it "confuses" the system. So you can transfer money in at any time online but no standing orders. Is this normal for a deposit account as I've never had one that wasn't on-demand before?


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## GeneralZod

*Re: AIB Online Notice Deposit 7 Account*

There's already a thread for it here.

To answer your question the restriction is a bit unusual but not exceptional.


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## ClubMan

*Re: AIB Online Notice Deposit 7 Account*

Duplicate threads merged.


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## Sue Ellen

I use AIB internet banking under a joint account for many years now.

Having read about this option I opened one of these accounts before Christmas.  It was very simple to do but I'm just wondering if it was too simple.

Can  see the account on screen but to-date have not received any confirmation or statement showing the exact account number and details of  account holders names.  Has anyone else received confirmation  or will this not happen until statement of interest is issued?

The extremely long account number appeared on the screen for a few seconds when the account was being processed but an abbreviated version of this is all that is visible now.


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## Crunchie

Sue Ellen said:


> I use AIB internet banking under a joint account for many years now.
> 
> Having read about this option I opened one of these accounts before Christmas.  It was very simple to do but I'm just wondering if it was too simple.
> 
> Can  see the account on screen but to-date have not received any confirmation or statement showing the exact account number and details of  account holders names.  Has anyone else received confirmation  or will this not happen until statement of interest is issued?
> 
> The extremely long account number appeared on the screen for a few seconds when the account was being processed but an abbreviated version of this is all that is visible now.



Even though you have a joint a/c I think you'll find that the account is only opened in one name (this is in the T&Cs somewhere). At least that's what happened in our case. I can see the a/c from my online banking but OH can't see it from hers. The same happened when we opened AIB Online PSP a/cs

Like yourself I only saw the account number briefly on screen but a point to note (also in the T&Cs) is that you can only lodge to it from your AIB account. I tried a small test transfer from Rabo directly to it and it was rejected. When I spoke to Rabo they said AIB return such payments by draft and it can take a week or more for them to be credited back to the Rabo account.

I haven't had any correspondence either about the account but I suspect I won't until I get a statement. Again this was my experience with the Online PSP a/c.


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## Stronge

I also opened one of these new 7 day accounts and I transferred most of the balance of my regular saver ac into it. Both transactions were completed in a couple of minutes !! It all seemed very easy.


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## metromary

May be of interest to know that those who have an AIB joint current a/c can each open a 7 day notice online a/c and feed from the same aib joint current a/c. This means €20,000 at 5%. Each of us set one up and it really was the simplest process - done in a couple of minutes, new account number listed on my accounts and transferred funds from current a/c instantly. I'm happy!


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## tonster01

Have to admit, opening this new account etc could not be any simpler!


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## moondance

I've had more problems with this account. What they don't tell you is that you can't transfer from an external non-AIB account directly to the Online Notice Deposit 7 Account despite the fact that they give you a sort code and account number when you open the account.

I tried transferring 6K from my Rabo account to this AIB account on Friday and still no sign of it. Called AIB 24 hour yesterday and they said that this account can only accept transfers from my AIB current and other AIB savings accounts and to get Rabo to track the funds and reverse the transfer. So called Rabo and they said they've had hundreds of calls about this AIB account and money "going missing" en-route in the last couple of weeks and that AIB are sending cheques back to Rabo for the amount and they can't reverse the transfer. Also some money isn't coming back at all so I now have to contact my AIB branch directly to see what the story is!


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## RaboDirect

moondance said:


> I've had more problems with this account. What they don't tell you is that you can't transfer from an external non-AIB account directly to the Online Notice Deposit 7 Account despite the fact that they give you a sort code and account number when you open the account.
> 
> I tried transferring 6K from my Rabo account to this AIB account on Friday and still no sign of it. Called AIB 24 hour yesterday and they said that this account can only accept transfers from my AIB current and other AIB savings accounts and to get Rabo to track the funds and reverse the transfer. So called Rabo and they said they've had hundreds of calls about this AIB account and money "going missing" en-route in the last couple of weeks and that AIB are sending cheques back to Rabo for the amount and they can't reverse the transfer. Also some money isn't coming back at all so I now have to contact my AIB branch directly to see what the story is!


