# Ulster Bank Special Interest Deposit Acc



## airgead07

Hi

According to the bank (Customer Services and website) there doesn't appear to be any withdrawal restrictions on the above account

Can anyone confirm this? I can't seem to find anything about withdrawals in the T&C's.

Thanks


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## horusd

According to website this is instant access:



> *Instant access - withdraw your funds in branch or, when you register for **Anytime Banking** you can access your funds online or over the telephone.* *




*http://www.ulsterbank.ie/roi/personal/saving/regular-savings/sida.ashx*



I have one of these accounts, never made a withdrawal, but based on above there are no restrictions.


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## airgead07

thanks horusd


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## Palerider

I have this account also, there are no restrictions on withdrawals, it is a super account as it will accept lodgments made online of more than €1000 at a time.
I have also looked at the t/c's and there is also no restriction on having more than one of these accounts, they will tell you there is however it is not in their specific account t/c's.


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## airgead07

Hi Palerider, I didn't realise you can make online lodgements as well as the regular standing order?? even better


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## elcato

> it is a super account as it will accept lodgments made online of more than €1000 at a time.


The second point on their page states that you can save between 1 and 1000 per SO but it doesn't say anything about whether you can put more than that in one lump online. Interesting, so I wonder if I could just lob in 13k daily max in one go and then get 4% on all of this ?


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## Lightning

elcato said:


> The second point on their page states that you can save between 1 and 1000 per SO but it doesn't say anything about whether you can put more than that in one lump online. Interesting, so I wonder if I could just lob in 13k daily max in one go and then get 4% on all of this ?



You can't put a lump sum sub 1,000 EUR in a regular saver account.


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## elcato

Seems like a contradiction alright but Palerider suggests above that you can as an online deposit.


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## anastasiablu

Can you have a bank account in euro or sterling in NI with an Irish address?


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## cavanMan

you can put 1K max a month standing order, and seemily online you can transfer aboue this.


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## roker

I have just opened a UB savings account, 4% variable interest, No lump sum deposits, no restrictions on withdrawal, so i am transfering the maximum ammount of savings until I run down my other bank accounts, and then I can reduce the savings, (minimum €1 month)


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## potnoodler

just appllied online with UB for this account ,seems to be very generous to what they offered 12 months ago , happy with NationwideukIreland 2.96% but interest credited monthly (nice little visual incentive) but just want to spread it around , anyone spot any catches coz dont have the energy to fine toothcomb the T&C.
I take it that if you just close the account after say 6 months there would be no real major penalty with the annual interest account, obviously dont trust banks


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## Palerider

just to clarify, you can transfer amounts over or under €1000 into the UB special interest account but you must do the transfer online, I expect this will be a short lived opportunity, great to get 4% for up to €15,000 on demand especially after transferring it in in one lump....;-)


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## Lightning

Thanks for sharing this tip. I wonder how fast Ulster will close this loop hole that is against their T&C's.


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## Aureus

*The Terms & Conditions*

I hate to rain on the parade but take a look at the following terms and conditions. 

(You have to go to a document called "Personal Banking Terms & Conditions" under the heading "Additional Terms and Conditions for Special Interest Deposit Account")



> *6.1* You must set up a Standing Order to credit the Account monthly. The Standing Order must be for not less than €1 and not more than €1,000. The Standing Order can be increased or decreased within these limits.





> *6.2* Lump sum cash, cheque or other lodgements are not permitted into the Account.





> *7.5* In the event that a monthly deposit exceeds the monthly limit of €1000, we may request you to transfer the excess funds into another Ulster Bank Account.


This seems to clearly rule out lump sum lodgements of more than €1,000. It is also stated that:



> *6.6* You may not hold more than one Special Interest Deposit Account at any time (whether in your sole name or in joint names).


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## Lightning

Hi Aureus, 

You are absolutely right that putting a lump sum in this account is breaking the T&C's. 

