# Ulster Bank : Pathway Account



## ardmacha (31 Jan 2015)

Ulster Bank seem have created a _Pathway_ account and all old accounts are being converted into this. I think they wrote to me as I have a fiver left in the old First Active Regular Saver (the one that once paid 7.25%).

This new account pays an especially niggardly 0.05%, so that should keep you clear of any issues about paying PRSI on interest. 

If anyone has any account with a significant balance going into this new arrangement then it is time to close it.


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## Lightning (1 Feb 2015)

ardmacha said:


> Ulster Bank seem have created a _Pathway_ account



Pathway has been around for some time. It is a legacy Ulster Bank product. 

Ulster Bank are changing the rate from 0.01% AER to 0.05% AER for amounts under 15,000 EUR in the Pathway product as per advertisements during the week. 



> all old accounts are being converted into this



Interesting. Ulster Bank must be cleaning up their large list of legacy deposit products. 



ardmacha said:


> If anyone has any account with a significant balance going into this new arrangement then it is time to close it.



Absolutely. Time for those effected to switch bank at the same time to a bank that pays better deposit rates.


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## ardmacha (3 Feb 2015)

Perhaps I exaggerate when I say all old accounts are being converted, but the documentation listed several different ones. And as you say all Ulster Bank rates have declined more than most.


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## tallpaul (3 Feb 2015)

I received a letter from UB last week advising me that two legacy savings accounts (Direct Saver and Loyalty Saver) were being transferred to Pathway accounts with a dizzy 0.05% interest. 

UB now have only two regular savings accounts (I am excluding Easy Access as at 0.01% interest, I don't think anyone would save a great deal of money with this product!!). Do UB not want deposits anymore?


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## Lightning (3 Feb 2015)

tallpaul said:


> UB now have only two regular savings accounts



Ulster Bank have one live regular saver product which pays 2.00% AER variable .

Ulster Bank have a legacy regular saver product which pays 0.05% AER variable which seems to be moving to Pathway. 



tallpaul said:


> Do UB not want deposits anymore?



Ulster Bank need deposits, they still have a loans to deposits ratio in excess of 100%, but Ulster Bank do not need deposits on anything like the scale that they needed deposits in 2007. 

Ulster Banks need for deposits has greatly declined.


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## tallpaul (4 Feb 2015)

Sorry yes you are correct. The other account the have is their Loyalty Saver account which is classed as 'instant access' and pays 1.2%AER if you make less than 4 withdrawals a year. 

Still, only having two reasonably worthwhile live savings accounts for adults seems _extremely _streamlined...


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## ardmacha (14 Feb 2015)

Ulster bank's "live" accounts aren't exactly a major draw after the latest interest rate reductions, to say nothing of the dead ones.


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## Lightning (14 Feb 2015)

Yeah, Ulster Bank nor BoI nor AIB / EBS offer any form of attractive interest rates these days. Depositors are best going elsewhere.


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