# INBS: "No Decision" on Market Leading Rate that Expires Next Week



## Lightning (20 Dec 2010)

INBS currently have the Irish market leading instant access deposit rate of 3.25%.  

INBS have been saying for at least a year and a half that the rate expires, or at least the bonus portion, on December 31st 2010.

INBS have also told the media and others that they would drop their rates after their recent recapitalisation. That did not happen, perhaps, because of deposit exits. INBS may have also changed their mind about dropping their rate to 2% next week: 

They have told me ...



> I refer to your query below received through our website.
> 
> Further to your query, I wish to confirm that a decision has not yet been made regarding the Instant Access rate effective 1st Jan 2011.
> 
> As soon as a decision has been made our website will be updated accordingly or alternatively you can contact your local branch.



INBS don't have much time left to make a decision about this rate.


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## seantheman (21 Dec 2010)

INBS are leaving it very late in making a decision on rates here, I guess the only plus is that we have access to move our funds straight away


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## Lightning (31 Dec 2010)

INBS have just emailed me, they have extended the rate beyond December 31st 2010.


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## CashMoney (2 Jan 2011)

CiaranT said:


> INBS have just emailed me, they have extended the rate beyond December 31st 2010.


 
How long has it been extended for? Nothing official on the INBS website yet.


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## Lightning (2 Jan 2011)

CashMoney said:


> How long has it been extended for? Nothing official on the INBS website yet.



Yeah, nothing on the INBS website. I pointed that out to them. 

INBS sent the below to me:



> I refer to your email enquiry.
> 
> The Society has agreed to extend the bonus on the Instant Access Account, the interest rates will remain unchanged at 3.25% on balances up to €20,000 and 2% on balances above €20,000 from 1st January 2011.
> 
> ...


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## CashMoney (2 Jan 2011)

CiaranT said:


> Yeah, nothing on the INBS website. I pointed that out to them.
> 
> INBS sent the below to me:


 

Hmm, is that e-mail legally binding?

The official line is still "The prevailing standard variable rate will apply to any amount over €20,000.00 and to the entire balance from 1st January 2011.". So unless they make a quick update to the T&Cs, me and many other will be pulling our savings from INBS on Tuesday morning....


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## RuthNaz (2 Jan 2011)

Emails are not legally binding, read the disclaimers 

Is it really worth 0.25% more to keep your deposit in Irish Nationwide Building Society?


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## Lightning (2 Jan 2011)

CashMoney said:


> Hmm, is that e-mail legally binding?
> 
> The official line is still "The prevailing standard variable rate will apply to any amount over €20,000.00 and to the entire balance from 1st January 2011.". So unless they make a quick update to the T&Cs, me and many other will be pulling our savings from INBS on Tuesday morning....



Yes, T&C's supersede emails. 

However, INBS have not notified the regulator of any change in the rate, as the regulator have not updated their website and I don't think INBS are lying to me. 

Hence, 99% likely, the rate is still 3.25%. 

I bet INBS have outsourced the decision on what happens with their deposit rates to AIB or BOI, when INBS close their doors.


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## CashMoney (2 Jan 2011)

How will the handover work? What does it mean for people who already have BOI or AIB accounts? Will I be able to choose where my money goes? Will I be without funds for any time while the handover happens? What type of account will the money go into?

I don't really expect answers to all of these question. I just don't understand the logistics of something like this and I'm wondering would I be better off pulling the money out now to save the hassle....


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## Lightning (2 Jan 2011)

CashMoney said:


> How will the handover work? What does it mean for people who already have BOI or AIB accounts? Will I be able to choose where my money goes? Will I be without funds for any time while the handover happens? What type of account will the money go into?



Nobody knows yet. It should become clearer over the coming weeks/months, when the INBS closure is formally announced. 

AIB or BOI, assuming that is where the INBS deposits will be moved to, will have to make some big decisions as to what to do with the high interest deposits they will be inheriting.


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## Lightning (5 Jan 2011)

Finally, INBS have updated their website. The bonus rate now has no expiry date !!


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## CashMoney (6 Jan 2011)

The decision came too late for this depositor.


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