However, Ulster should have systems in place to prevent this happening. 

Also, the T&C's say 



> we *may* *request* you to transfer the excess funds into another Ulster Bank Account



i.e. they need to ask you to move the money. Ulster may decide it is not worth the hassle to pursue those that have circumvented the purpose of the regular saver account.


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## Aureus

Hi Ciaran,



> Ulster may decide it is not worth the hassle to pursue those that have circumvented the purpose of the regular saver account.


That's possible. But what worries me is that they might take no action until it comes time to pay interest, and then refuse to pay any interest on lump sums that exceed the maximum permitted.

That would be a nasty surprise, as in the meantime I would have foregone any interest I could have earned by placing my extra lump sum elsewhere. 

As I understand it interest is paid annually in October, so we might not know for sure until then. Maybe it's worth a punt anyway?


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## Palerider

Regular statements issued between now and October will indicate the interest payable on the account for the period covering by the statement, Interest must be paid on that basis, Ulster are an excellent Bank, to do anything other than honour interest payments on funds held in the SID would be very surprising and would bring both negative publicity and allegations of sneaky behaviours as well as complaints to the regulator.

These t'c's as indicated are new, these specifics were not provided to me when I opened my Special Interest Deposit account so the system may well have changed but the account will still take online lump sum transfers, at the end of the day there will be very little involved as the 4% caps out at €15000 per account and you can only have one account per person now it seems.


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## potnoodler

I was going to take my lump sum from nationwideukireland and drop it into ulster bank but reasonably sure that UB are probably aware that you can transfer online over the 1k and just the interest payable will be at the .1% rate or whatever as more or less clearly stated , probably not a glitch at all,
May very well be wrong and if so I'd imagine its a serious flaw for their online banking system (for them)

BTW I don't really think that any bank really cares about negative publicity these days , do you?


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## Aureus

> Regular statements issued between now and October will indicate the  interest payable on the account for the period covering by the statement ...to do anything other than honour interest payments on funds held in the SID would be very surprising.


I hope you're right. But I've recently received a statement of my account in the post and it contains no interest figure and no promises about the amount that will be paid. When I bring up an online statement it simply states "full details of interest to be applied available on request."  So I'm not yet reassured.



> ..there will be very little involved as the 4% caps out at €15000 per account


There is still a few hundred euro at stake. 



> UB are probably aware that you can transfer online over the 1k and just  the interest payable will be at the 0.1% rate or whatever as more or less  clearly stated


What the terms and conditions clearly state is that _ad hoc_ lump sums are not permitted. So there does seem to be a flaw in their online system. There's nothing in the T&C's that I can find about a reduced rate applying, but I guess if you are violating the terms and conditions they can apply any interest rate they like.


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## Lightning

Aureus said:


> I hope you're right. But I've recently received a statement of my account in the post and it contains no interest figure and no promises about the amount that will be paid. When I bring up an online statement it simply states "full details of interest to be applied available on request."  So I'm not yet reassured.
> 
> There is still a few hundred euro at stake.



Why not request an interest statement and let us know what it says?


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## Palerider

A separate sheet came with your statement, this indicates the rates applying to the SID depending on your balance, this separate sheet also indicates the sort code and account number.

There is very little difference between annual deposit account rates with UB ( 3.5% fixed ) and the 4% in the SID, I treat the SID as a fixed term account anyway and will only move it if the rates drops.


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## DMcL1971

Did anyone find out what happens if you lodge more than 1K in a single month?

I rang Ulster Bank today to enquire abount opening one of these accounts. They said there was a maximum monthly lodgement limit of 1K per month on the account. If any transaction was to break this rule it would be rejected. So if you lodged 500 into the account on-line and then later in the month your standing order tried to lodge 800, the standing order would be rejected.


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## potnoodler

anyone get any confirmation on interest being paid on the over lodgements yet


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## GON10

Does anyone know when in October the interest will be paid on this account?