 
To clarify - we have had 7-10 calls from customers regarding this issue with AIB's online account as opposed to "hundreds". RaboDirect customers are using a valid AIB sort code and account number but it appears that the AIB account is not open to credit transfers from external accounts. This is an AIB issue not a RaboDirect one. We cannot reverse the transfer. AIB should sent the funds back to RaboDirect electronically but instead we are receiving cheques from AIB which slows everything down. AIB customers should also check that their funds are not sitting in their AIB current accounts in case AIB have put the transfer there as opposed to returning it to RaboDirect.


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## moondance

Well yesterday when I called Rabo the guy I was talking to said they had "many" calls about this. Only today was that clarified to be around 7 calls. Apologies for my error.

I'd also like to clarify that I'm not blaming Rabo - I'm blaming AIB for not stating that funds can't be transfered from external accounts. And for the way AIB are handling the situation now.


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## Crunchie

RaboDirect said:


> To clarify - we have had 7-10 calls from customers regarding this issue with AIB's online account as opposed to "hundreds".



In fairness to moondance - when I called with the same issue (4th Jan) the girl I spoke to told me she'd had "loads" of calls from AIB customers. 

As per my previous post she told me the amount would be returned by draft from AIB and that it would be a week or more before it would be credited to my Rabo account. No further action would be necessary on my part.


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## blorg

I had this same problem, trying to transfer directly from Rabo to the AIB Notice 7. I specifically asked AIB's 24-hour banking people if I could do a direct transfer from Rabo, and was told "yes" - _before_ I attempted the transfer. Chasing up AIB was no good; they told me that Rabo would have to fix it and that "they hadn't received anything." Called back to confirm sort code and account number in case I had made an error. No comment from AIB at any stage that the account wouldn't accept external transfers.

In the end Rabo chased it down for me with AIB and confirmed the situation. Money was gone for three weeks before it reappeared in Rabo. Top marks to Rabo's customer service, who seem better able to explain AIB's products than AIB itself is.


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## tightkerrman

AlroD said:


> Yes, called AIB again today and this time I was told that you would get 5% on the first 10k and 3.5% on all subsequent monies.


 
I would like to confirm that I have also received the same message when communicating with AIB on this - there appears to have been a lot of confusion around this topic. Here is there response:
_"...customers would earn 5% on balances up to 10k and then 3.5% on whatever balance thereafter._

_So for example if you had a balance of 20k you can earn 5% on the first 10k then 3.5k on remaining balance."_

Since the message on this from AIB seems to be consistent now, can we have the Financial Best Buys updated with this information?


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## MysticX

Just an update on how I'm getting on.

I can confirm that the AIB Demand Deposit Account suffices for both online banking, and as a feeder account for an AIB Online Notice Deposit 7 account.
Important point been no transaction fees or charges on a demand deposit account.
[broken link removed]

Maybe the Best Buys should be updated with this, as it currently gives the impression that only a current account will suffice.. and this has fees / charges.
From the Best Buys:


> Customers must have an AIB current account and be registered for phone and internet banking.


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## irishpancake

MysticX said:


> Just an update on how I'm getting on.
> 
> I can confirm that the AIB Demand Deposit Account suffices for both online banking, and as a feeder account for an AIB Online Notice Deposit 7 account.
> Important point been no transaction fees or charges on a demand deposit account.
> [broken link removed]
> 
> Maybe the Best Buys should be updated with this, as it currently gives the impression that only a current account will suffice.. and this has fees / charges.
> From the Best Buys:



Also, anyone with an old Cashsave account can use this as a feeder account, once they have had on-line banking with AIB:

From the T&C's:



> 1.3 In order to operate the account, customers must also have a suitable AIB feeder account, which must be a demand deposit account, a cashsave account or a current account.



I discovered this after I had closed my current Account with AIB, but the on-line banking was still accessible, because of the old Cashsave, with Zero Punts in it


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## tdoolie

like the top two users, i don't have an aib current account but had my ssia there and since that finished i still have the original feeder account and the converted ssia account which i think is now a AIB Demand Deposit Account as mentioned above, accounts work smoothly


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## MysticX

Mmm could someone clear this up for me...

