# Bank of Ireland Easysaver



## Galway99 (4 Jan 2008)

Just came across this today - Bank of Ireland's Easy saver... from an initial search can't find any mention of it on AAM or the best buys..

Its a regular saver 
max €500 per month 
rate 7% on balances uptp €5000


[broken link removed]


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## Jethro Tull (4 Jan 2008)

interesting, also has a tiered rate so if balance goes above €5k the whole lot isn't penalise.


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## tomreillly (4 Jan 2008)

For someone who would be saving monthly over the next 3-4 years for a deposit on a house, is there much difference between the Easy Saver and the Smart Save regular Savings accounts?


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## blorg (16 Jan 2008)

Easy Saver offers a much better rate on the first €5,000 (7%) - there is no harm sticking money into that up to the 5k.

Otherwise I would open a savings account with First Active, Anglo-Irish, or EBS which all offer around the 7% mark (for now.)

There is no reason to tie yourself to BoI.


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## blorg (16 Jan 2008)

Agreed this should be in the Best Buys though.


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## ClubMan (16 Jan 2008)

There are better regular saver accounts out there already - i.e. higher rates and higher monthly lodgement.


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## groom (25 Mar 2008)

There may be one or two better Regular Savers out there but this has several advantages over others and would be worthwhile to be listed. Why isn't it?


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## jfk (25 Mar 2008)

tomreillly said:


> For someone who would be saving monthly over the next 3-4 years for a deposit on a house, is there much difference between the Easy Saver and the Smart Save regular Savings accounts?


I heard before that holders of a Smart Save account can get a discount rate for mortgages / personal loans. Might be no harm to check it out.


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## oldtimer (9 Jan 2009)

Opened a Bank of Ireland Easysaver last March with maximum monthly amount €500. Reached the max of €5,000 in last month, December, so had to close it as it falls from 7% to 3% when over €5,000.  Received final amount of €5,113.95. I think this is poor return and, as I'm not good at calculations, wonder is this correct? I drip fed the monthly payments from an on demand Northern Rock account (5%). If I hadn't bothered and left the money in Northern Rock I would have got €5,100. So for setting up a DD and watching my current account balance every month I made the sum of €13.95.


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## PaddyW (10 Jan 2009)

Did you keep the money in for a full 12 months?


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## oldtimer (10 Jan 2009)

PaddyW - No - the first instalment of €500 was made on 28th March last and last instalment on 28th Dec, which saw me reach the cut-off of €5,000 for 7% rate. The account was closed on 9th Jan.


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## askU (3 Feb 2009)

This is the second best rate for a Regular savings acc at the moment! (Anglo=7.3%)


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## Conshine (5 Feb 2009)

Do you need to be an existing account holder or set up an account to fund this, or can you fund the regular saver by transferring from another account?


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## Taxi Driver (5 Feb 2009)

askU said:


> This is the second best rate for a Regular savings acc at the moment! (Anglo=7.3%)


 
The AIB Parent Saver Accounts offer 8.25% on monthly deposits.  This is surely the highest regular saver rate available and was as high as 10.25% last year.  Anybody can open these accounts (not just parents) and with the maximum of four you can save 4 x €200 = €800 a month.

[Of course the rate is currently and min ECB + 6% and this will fall to min ECB + 4% sometime towards the end of May this year.]


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## Perplexed (7 Feb 2009)

oldtimer said:


> Opened a Bank of Ireland Easysaver last March with maximum monthly amount €500. Reached the max of €5,000 in last month, December, so had to close it as it falls from 7% to 3% when over €5,000.  Received final amount of €5,113.95. I think this is poor return and, as I'm not good at calculations, wonder is this correct? I drip fed the monthly payments from an on demand Northern Rock account (5%). If I hadn't bothered and left the money in Northern Rock I would have got €5,100. So for setting up a DD and watching my current account balance every month I made the sum of €13.95.



Oldtimer. There was no need to close your easysaver. The €5000 still would have earned 7% only the amount _*over* _€5k would be on the 3%. You could have reduced your DD to €20pm.

I think the rate will be coming down shortly anyway.


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## Lightning (7 Feb 2009)

Taxi Driver said:


> The AIB Parent Saver Accounts offer 8.25% on monthly deposits.  This is surely the highest regular saver rate available and was as high as 10.25% last year.  Anybody can open these accounts (not just parents) and with the maximum of four you can save 4 x €200 = €800 a month.



That is a good spot that you can open up to 4 of these accounts and yes it is the highest rate for a regular saver account.


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## Armada (8 Feb 2009)

Perplexed said:


> Oldtimer. There was no need to close your easysaver. The €5000 still would have earned 7% only the amount _*over* _€5k would be on the 3%. You could have reduced your DD to €20pm.
> 
> I think the rate will be coming down shortly anyway.