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## bren1916

Was wondering the same thing myself although at this stage I'd say Oct 31st is favourite!


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## skrooge

Based on last years statement it should be the last working day of October, i.e., 31st this year


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## GON10

Thanks guys for the replies


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## cavanMan

actually monday is a bank holiday so it could be the friday before!!


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## potnoodler

interest was added on the 29/10 cant really make out if the overpayments were awarded the interest, did anyone do the calculation


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## Palerider

I have, Interest was paid as expected.,


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## cavanMan

yeah got my interest but wondering how its was calculated as i had 11k euro saved up and got €250 euro in interest!! would this be correct??? had been saving since january this year!!


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## DMcL1971

Palerider,

Do you mean they paid you the full 4% even on the amounts you deposited above the 1K monthly limit?

dmcl1971


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## elcato

> yeah got my interest but wondering how its was calculated as i had 11k  euro saved up and got €250 euro in interest!! would this be correct???  had been saving since january this year!!


A quick scan suggests you got all interest due. I base this on 10 months having on average 11/2 lodged. Multiply by 4 and deduct 1/6 (two months). So if you add 11k in for 1 year you would have got 5.5 x 4 = 220. Deduct a sixth = 183.33. Given your figure is quite a bit higher it suggests you front loaded the account with a few grand and got paid accordingly. Apologies to all the mathematical purests out there.


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## potnoodler

must have got it then, cool happy out then even though it was a small amount


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## cavanMan

Thanks Elcato for the reply!!

thats nice to know, a bank gives you a few bob more


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## cavanMan

just wondering guys now that i got my interest, would be be a good idea to open up a one year fixed with ulster or some of the others?? 4% for a year and least il know what il be getting at the end!!

Tks


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## Palerider

Palerider,

Do you mean they paid you the full 4% even on the amounts you deposited above the 1K monthly limit?

dmcl1971 

Yes as predicted in previous posts !


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## DELLBOY 08

Palerider said:


> Yes as predicted in previous posts !


 
Thanks, great to hear!

I've just opened one of these accounts & now intend to deposit €15k to take full advantage of the 4% rate.

Did anyone successfully open more than one of these accounts?


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## elcato

> I've just opened one of these accounts & now intend to deposit €15k to take full advantage of the 4% rate.


when people opened these originally they did not seem to have a limit for monthly deposits. I believe the T&C changed along the way so they may not pay you the interest in this case. Also the limit could be up to 15k. Bear in mind that you won't know until October next year whether they will pay you the interest or not as well so I'd be careful here. Try the best buys and you get slightly above 4% for one year fixed.


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## DELLBOY 08

elcato said:


> I believe the T&C changed along the way so they may not pay you the interest in this case.


 
 !! I guess it's not worth risking so.


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## cavanMan

i think they coped onto it.....anything that is deposited over 1k in one go does not have the interest credited to it.


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## DMcL1971

discover101,

What makes you think they pay zero inteest on amounts deposited over 1K?
I thought you received your interest?


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## TheJackal

As of Oct 15th 2012 this rate has dropped from 4% to 3.75%

[broken link removed]


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## Lightning

No, it has droped to 3.50% AER up to 15,000 EUR.


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## TheJackal

CiaranT said:


> No, it has droped to 3.50% AER up to 15,000 EUR.


 
Sorry, my mistake


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## senten

CiaranT said:


> No, it has droped to 3.50% AER up to 15,000 EUR.



I assume that the majority of interest that will be paid next Wednesday will be at the 4% rate?


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## harriet

Hmmm I've just been in UB enquiring about this account and they told me it was paying 4% up to €15000 and a lower rate would apply if it exceeded the €15k


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## Lightning

senten said:


> I assume that the majority of interest that will be paid next Wednesday will be at the 4% rate?



Yes for the accrual period.


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## Lightning

harriet said:


> Hmmm I've just been in UB enquiring about this account and they told me it was paying 4% up to €15000 and a lower rate would apply if it exceeded the €15k



You were told incorrectly. The rate is 3.50%.


