# AIB regular saver rate 7.10% price promise runs out



## dublinhead (2 Jan 2008)

With a Regular Saver Account you can avail of a special rate of 7.10%* A.E.R.
You will also get a price promise.
This rate will at least match ECB + 2.50% per annum until 01/01/2008.  Thereafter it will match ECB until 01/01/09.
Time to move money. Do I have to go into bank to stop the 300 euro being taken from my account each month? Can't see how to do online.


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## GeneralZod (2 Jan 2008)

Thanks for flagging this. Looks like it's time to close this one and start the FA regular saver instead.


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## ClubMan (2 Jan 2008)

dublinhead said:


> Do I have to go into bank to stop the 300 euro being taken from my account each month? Can't see how to do online.


You probably need to cancel the _DD _(?) by _AIB _and the bank from which it is paid (if different). You may have to do it in writing by attending the branch and signing a form or by posting a letter.


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## Godfather (2 Jan 2008)

Guys,

sorry these are very good subject of conversations... Are you aware of any other reg. saver or lump sum account dropping interest rate? Shall we open another tread?


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## dublinhead (2 Jan 2008)

*Halifax monthly saver 7.00%*  At least ECB + 1.50% until 31st Jan 2008.

Need to keep an eye on this one soon


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## ClubMan (2 Jan 2008)

_EBS _regular saver seems to have fewest restrictive terms and conditions and their rate is guaranteed until April 2008 if I recall correctly. The _Financial Best Buys _forum still lists all high yielding lump sum term/demand and regular saver deposit accounts and should be more or less up to date.


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## Jethro Tull (2 Jan 2008)

I'm with anglo (matures in August of this year, it has a 2 year term). No idea if they have rate guarantees to be honest but will be interesting to see how they react of other institutions begin to cut rates. Wonder is this the beinning of the end for these high interest regular savers.


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## ClubMan (2 Jan 2008)

Jethro Tull said:


> I'm with anglo (matures in August of this year, it has a 2 year term). No idea if they have rate guarantees to be honest


See [broken link removed] for summary terms & conditions applicable to their 7% regular saver account.


> Interest rate is variable, with a minimum rate guarantee of 4.5% for the full term of your Regular Saver Account


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## Godfather (2 Jan 2008)

Jethro Tull said:


> Wonder is this the beinning of the end for these high interest regular savers.


 
Totally agree mate! I see these as "waves" where when a few start a new trend the others will follow! Let's see!


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## ClubMan (2 Jan 2008)

The c. 7% regular saver accounts have always obviously been loss leaders. It is no surprise if some or all of them start scaling back the rates.


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## plant43 (3 Jan 2008)

ClubMan said:


> You probably need to cancel the _DD _(?) by _AIB _and the bank from which it is paid (if different). You may have to do it in writing by attending the branch and signing a form or by posting a letter.



It's a SO. You should be able to cancel it using Online Banking.


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## GeneralZod (3 Jan 2008)

plant43 said:


> It's a SO. You should be able to cancel it using Online Banking.



I don't see a SO for the regular payment from my cashsave to regular saver in online banking.

I've withdrawn all the cash from the Reg Saver and am posting the instructions to close the account and stop the regular payment from my cashsave.


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## rh-keith (3 Jan 2008)

i rang my local AIB and they said the current rate for this account is 6.98%. Also all info/handouts for this account where removed from the bank yesterday. So it looks like they have summit new on the way. Will it beat FA thou. Im gonna hold out for a week to see wot they have coming other wise im going with FA


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## Nermal (3 Jan 2008)

ClubMan said:


> The c. 7% regular saver accounts have always obviously been loss leaders. It is no surprise if some or all of them start scaling back the rates.


 
For every €1 deposited at 7%, the bank can lend €10 at a higher rate. They might be making less profit on them, but they're not making a loss.


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## blorg (3 Jan 2008)

I rang and was also told 6.98%. Hardly a catastrophic drop so far anyway. Would be nice if they posted this stuff somewhere, there is this new thing called the internet I hear...


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## camlin90 (3 Jan 2008)

I'd say the 6.98% they are referring to is the Gross Rate (quoted on website) - which would be equivalent to an APR of 7.1%. 
Either the rate hasn't dropped, or the staff member is looking at out of date figures.

The fact that all docs have been removed from the bank would worry me


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## ClubMan (3 Jan 2008)

Correct. See here. 

[broken link removed]

Nominal rate is 6.98% but the _CAR__/AER/EAR _is 7.10%.

Note that _APR _applies to loans not deposits.


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## oldtimer (4 Jan 2008)

I rang AIB this morning - no doubt about it - the rate has definitely dropped to 4%.


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## IrlJidel (4 Jan 2008)

oldtimer said:


> I rang AIB this morning - no doubt about it - the rate has definitely dropped to 4%.



There was an article yesterday in the independent about the rate dropping to 4% see


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## Darando (4 Jan 2008)

So have we any ideas of the First Active regular savings if they will follow suit. I know EBS has there rate fixed until April. (and Halifax until the end of the month) Is it worth setting up a new account with FA (could be a lot of hassle for just something like 3 months!)??


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## GeneralZod (4 Jan 2008)

I'm going to wait a while to see which of the remaining 7% Regular Saver banks blinks first before deciding to go to the hassle of setting another one up.


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## Darando (4 Jan 2008)

Can you cancel your standing order for AIB reg savings account online or over the phone on 24 hour banking or is it good old fashioned into the bank I head?


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## GeneralZod (4 Jan 2008)

I couldn't cancel it online. You'll probably have to write to them or visit the branch to cancel it.


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## blorg (4 Jan 2008)

IrlJidel said:


> There was an article yesterday in the independent about the rate dropping to 4% see


That's a bit rough that they are still telling people 6.98%- I specifically mentioned that I _expected_ that the rate had dropped on January 1st, and was told, no, that that was the rate.


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## metromary (4 Jan 2008)

I contacted my branch to query the rate and was to receive a call back, which never came! Went back online and although the 7.1% is still there in the opening blurb, when you open interest rates, that account is now showing 4%. I phoned the internet banking helpline and with amazing ease was able to open the online banking 7 day notice account and transfer the funds from the regular saver in the blink of an eye! You do have to write or call to the branch to stop the standing order, but in the meantime you're getting the 5% interest.


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## GeneralZod (4 Jan 2008)

metromary said:


> Went back online and although the 7.1% is still there in the opening blurb, when you open interest rates, that account is now showing 4%.



They seem to have updated [broken link removed] now.


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## Darando (4 Jan 2008)

Called into the bank and cancelled the SO, took only 5 minutes as its a customer issue rather than having to queue up for the teller!!! Didn't close the account, just changed SO to €0..., just in case they might up the rate again!


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## dublinhead (4 Jan 2008)

Darando said:


> Called into the bank and cancelled the SO, took only 5 minutes as its a customer issue rather than having to queue up for the teller!!! Didn't close the account, just cahanged SO to €0...


 

Nice one. I would imagine that any interest owed would be paid in April hense the account is left open.


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## Fanny (6 Jan 2008)

I just moved all funds but 79 EUR from this account to the new AIB online 30 day notice account. If I close the account altogether, would I receive the interest straight away, I wonder? 

Fanny


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## Galway99 (7 Jan 2008)

Yes
Closed mine on Friday and they paid me the interest there and then!


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