Looking at the T&Cs for AIB online banking, they state a 20 cent transaction fee. I presume this is applicable only to AIB current accounts that didn't fulfill the criteria for free banking for the banking quarter... as the fees and charges for the current account state 20 cent as well for transaction fees.

I currently only have: demand deposit account(no fees or charges so theoratically good account to act as a feeder) + online banking + online notice 7 deposit account..... so am I open to these transaction fees?
Anyone with a similar setup that's been through a banking quarter..?


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## ClubMan

MysticX said:


> Just an update on how I'm getting on.
> 
> I can confirm that the AIB Demand Deposit Account suffices for both online banking, and as a feeder account for an AIB Online Notice Deposit 7 account.
> Important point been no transaction fees or charges on a demand deposit account.
> [broken link removed]
> 
> Maybe the Best Buys should be updated with this, as it currently gives the impression that only a current account will suffice.. and this has fees / charges.
> From the Best Buys:


_MysticX _- did the bit in red work?


MysticX said:


> This looks like an acceptable replacement for Rabo though i'm not an existing AIB customer so to get this setup:
> (1) Visit local AIB branch and setup a demand deposit account(though the AAM sticky states you need a current account???). Naturally bring 2 forms of ID for anti money laundering requirements.
> (2) Register for AIB online banking.
> (3) Do an EFT from my main bank to the new demand deposit account(should accept EFTs from external banks right?).
> (4) Use AIB online banking to internally transfer funds from the demand deposit account to the online notice deposit account.
> (5) See about setting up a payee to transfer interest payments to.
> 
> So in essence the demand deposit account would function like a Rabo current account..i.e. an intermediary for funds management?
> 
> Thanks.


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## blorg

I have an AIB "Cashsave" demand deposit account which accepts transfers from outside AIB and allows transfers from it into the Online Notice Deposit 7, if that helps any.


----------



## MysticX

_


			
				ClubMan said:
			
		


			MysticX - did the bit in red work?
		
Click to expand...

_


			
				ClubMan said:
			
		

> _Quote:_
> _Originally Posted by *MysticX* http://www.askaboutmoney.com/showthread.php?p=546065#post546065 _
> _This looks like an acceptable replacement for Rabo though i'm not an existing AIB customer so to get this setup:_
> _(1) Visit local AIB branch and setup a demand deposit account(though the AAM sticky states you need a current account???). Naturally bring 2 forms of ID for anti money laundering requirements._
> _(2) Register for AIB online banking._
> _(3) Do an EFT from my main bank to the new demand deposit account(should accept EFTs from external banks right?)._
> _(4) Use AIB online banking to internally transfer funds from the demand deposit account to the online notice deposit account._
> _(5) See about setting up a payee to transfer interest payments to._
> 
> _So in essence the demand deposit account would function like a Rabo current account..i.e. an intermediary for funds management?_
> 
> _Thanks._


Yes. Actually I did transfers from Rabo to the demand deposit account and it seems consistent in only taking 2 days(appears on day 3).

Transferring from the demand deposit account to the online notice deposit 7 account is instaneous.

So I think of it like Rabo outbound transfers, except its going the opposite way.


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## ClubMan

Thanks a lot _MysticX_. Never thought I'd become an _AIB _customer but there's a first time for everything...


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## Olympian

Never been an AIB customer so I recently opened a demand deposit a/c. Before I could register for internet banking they insisted I make a lodgement for 'security' reasons so had to arrange an eft from my non AIB current account to the demand account.

Other than that slight wrinkle the whole thing is easy.


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## ClubMan

I dropped into the local _AIB _yesterday to open an account. The sales assistant wanted me to open a current account but I told him (as per the earlier advice on this thread) that I wanted a demand deposit account as the feeder account. He consulted with his colleague to confirm that this was OK. He seemed surprised. Anyway with the usual ID (passport - I noticed that he transcribed the passport number incorrectly - and proof of address < 3 month old bill with address) he opened that account for me, gave me the new sort code/account number, registered me for online banking and told me that once I got the stuff in the post I could log on and then create the online 7 day notice account myself. He did not ask for any lodgement to be made there and then. Maybe it depends on the branch or your circumstances or something...?


