# New Anglo Premium Demand Account.



## mushypea (3 Jul 2008)

Anglo just announced a new Premium Demand Account - 5.3% for balances up to €20k and 4.5% thereafter.

Sounds good to me !


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## messyleo (3 Jul 2008)

Yes there is! You gotta learn to check the press releases section guys! 

[broken link removed]


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## IrlJidel (4 Jul 2008)

It's on their website [broken link removed]

However, the page is inconsistent with content on that same page and with press release:
1) page gives 2 separate rate guarantees, one for ECB+0.5 and another for just ECB+0
2) page states only  avail by post or telephone, while press release states online access.




Available by post or telephone
A variable interest rate guaranteed to at least equal the European Central Bank rate (until 1 January 2009)


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## MugsGame (5 Jul 2008)

Thanks, I've updated the Best Buys link.

I don't think there is any contradiction with the Press Release. Online account access is just to view balances. Press release says account can be opened online - which normally just means the PDF form can be downloaded, but that account opening link isn't working so I can't be sure. There are two guarantees, depending on whether your balance is under or over €20,000. The current rates happen to exceed the guarantees.


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## bravo (7 Jul 2008)

I notice the 5.3% is quoted on their website as a "bonus rate". Any idea if this is a split rate with a bonus percentage added annually?


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## ClubMan (7 Jul 2008)

Not quite sure what you mean but [broken link removed] all interest is paid annually:



> 3.5 Interest is credited to the account annually on the last working day in December, or when the account is closed


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## bravo (7 Jul 2008)

With UB Reward Reserve it called its rate a bonus rate and gave 0.25% each quarter and another 0.25% in December - just wondering if this might be the arrangement with Anglo and wondering why its called a bonus rate as there doesn't seem to be any reference to it in the T&C's


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## ClubMan (7 Jul 2008)

There are references to the bonus rate in the _T&Cs_. My reading is that the bonus (above the standard rate) applies if the balance is always under €20K.


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## oldtimer (9 Jul 2008)

Be very aware of the Terms and Conditions of this Praemium Demand Account. If an account holder has €20,000 in it it has interest of 5.3%. If an account has over that amount i.e. €20,000.01, then the *entire* amount has interest of 4.5%. It is similar to the First Active e-saving account in that respect. The Terms and Conditions state 
3.1. The standard interest rate is a variable rate with a minimum ECB rate guarantee until January 2009 and is applied to accounts with balances of €20.000.01 or greater.
3.2. The bonus interest rate is variable with a minimum ECB guarantee +o.5% until January 2009 and is applied to accounts with balances up to and including €20,000.


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## Collie10 (9 Jul 2008)

Hi folks,

Note the Postbank Premium Saver acccount pays very attractive demand deposit rates.

The higher your balance the higher your rate on the whole balance, no tricks

4.5% for €10k
4.55% €25k-€50k
4.7% €50k-€250k
5% €250k-€1M

Declaration time - I am a postbank employee, we'd love to have your business.


Thanks,
Col


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## igloo (10 Jul 2008)

Oldtimer - spot on

Until today I thought i was earning 7% on Regular Saver so I naturally logged on here to get the low-down on whats been happenin'..

I rang Anglo and asked about the 8% Regular Saver - no surprises that I cannot transfer my existing balance from Regular Saver into the new account, need to start from scratch on it.

Was advised that there are 2 saver products with same rate (5.35%) but slightly different T%C.  As Oldtimer points out, if you want to go into the Premium, ensure not to put the ceiling of 20k in and expect to reap at 5.35%.  As soon as interest kicks in and brings you over the 20k ceiling you slide back down to 4.5%.  On the other hand there is a fixed-term account also offering 5.35% but no ceiling on investment.  They are posting out application forms today.


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## ClubMan (10 Jul 2008)

igloo said:


> if you want to go into the Premium, ensure not to put the ceiling of 20k in and expect to reap at 5.35%.


You *can *put in €20K and benefit from the higher rate. When the interest is paid at the end of the calendar year transfer it out leaving €20K. If you do this immediately then the most you lose out on is one or a few days' worth of the higher rate. Just don't put in €20,000.01 or more or else you will only get the lower standard rate as the _T&Cs _clearly state.


> On the other hand there is a fixed-term account also offering 5.35% but no ceiling on investment.  They are posting out application forms today.


Can't you download the form? And if you already have an account with them you can probably open a new one by just calling/emailing them. I did this with _Premium Demand _account having cleared the erstwhile 7% _Regular Saver Issue 1 _account.


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## MugsGame (10 Jul 2008)

> Was advised that there are 2 saver products with same rate (5.35%)


Not AFAIK. Premium Demand - 5.30%, 1 Year Fixed Rate - 5.35%.


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## oldtimer (10 Jul 2008)

The 5.35% is 6 months fixed.


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## igloo (10 Jul 2008)

Clubman, I was advised that 20k lodged to the Premium account would accumulate interest from the start of saving period and in turn would bring the saver over the threhold for higher interest return, and as a result revert them to the 4.5% rate


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## igloo (10 Jul 2008)

ClubMan said:


> Can't you download the form? And if you already have an account with them you can probably open a new one by just calling/emailing them. I did this with _Premium Demand _account having cleared the erstwhile 7% _Regular Saver Issue 1 _account.



