# Irish Nationwide Launch 3.75% Instant Access Account



## Lightning (5 Sep 2009)

Irish Nationwide are starting to get more aggressive in the savings market. 

They have launched a new [broken link removed]. 


The Irish Nationwide minimum deposit is down from 20,000 EUR to 1 EUR
The rate applies on balances up to 20,000 EUR
It is also the best buy for instant access accounts under 20,000 EUR
The rate includes a bonus of 1.25% that expires on 1 Jan 2011

This jumps straight in at the top of the best buys lump sum deposit thread which has been updated. 



> Best for amounts from €1 to €20,000
> *[broken link removed]*
> _*3.75%*_ up to €20,000
> _*2.50%*_ from €20,000 with no maximum
> ...


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## crabbybear (5 Oct 2009)

Thinking of putting a few grand that I have in Anglo into Irish Nationwide 3.75% a/c. I'm probably moving from one basket case to another but I assume the money is safe under the guarantee ? Is my deposit safe in either of these two institutions if the government decided to close it ?


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## Lightning (5 Oct 2009)

Yes, 100% of your deposit is state guaranteed until September 2010.


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## -Flex- (6 Oct 2009)

Is there no online banking with them?  It would appear not from the T&C's:



> *Can I make Withdrawals? *
> Withdrawing your funds could not be easier. No notice is required so you can simply call into any of the Society’s branch or agent offices, present your account passbook and make your withdrawal. Restrictions will apply for cash amounts over €2,000.00 required on demand and a minimum amount of €5,000.00 is required for electronic transfers. This account does not offer the facility to set up standing orders or direct debits.



It's a deal breaker for me if I have to go to a branch to take out money.


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## Lightning (6 Oct 2009)

There is no online banking with INBS. All their systems are quite old. 

Halifax offer online banking and 3.75% up to 10,000 EUR for the first year. You can close and reopen your account after the first year.


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## gribr (9 Oct 2009)

i emailed and asked about online banking. Here was the response;



> The Society does not provide an internet banking facility at present. In order to withdraw funds from an account you should visit one of the Society's branch offices, however there is an option to request withdrawals by electronic transfer, the minimum transfer amount is €5,000.
> 
> The Society intends to introduce an internet banking facility at some point in the future.




That rules it out for me methinks


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## Bobby1 (10 Oct 2009)

"The Society intends to introduce an internet banking facility at some point in the future".

Do they actually think they will be around this time next year to introduce this! Maybe they mean with PTSB and EBS they will have internet banking : )


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## ardmacha (10 Oct 2009)

Perhaps they will only have a virtual existence by then.


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## lovelylovely (11 Oct 2009)

So this means that to get my e20k back quickly from Irish Nationwide Building Society I would have to collect e2k cash every day for 10 consecutive days from their local office or order them to transfer to my normal bank current a/c e5k from their a/c for 4 consecutive days electronically(I presume thats what you mean by electronic means)?
Also if the interest is only paid annually you cannot close the a/c and take your interest for the shorter period if you decide to withdraw your e20k deposit earlier...the interest will only be credited to your a/c with Irish Nationwide for collection by the depositor after 12 months.
How can they pay 3.75% AER when the Bank of Ireland can only pay 0.10% AER for ON DEMAND deposits?


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## Lightning (11 Oct 2009)

lovelylovely said:


> So this means that to get my e20k back quickly from Irish Nationwide Building Society I would have to collect e2k cash every day for 10 consecutive days from their local office or order them to transfer to my normal bank current a/c e5k from their a/c for 4 consecutive days electronically(I presume thats what you mean by electronic means)?



What ?!!

The minimum for an electronic transfer is 5,000 EUR with INBS.

If you have 20,000 EUR then you can transfer the full 20,000 EUR electronically.



lovelylovely said:


> Also if the interest is only paid annually you cannot close the a/c and take your interest for the shorter period if you decide to withdraw your e20k deposit earlier...the interest will only be credited to your a/c with Irish Nationwide for collection by the depositor after 12 months.



Can you please provide back up for this. What section of the T&C's states this?



lovelylovely said:


> How can they pay 3.75% AER when the Bank of Ireland can only pay 0.10% AER for ON DEMAND deposits?



They are 2 different banks with 2 different strategies with interest rates. 

BOI rely on inertia to keep interest rates low. 

INBS are introducing a new product and need to be competitive to attract business.


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