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## oopsbuddy

As an existing AIB online banking customer, I just opened this new account online, transferred a lump-sum, all in about 60 seconds! Well done for the info. Many thanks


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## Mr Sparkle

oopsbuddy said:


> As an existing AIB online banking customer, I just opened this new account online, transferred a lump-sum, all in about 60 seconds! Well done for the info. Many thanks



I did the same and transferred all money from my Regular Saver (then wrote to AIB to close this account), but was wondering about the interest on my Regular Saver which has accumulated recently. Will they transfer this to my Notice Deposit 7 automatically once calculated?


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## ClubMan

What instructions did you give them on opening the regular saver account regarding interest payments and where they should go?


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## Mr Sparkle

ClubMan said:


> What instructions did you give them on opening the regular saver account regarding interest payments and where they should go?



Interest was kept within the Regular Saver, but obviously the balance was not adjusted on a daily basis. Can't really remember their T&Cs from when the account was opened, so will have to check back.


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## dublinhead

Mr Sparkle said:


> Interest was kept within the Regular Saver, but obviously the balance was not adjusted on a daily basis. Can't really remember their T&Cs from when the account was opened, so will have to check back.


 

Interest should be paid in April for regular saver


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## MysticX

> dropped into the local _AIB _yesterday to open an account. The sales assistant wanted me to open a current account but I told him (as per the earlier advice on this thread) that I wanted a demand deposit account as the feeder account. He consulted with his colleague to confirm that this was OK. He seemed surprised. Anyway with the usual ID (passport - I noticed that he transcribed the passport number incorrectly - and proof of address < 3 month old bill with address) he opened that account for me, gave me the new sort code/account number, registered me for online banking and told me that once I got the stuff in the post I could log on and then create the online 7 day notice account myself. He did not ask for any lodgement to be made there and then. Maybe it depends on the branch or your circumstances or something...?


 
I went through the same current account dodging obstacle... really had to stand my ground(tactfully of course). I advise people who are going to do the same flightplan to grab one of their online notice 7 day deposit brocheres and be ready to point out where it says you can use a demand deposit account.

As for handling the online banking aspect of the setup. Based on the feedback here I'm of the opinion that its easier to handle it yourself online or via the phone(just need the account S/C and no.). Via phone once done they'll immediately send out the stuff.. and online you can submit the bulk of the details(less chance of human error bar yourself).


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## ClubMan

Ah - your man wasn't really giving any hard sell or anything. He just thought that the current account was the only feeder account option until I insisted and his colleague confirmed that I was correct. He did ask me again when we were finished if I wanted info about their current account but I made my excuses and left.


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## blorg

dublinhead said:


> Interest should be paid in April for regular saver


You should get accumulated interest immediately on closing the account though, unless there is something specific in the T&Cs that states otherwise.


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## Mr Sparkle

I moved everything from my Regular Saver to my new Online Notice Deposit account as soon as it was created last week. I then wrote to AIB to note closure of the Regular Saver and asked about the interest due. They confirmed the interest was credited to my Current account, since they cannot deposit into an online-only account. Then transferred interest myself from Current to Online Notice account via internet banking.


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## The_Hustler

I must say, I think this is a god send! I was just on boards.ie on a thread about getting €20 for creating an account with Rabo and I saw the interest rates and thought "Damn, I was just complaining yesterday about deposit rates being less than inflation"! Then I checked out itsyourmoney.ie and saw that First Active seemed like the best. I got put off by all the documents needed like bills seeing as I'm still a student living at home, and was wishing it could be much easier.
I decided to check out here as I knew I'd get much more info on the rates offered, and then I spotted that AIB have a rate better than Rabo, itsyourmoney.ie never mentioned that! I've got a student current account with them already (no charges), online banking etc. and I even recently decided not to add any more to it because it was getting too big and I felt I was missing out on interest. (I only work over the summer so a regular savings account wouldn't suit).

Set it up just there, no hassle. I even felt less guilty about being lazy as this is just a new product so it's not like I was missing out on it. I really should set up a First Active account though, my savings elsewhere are being eaten away (I should set one up anyway seeing as the rate is better, I know most here are going with this because they've already got €15,000 in First Active).

Thanks a lot for this!


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## tosullivan

just opened one up too online...30 seconds and its there available

I think for 20k you're better off with Rabo but if you're like me who just blew most of his savings on a new car and has just less than 10k, then this is better


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## ClubMan

_Northern Rock _are now offering 5% gross _CAR _(annual) for any amount over €1K.