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## tallpaul

harriet said:


> Hmmm I've just been in UB enquiring about this account and they told me it was paying 4% up to €15000 and a lower rate would apply if it exceeded the €15k


 
This not my understanding. From here it is clear that it is (now) 3.5% up to €15K and 1.5% for the balance above this amount.

It is my understanding that when the interest is paid, it will be something like 340 days at 4% and 26 days at 3.5% for the first €15K and 1.5% above this, all interest subject to DIRT. Am I correct? Anything else would be nothing short of a bait and switch by UB and will see me onto the Ombudsman toot sweet!!


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## Lightning

Day count might be slightly off but you are correct.


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## digweed

Hi All,
Does anyone else have this account? I thought the interest was due today but doesn't seem to be there.

digweed


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## senten

digweed said:


> Hi All,
> Does anyone else have this account? I thought the interest was due today but doesn't seem to be there.
> 
> digweed



I was expecting it today too, but nothing yet.

Will wait until tomorrow.

Last year, it was paid in on October 28th.


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## tallpaul

Came on here to ask this question. Glad I'm not the only one waiting for interest to be paid...


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## senten

Interest paid in this morning


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## digweed

senten said:


> Interest paid in this morning


Was looking dodgy for a while there.
Apparently, "October" means "November" in Ulster Bank 

digweed


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## kennyb3

Can you make a non standing order transfer into this account?

Say i want to transfer 750e from my current account into this account.


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## Lightning

Yes, provided you stay under 1,000 EUR in total per month.


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## kennyb3

CiaranT said:


> Yes, provided you stay under 1,000 EUR in total per month.



Cheers


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## seantheman

Is it the banks themselves or the state that apply the €1000 limit per month on these regular saving accounts?


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## Lightning

The bank. These products are not aimed at large lump sum once off deposits.


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## potnoodler

The bank of course , the state tries to discourage saving by taxing The bejAsus out of  a very small rate of interest


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## seantheman

CiaranT said:


> The bank. These products are not aimed at large lump sum once off deposits.


 
Ok, so most banks out there want our money, how come one of them doesn't break rank and go for a €1500 or €2000 monthly limit to attract new custom or encourage existing customers to increase lodgements?


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## Lightning

seantheman said:


> Ok, so most banks out there want our money, how come one of them doesn't break rank and go for a €1500 or €2000 monthly limit to attract new custom or encourage existing customers to increase lodgements?



One one does it, they will all do it. 

The high rates on regular savers are not aimed at large sums.

BoI do allow 1,500 EUR per month, on their Custom Saver product, but at a low rate.


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## digweed

I just saw in the Indo today that there will be a new rate decrease for many UB savings accounts. The special interest deposit account is dropping to 3.0% as I recall. I can't remember when this will happen, but I assume soon.

Time to shop around perhaps

digweed


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## elcato

The product has probably served it's purpose now as most will have maxed to the 15k. They will start another ono in a while which will only allow the dripfeed in to build it up again. 3% is still fairly competetive if you have reached the max.


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## TheJackal

Jeez, only dropped to 3.5% less than two months ago


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## kennyb3

Bit of a kick in the teeth, literally only got mine up and running a month ago now it's nearly redundant.


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## Lightning

digweed said:


> I just saw in the Indo today that there will be a new rate decrease for many UB savings accounts. The special interest deposit account is dropping to 3.0% as I recall. I can't remember when this will happen, but I assume soon.



30 January 2013. 



digweed said:


> Time to shop around.



PTSB pay 3.5% for their Online Regular Saver product. For now.


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## Lightning

TheJackal said:


> Jeez, only dropped to 3.5% less than two months ago



The drop from 4.00% to 3.50% was announced in June 2012 but only been applicable recently due to the Ulster system outage. 

Hence, there has been 6 months in between the 2 rate reductions.


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