Yes, what i should've said is they are sending out a mandate agreement to be signed (by missus and I) to transfer proceeds of existing Regular Saver account to either a Premium Demand or a Fixed-term account.    Btw, in opening a new 8% Regular saver I was advised I would be able to use all the same details to access account and transact via the Web.  The only difference is last digit of the account number has been changed from 1 to 2 (important if online transfers are in place from other online bank account you may have)


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## ClubMan (10 Jul 2008)

The interest *accrues *daily but is only *credited *on the last working day of December as per the [broken link removed]. As such €20K cannot become €20,000.01 or more until the last working day of the year at which point you can transfer out the interest.


> *3 Interest*
> 
> 3.1 The standard interest rate is a variable rate with a minimum ECB rate guarantee until January 2009 and is applied to accounts with balances of €20,000.01 or greater.
> 3.2 The bonus interest rate is variable with a minimum ECB guarantee +0.5% until January 2009 and is applied to accounts with balances up to and including €20,000.
> ...


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## ClubMan (10 Jul 2008)

igloo said:


> Yes, what i should've said is they are sending out a mandate agreement to be signed (by missus and I) to transfer proceeds of existing Regular Saver account to either a Premium Demand or a Fixed-term account.


I told them to do this by email.


> Btw, in opening a new 8% Regular saver I was advised I would be able to use all the same details to access account and transact via the Web.  The only difference is last digit of the account number has been changed from 1 to 2 (important if online transfers are in place from other online bank account you may have)


You mean on www.AngloConnect.com? You can't really do much there other than check the balances as far a I can see. And the login credentials are your customer id (e.g. the xxxxx in your account number such as 1503/00xxxxxx/01), an _Anglo _issued _PIN _(which you cannot change ) and the password that you registered on application.


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## igloo (10 Jul 2008)

ClubMan said:


> I told them to do this by email.
> 
> You mean on www.AngloConnect.com? You can't really do much there other than check the balances as far a I can see. And the login credentials are your customer id (e.g. the xxxxx in your account number such as 1503/00xxxxxx/01), an _Anglo _issued _PIN _(which you cannot change ) and the password that you registered on application.



Yes thats the one.  My point however related to the account number for transferring proceeds into the new Anglo account.

As for your explanation on Interest accrual - the Anglo customer service people need to brush up on their ability to explain how/when interest is paid..


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## Raul (11 Jul 2008)

Has anybody verified if you can do electronic transfers from Anglo Connect with this account? I've rang Anglo Irish but the representive didn't know. She also didn't know if I could set this up over the phone as an existing customer like I did the 8% regular saver issue 2 last week. They just changed the last digit.

She said somebody would call me back by the end of the day.


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## ClubMan (11 Jul 2008)

Raul said:


> Has anybody verified if you can do electronic transfers from Anglo Connect with this account?


As far as I can see _AngloConnect _only allows you to check balances and other account details. It's not really an online banking system. At least not from what I can see anyway.


> I've rang Anglo Irish but the representive didn't know. She also didn't know if I could set this up over the phone as an existing customer like I did the 8% regular saver issue 2 last week.


You should be able to if you signed the declaration on previous application forms mandating them to open accounts on verbal/emailed instruction into the future.


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## Raul (11 Jul 2008)

Thanks Clubman. Anglo called back. You are correct about Anglo Connect. It is viewing only. You have to ring or email to make transfers. I wasn't able to set it up over the phone because apparently the mandate is different for the premium demand than for the regular saver. They are emailing me the new mandate now


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## ClubMan (11 Jul 2008)

Strange. Or maybe I'm misinterpreting your situation? I had a _Regular Saver Issue 1 _(the "7%" account) and was able to open a _Premium Demand _account by email.


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## declanh (11 Jul 2008)

Raul - Why wait for the e-mail? - Anglo's new mandate is [broken link removed]

It looks from the entry on the bottom right of the 2nd page, as if it was revised in July 2008.


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## Raul (12 Jul 2008)

ClubMan said:


> Strange. Or maybe I'm misinterpreting your situation? I had a _Regular Saver Issue 1 _(the "7%" account) and was able to open a _Premium Demand _account by email.


 
They said it had to be posted back to them. You just probably got a more accomodating Anglo rep  I did ask about setting it up like I did with the issue 2 one over the phone but she said it was a different mandate so I needed to send it in again.



> Raul - Why wait for the e-mail? - Anglo's new mandate is [broken link removed]


 
Thanks. I got the email straightaway anyway so doesn't matter either way.


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## mushypea (15 Jul 2008)

igloo said:


> Yes thats the one. My point however related to the account number for transferring proceeds into the new Anglo account.
> 
> As for your explanation on Interest accrual - the Anglo customer service people need to brush up on their ability to explain how/when interest is paid..


 

Did they not know when interest was applied to the account????
I've always found them to be very well versed!


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## Deano (22 Sep 2008)

Just back from Stephens Green branch after opening my account and got some good news -

AER has gone up from 5.3% to 5.5% and the balance this applies to has gone up from 20k to 100k.


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## ClubMan (22 Sep 2008)

See also:

Anglo Demand Deposit Account - 5.5%


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## IrlJidel (22 Sep 2008)

Deano said:


> AER has gone up from 5.3% to 5.5% and the balance this applies to has gone up from 20k to 100k.



Funny that their max ( 20->100k) has gone up exactly in line with the max protected by govt deposit protection scheme.


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## apd (30 Sep 2008)

Hi,

Is  it actually worth opeing a Premium Demand Account with Anglo, in view of the fact that the T&C's state that the 5.5% rate will only apply until 1st Jan, after which the "prevailing rate" (whatever that is) will apply?

thanks


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## ClubMan (30 Sep 2008)

Well you can avail of the 5.5% rate on demand deposits for now and then switch if their rate is not the best or competitive in January!


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