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## Praetor

Just put E10k into one of these.


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## dubmick

lol thanks for letting us know


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## Mr Sparkle

Praetor said:


> Just put E10k into one of these.



Thought the 5% rate was only up to €10K....


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## ClubMan

See [broken link removed].


> You can avail of our great interest rates of 5.00% AER variable on all balances up to EUR10,000, and 3.50% AER variable on savings amounts from EUR10,001 - EUR100,000. You can save instantly, easily and securely at any time, online.


As ever it's not clear of 3.50% applies to the excess over €10K or to the full balance. As such it might make sense to lodge less than €10K and then withdraw the interest to avoid breaching the €10K limit and thus earning less interest overall.


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## Fanny

Just looking at my AIB online banking window and wondering how to find the  ‘Notice to Withdraw’ window. Will it pop open when I try to transfer money to another account. Or how will I get into it? 

Fanny


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## ClubMan

No - you see it sooner than that. I can't remember when/where precisely but it was pretty obvious last time I looked.


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## dublinhead

Fanny said:


> Just looking at my AIB online banking window and wondering how to find the ‘Notice to Withdraw’ window. Will it pop open when I try to transfer money to another account. Or how will I get into it?
> 
> Fanny


 


Just Click on "savings" on the left had side of page


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## Fanny

thanks, found it now.  Fanny


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## madmoe

Hi guys,
Just transferred 10K into that account. Was so very simple to do! Thanx for all the advice on here.

M


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## ClubMan

madmoe said:


> Hi guys,
> Just transferred 10K into that account. Was so very simple to do! Thanx for all the advice on here.
> 
> M


You might want to note this:


ClubMan said:


> See [broken link removed].
> 
> As ever it's not clear of 3.50% applies to the excess over €10K or to the full balance. As such it might make sense to lodge less than €10K and then withdraw the interest to avoid breaching the €10K limit and thus earning less interest overall.


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## oldtimer

Looking at Clubmans quote above of 5th from the AIB website and assurances from my local AIB branch I am satisfied the ''5% applies to all balances up to 10K and 3.50% applies to amounts from €10,001 to €100,000.''


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## ClubMan

As with other similar accounts it's all well and good getting verbal assurances but if you can't get written ones and the terms & conditions are unclear they I personally would play it safe and lodge under the relevant limit.


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## DeliaQuad

Maybe it's staring me in the face, but I can't find where to open this account on the aib online banking site. I see a link to apply to enter a AIB Online Notice Deposit 7 competition, but no link to apply to open the AIB Online Notice Deposit 7 itself. Can someone please point me in the right direction?

-DeliaQuad


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## ClubMan

When you login I think you click on _Savings _link on the left hand side of the page and then there should be an option to create an online 7 day notice account. If you are having problems then you should just call them.


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## DeliaQuad

Thank you Clubman, this was indeed the correct route.


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## greentree

I just got my interest credited to my account yesterday. I withdrew a number of times so cant really calculate if I got the exact amount advertised. Anyone else get their interest yesterday?


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## Herb

oldtimer said:


> Looking at Clubmans quote above of 5th from the AIB website and assurances from my local AIB branch I am satisfied the ''5% applies to all balances up to 10K and 3.50% applies to amounts from €10,001 to €100,000.''


 
Received my interest yesterday and got 5% on first 10,000 and 3.5% on remainder. Didnt work it out exactly because not sure of the exact formula but figures are below if anyone has the inclination to work it out to the day.

With principle of 25000 from Dec 12th, 305.77 credited yesterday (before dirt).


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## Kye1

I got my glorious 2.56 euro interest today.

Kye.


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## Joody1

Is it correct that that you are only guarantee 20,000 euro of your deposit with them if the bank goes bust.  Where can you put your saving to make sure it is safe nowadays.

Joody


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## dave_is_away

What form must the "notice" to withdraw take?  Is it in writing/branch or can it be done online or by phone?


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## ClubMan

Online.


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## jambo.ie

I'm delighted with this account too. So easy.

Does interest still apply in the 7 day notice period and the 7 day period when the funds are available for withdrawal?

