# NIB E-saver - Rate reduction imminent



## Daddy (5 Oct 2011)

The popular 3% e-Saver rate is shortly in early Nov to become 2%.

That is according to an article in today's Irish Independent.


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## aristotle (5 Oct 2011)

Really?

They will have a big loss in their deposit base I would imagine so.


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## Daddy (5 Oct 2011)

Variable mortgage rates going up.

I really liked their e-Saver a/c and will move it elsewhere be it into Sterling (N Ireland deposit 2.8% Fixed 1 year at UB) or An Post.


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## marksa (5 Oct 2011)

if the rate is being cut on esaver, presume there will be some other form of leading rate to attract deposits. its probably just an inertia tactic. all banks do this kind of thing. in any case, there is still 3% for 12month fixed - just tie it up, and if you need it just break the fixed deposit?


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## Lightning (6 Oct 2011)

Interesting. 

It could be an inertia strategic play or it could simply be that NIB have excess deposits. Deposits at NIB have more than doubled over the last 12 months or so.


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## marksa (6 Oct 2011)

you could be right CiaranT - Rabo have done similar, reducing rates as they see fit... if you are in the luxurious position of plenty of deposits then why pay up for them...


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## DMcL1971 (12 Oct 2011)

I received an E-Mail from NIB this morning confirming this.
On 12.12.2011 the interest rate for the eSaver account will be reduced from 3% to 2%.
During months you make a withdrawl the rate will drop to 1% as before and then go back up to 2% at the end of the month.


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## Lightning (12 Oct 2011)

Thanks for the information. 

There is enough evidence now that NIB are about to slash their rate that they pay customers by a third, I will update the best buys.


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## Westie123 (14 Oct 2011)

I can confirm that I received the same letter as DMcL1971 this morning.


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## 26cb (20 Oct 2011)

Me too....I asked in a branch if there was any similar product in the pipeline, they said no and that a years 'fix' would attract the same 3%.


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## Godfather (27 Oct 2011)

Hi, I've learnt that the yearly interest is paid on 31st October. So I've in reminder to move away most of the money on 1st November or so...


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## Lightning (27 Oct 2011)

Your accrued interest will also be paid if you close your account at a later date.


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## Billo (27 Oct 2011)

That PTSB 2 month 3.8% looks good to me.


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## twofor1 (28 Oct 2011)

I think it’s worth pointing out to anyone wishing to close or just leave a token amount in their e-saver, My understanding is you would be better doing so at the start of a month rather than the end.

If you closed your account on the 31/10/11 you would lose 2% for 31 days.

But if you closed your account on 01/11/11 you would lose 2% for only 1 day.

The more detailed T&c’s clearly refer to calendar months.



· An attractive 'reward' interest rate for those months when you don’t need to withdraw. This rate is currently 3% AER. 
· A competitive 'active' rate even when you do need to withdraw. This is currently 1% AER. 

http://www.nationalirishbank.ie/en-ie/Personal/Save-and-invest/Saving/Products/Pages/e-saver.aspx


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## Godfather (29 Oct 2011)

twofor1 said:


> I think it’s worth pointing out to anyone wishing to close or just leave a token amount in their e-saver, My understanding is you would be better doing so at the start of a month rather than the end.
> 
> If you closed your account on the 31/10/11 you would lose 2% for 31 days.
> 
> ...




My understanding as well. But I'll keep it open with a bit of money in it because the international money transfer via NIB ebanking in my opinion is just great.


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## daheff (2 Nov 2011)

ah damn it

i've just gone to the trouble of setting up NIB accounts 

i havent received any info about the rate reduction yet though (2 of 3 accounts have money in them at the moment)


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## messyleo (2 Nov 2011)

I haven't received notification either - poor form not to send it all out at the same time I'd have thought?


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## Lightning (2 Nov 2011)

twofor1 said:


> I think it’s worth pointing out to anyone wishing to close or just leave a token amount in their e-saver, My understanding is you would be better doing so at the start of a month rather than the end.
> 
> If you closed your account on the 31/10/11 you would lose 2% for 31 days.
> 
> ...




Good point, thanks for posting this.


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## Billo (2 Nov 2011)

daheff said:


> i havent received any info about the rate reduction yet though (2 of 3 accounts have money in them at the moment)



Have you checked the electronic mailbox ?


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## messyleo (2 Nov 2011)

Billo said:


> Have you checked the electronic mailbox ?



Ooops - thanks for that! *shame*


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## Godfather (3 Nov 2011)

I moved all my savings except a small amount away on 1st November


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## Billo (3 Nov 2011)

Godfather said:


> I moved all my savings except a small amount away on 1st November



Away to where may we ask ?


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## Godfather (7 Nov 2011)

NW UK Ireland...


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## daheff (7 Nov 2011)

Billo said:


> Have you checked the electronic mailbox ?



No -I've only just set this up...i didnt realise there was one - my bad


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## djh (11 Nov 2011)

Hi folks, 
really glad I found this thread. 

Was just about to go to the trouble of openingone of these accounts. Recieved the application pack from filling in the forms online. It's saved me the hassle of getting doccuments certified and all that. 

Cheers for posing folks.


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