This may seem like a silly question but I'm wondering what's to stop an account holder putting their balance on notice once a fortnight ensuring the funds are always accessible on demand.


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## jambo.ie

To answer my own question...

6.7 Interest will also continue to accrue during any Notice to Withdraw period.

[broken link removed]


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## ClubMan

jambo.ie said:


> I'm delighted with this account too. So easy.


_Northern Rock Demand Online _is easier - 5% gross on €1K+. No €10K limit before the rate falls. No notice for withdrawals.


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## DELLBOY 08

ClubMan said:


> _Northern Rock Demand Online _is easier - *5% gross* on €1K+. No €10K limit before the rate falls. No notice for withdrawals.




I was going to open _Northern Rock Demand Online Account _but I read on another thread that Northern Rock don't intend on offering such a competitive rate for much longer. Does anyone know how much longer the rate will remain @ 5%?


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## ClubMan

I'm not aware of any imminent change and _NR _have been one of the most competitive on lump sum deposit interest rates for a good while now. Why not just go with them for now and if/when things change then you can go elsewhere?


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## jambo.ie

ClubMan said:


> _Northern Rock Demand Online _is easier - 5% gross on €1K+. No €10K limit before the rate falls. No notice for withdrawals.


I'm feeding my regular saver accounts off my Cashsave account. I need to transfer money into my Cashsave once a month to cover the standing orders. I want the money to spend as little time in the Cashsave as possible. With the Online Notice 7 I know exactly when the money is going to be in the Cashsave. With the NR account it's not as clear.

I transfer enough to my Online Notice 7 to cover my standing orders each month and keep the balance with Northern Rock.


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## ClubMan

Fair enough. That's a good way of maximising interest on lump sums some of which are needed from time to time for expenditure.


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## jambo.ie

ClubMan said:


> Fair enough. That's a good way of maximising interest on lump sums some of which are needed from time to time for expenditure.


It's annoying that the Northern Rock transfers are unreliable, especially seeing as they have an AIB account, but such is life.


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## ClubMan

I've never found them unreliable. Slow perhaps (e.g. 3-5 working days).


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## shammy feen

Hi Folks,

Probably a silly question but forgive me.
If I open one of these accounts today at current interest rates and say AIB change their interest rates on this offering due to ECB rate rise on the 9th July, will my account interest rate be adjusted to the new higher rate or will I be stuck on the rate at time of opening?

Just wondering would I be better off leaving it for a week or two to see if there are any changes due to the ECB rate rise.

Thanks

Shammy


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## GeneralZod

shammy feen said:


> Just wondering would I be better off leaving it for a week or two to see if there are any changes due to the ECB rate rise.



It's a variable interest rate account so it shouldn't make any difference whether you open it now or wait to see if they do anything.


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## shammy feen

GeneralZod said:


> It's a variable interest rate account so it shouldn't make any difference whether you open it now or wait to see if they do anything.


 

Thank you for the reply.


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## greentree

Just checked my account. I thought the second amount of interest would be paid on October 1st?

Anyone get their second yearly interest on this yet?


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## parsi

No sign of it in my account either.


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## ClubMan

Same here - no. The [broken link removed] don't explicitly say the 1st of the relevant months:


> 6.1 Interest will be posted to your account twice per annum - in April and October.


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## moondance

Anyone know what date in October AIB pay interest on this account?


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## Olympian

Interest showed up last night in my account.


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## iggy

Olympian said:


> Interest showed up last night in my account.


 Got mine this morning..(interest that is!!).


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## ClubMan

Same here. So I guess it's probably close of business on the first working day of the relevant month?


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## greentree

Yes, got mine too!

I have to say, I also have a Rabo account and find their 'Your interest' button really useful. Your interest updates every day even if its only cents.

With the AIB account, its all hidden until the payment day - which is six months away now!


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## PaddyW

Doesn't that add to the excitement of it all though?!


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## PGD1

I tried to transfer some money from this account to my current account, online.

I didn't get an error message but rather some red text afterwards saying something along the lines of "This transaction has not yet been posted" or something similar.

I wasnt sure if it had failed, or they were saying it has not yet been posted, as it would be in 7 days???

Anyone here transfer money successfully and get this message?


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## iggy

PGD1 said:


> I tried to transfer some money from this account to my current account, online.
> 
> I didn't get an error message but rather some red text afterwards saying something along the lines of "This transaction has not yet been posted" or something similar.
> 
> I wasnt sure if it had failed, or they were saying it has not yet been posted, as it would be in 7 days???
> 
> Anyone here transfer money successfully and get this message?


 You must serve 7 days notice even to transfer to another AIB account.Go to `savings` on left side of page and follow link to serve notice of transfer.


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## PGD1

thanks i never realised I had to do that step.

it's still not clear to me if I need to resubmit the transfer itself now!


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## iggy

PGD1 said:


> thanks i never realised I had to do that step.
> 
> it's still not clear to me if I need to resubmit the transfer itself now!


 It will be clearly written in green writing on the top of your `balances` page when you log in if your advance notice has been served.


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## PGD1

OK cool I guess I have to wait 7 days for that to appear.

It's not obvious if you make the actual transfer request 7 days in advance or once that notice has appeared.

Then again, I probably didn't read something that was sent to me.


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## iggy

PGD1 said:


> OK cool I guess I have to wait 7 days for that to appear.
> 
> It's not obvious if you make the actual transfer request 7 days in advance or once that notice has appeared.
> 
> Then again, I probably didn't read something that was sent to me.


 It should appear immediately. For example, when I got my interest payment today I served notice that I wanted to transfer the interest which I got  (as I already have the 10k maximum deposit @ top rate there) to another account which pays more interest. As soon as I did this the green notification appears immediately at the top of the `balances` page.
So make sure that`s there otherwise you will be waiting another 7 days to transfer.
Mine says that the funds which I have requested to be available for transfer will be available from the 9/10/08 until the 15/10/08.


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## PGD1

I just checked and say the following message:

*You have given notice to withdraw xxx Euro from your ONLINE NOTICE xxxx account. These funds will be available from 09/10/2008 up to and including 15/10/2008.* 


Thanks!


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## iggy

Just tried to transfer interest money from my online 7 day account to my current account (same bank) and I keep getting error message `withdrawal amount or withdrawal date invalid`.When I log in it states on top of page that `funds are available for transfer `till 15/10/2008`..grrrrr! Sometimes I feel like throwin` this damn computer through AIB`s window!!!!


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## ClubMan

Did you serve the necessary notice?


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## iggy

ClubMan said:


> Did you serve the necessary notice?


 Yes....
Update..I tried to transfer again this morning and it went through no problem. I can only guess that it was too close to the transfer allowed time ( it was just after 12 midnight). Phew..computer and AIB window still intact!


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## max

*Re: AIB e-savings account - 7 day notice*

Anyone work out if the first 10k was given at 5% or 3.5%? I've done a rough calc and it looks like 5%.


----------



## iggy

*Re: AIB e-savings account - 7 day notice*



max said:


> Anyone work out if the first 10k was given at 5% or 3.5%? I've done a rough calc and it looks like 5%.


 I thought it was 5.25%?


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## WaterSprite

It's 5.25% for amounts up to 10k and 3.75% for amounts over that.  The 5.25% applies to the first 10k, even if you have more in the account, and the balance is at 3.75%

Sprite


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## max

3.5% and 5% over 10k up to mid-July. The higher rates started in mid-July.


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## Olympian

According to todays Independent AIB have reduced the rate to 5%. AIB website still has old rate.

Can anyone confirm?

http://www.independent.ie/business/irish/customers-lose-out-as-banks-cut-interest-rates-1502817.html


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## iggy

Olympian said:


> According to todays Independent AIB have reduced the rate to 5%. AIB website still has old rate.
> 
> Can anyone confirm?
> 
> http://www.independent.ie/business/irish/customers-lose-out-as-banks-cut-interest-rates-1502817.html


 As far as I remember this account started with a 5% rate and when ecb went up .25% so did the interest on the account , now that the ecb rate is down .25% I expect the rate paid will or has dropped accordingly.It is a variable rate.


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## whathome

iggy said:


> Just tried to transfer interest money from my online 7 day account to my current account (same bank) and I keep getting error message `withdrawal amount or withdrawal date invalid`.When I log in it states on top of page that `funds are available for transfer `till 15/10/2008`..grrrrr! Sometimes I feel like throwin` this damn computer through AIB`s window!!!!


 
I had a similar problem today.  I had given 7 days notice for withdrawal but when I tried to transfer some funds this morning I got a message telling me that I needed to give notice of withdrawal.  So I called customer service and it turns out that the notice expired at midnight last night (7 calendar days).  Now I have to apply again and wait another 7 days.

So you have to be very careful with your timing with this account.  There is absolutely nothing that customer service people can do to help if you miss your withdrawal "window" even if only by a few hours.  I won't be using an AIB online notice account again.


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## moondance

I gave notice last week and it read at the top of the screen when I logged on that I could withdraw funds between 21st and 28th Oct. So when I logged in this morning to move money from this account to my current account there was no message at the top to say my funds were available. I chanced it anyway by going into the Transfer section and it worked no bother. It could be laid out a bit clearer though.


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## jacobean

I've just noticed my account is now showing a lower interest rate (dated 22/10/08)

4.940% up to €10,000 and 3.230% above


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## blue_steel

Yep, they've reduced their interest rates on all this account (and most of the others as well from what I can see). The rate on the first 10K is decent enough but I'm moving the rest to another bank. 3.23% is a pretty poor return.


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## ClubMan

jacobean said:


> I've just noticed my account is now showing a lower interest rate (dated 22/10/08)
> 
> 4.940% up to €10,000 and 3.230% above


Those are the nominal rates - the equivalent _APRs _are 5% and 3.25% respectively. See [broken link removed]. 5% for restricted (albeit just 7 day notice) access is not great at the moment.


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## camlin90

Trying to pull my money from this account after they dropped the interest rate.
The maximum transfer allowed by internet banking is 5K is one go.
Also, you are only allowed one transfer for each "notice period".

So in other words, if you want to pull 10K from the account, you'll have to do it over two weeks. Submit notice, wait a week, withdraw 5K, submit notice, wait a week, withdraw another 5K.

Just an incredibly annoying feature of this account that I thought I'd point out.


----------



## Darando

John J said:


> Trying to pull my money from this account after they dropped the interest rate.
> The maximum transfer allowed by internet banking is 5K is one go.
> Also, you are only allowed one transfer for each "notice period".
> 
> So in other words, if you want to pull 10K from the account, you'll have to do it over two weeks. Submit notice, wait a week, withdraw 5K, submit notice, wait a week, withdraw another 5K.
> 
> Just an incredibly annoying feature of this account that I thought I'd point out.


 
Are you sure about that? I have an amount close to 10K on notice to be withdrawn - no problems, accepted it and says will be available at a certain date.


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## MugsGame

The €5k limit is for external transfers. See 5.5 in their [broken link removed]

What you can do is withdraw the full amount online to your AIB current account and then do an external transfer over €5k in person / by cheque.

However this is annoying and it caught me out the first time I ran into it. It is probably time they increased the limits to account for inflation. Or perhaps allow a larger limit when a code card is used.


----------



## GeneralZod

Darando said:


> Are you sure about that? I have an amount close to 10K on notice to be withdrawn - no problems, accepted it and says will be available at a certain date.



I encountered the same problem. 

The system let me give notice of a withdrawal of €10k but then only let me withdraw €5k.


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## Darando

So it will allow me to withdraw 10K from 7 day notice to an AIB current account, then is it possible to do 2x 5K from the current account over 2 days?


----------



## MugsGame

Darando said:


> So it will allow me to withdraw 10K from 7 day notice to an AIB current account, then is it possible to do 2x 5K from the current account over 2 days?



I think this should work but haven't actually tested it; I transferred directly to an external account and ran into the external transfer limit of €5k.

It if it doesn't work then I think it's a bug in their system, from my reading of the T&Cs.


----------



## Darando

will update when the transfer period comes into effect.


----------



## wishing

i had 5k ready for withdrawal took just 500 on first day and was not allowed any more withdrawals  until i gave another 7 days notice very annoying


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## ClubMan

This "restriction" is clearly stated in [broken link removed]:


> 3.4 One withdrawal permitted per one 'Notice to Withdraw' period


----------



## madbint

This is now 3.72% up to 10k and 2% if greater.


----------