Hi Perplexed. 

I, on advice from my BOI advisor did exactly the same thing as Oldtimer, with 2 Easysavers (my husband and I had one each).

I was told to close the 2 accounts and reopen 2 new ones at the better rate. Are you saying I could have left the 10k there at 7% and continued saving a minimum amount? Would it have been possible to open another new account at the current rates or can you still only have one easysaver each? 

I then lodged the 10k along with other funds and got 3.65% for 18 months... not great, I know.

In your opinion and just purely as a matter of interest, was this the right road to go down closing the existing account?


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## TSThomas (8 Feb 2009)

Taxi Driver said:


> The AIB Parent Saver Accounts offer 8.25% on monthly deposits.  This is surely the highest regular saver rate available and was as high as 10.25% last year.  Anybody can open these accounts (not just parents) and with the maximum of four you can save 4 x €200 = €800 a month.



_ At the end of the year the money accumulated in the Saver account is transferred into the deposit account where it earns 3% interest._

http://www.askaboutmoney.com/showthread.php?t=83812

Depends how much you can save monthly, though clearly you're better off elsewhere once the year is up.


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## gen72 (9 Feb 2009)

Hi, I was thinking of opening an Easysaver account for saving children's allowance money. Can I put in a lump sum of 1000 when I open the account or can it only be small sums put in monthly ? Also, does it have to be done by direct debit from current account ? Thanks Gen


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## Lightning (9 Feb 2009)

The max is 500 EUR per month so you cannot put in a lumps sum of 1,000 EUR. 

The Anglo Irish Regular Saver product with a higher interest rate than BOI let's you deposit up to 1,000 EUR per month for a year.


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## camlin90 (19 Mar 2009)

Rate on this account is down from 7% to 4.75% as of today.

(Rate above €5K is down from 3% to 1.5%)


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## baldyman27 (19 Mar 2009)

Does the drop in the rate affect existing accounts?


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## camrock1 (19 Mar 2009)

it does, just got off the phone from bank. thats a big drop.


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## MentalNote (19 Mar 2009)

Ah hell's bells I just opened one of these.


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## baldyman27 (19 Mar 2009)

Time to look at best buys again. Mods, is there a better option available that has the same flexibility?


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## dublinhead (19 Mar 2009)

baldyman27 said:


> Time to look at best buys again. Mods, is there a better option available that has the same flexibility?



This site is very up to date with latest rates
http://www.itsyourmoney.ie/costcomparisons.jsp


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## MugsGame (19 Mar 2009)

The Best Buy Regular Savings thread should help and is up-to-date.

The Bank of Ireland account has always been listed last; the limited maximum investment means it's not really worth the effort, even before the recent rate reduction. The AIB Parent Saver account isn't listed, for a similar reason.


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## Taxi Driver (19 Mar 2009)

MugsGame said:


> The Bank of Ireland account has always been listed last; the limited maximum investment means it's not really worth the effort, even before the recent rate reduction. The AIB Parent Saver account isn't listed, for a similar reason.


 
I see the point being made but surely the same applies for the stated "best buy". The Anglo Regular Saver Account has a maximum effective balance of €13,000 and offers a rate of 7.30%.

The AIB Parent Saver plan has a maximum effective balance of €10,400 (across the allowed four accounts) and offers a rate of 7.75% (even after today's 0.50% reduction). Though it will reduce to ECB + 4% near the end of May.  The money is then transferred to a Deposit Saver Account.  This has a miserable rate (possibly even below 1% !!) though all except €5 can be immediately withdrawn.  Money can also be withdrawn from the Saver Account at any time without penalty.

There doesn't seem to be much in the difference to suggest that the AIB offer "is not really worth the effort" while the Anglo account is.

Before tax and based on current rates saving €800 a month in the AIB account(s) would yield €403 in annual interest while the equivalent amount in the Anglo account would yield €380 in interest.


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## MugsGame (19 Mar 2009)

Are you ignoring the effort of opening four accounts and managing four standing orders / direct debits and eight accounts? 

What if AIB ask for proof these four children exist? The Anglo account is open to all, is the most flexible of all the accounts about lodgement method, converts to a relatively competitive deposit account at end of year, and a couple can open a joint account and double their maximum monthly lodgement.


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## oldtimer (19 Mar 2009)

I think regular saving accounts are now a thing of the past and with the interest rates dropping so much it is not worth the bother of setting up DD's and standing orders. They followed on from the Charlie McGreevy 25% bonus scheme and, although interest rates looked attractive, they flattered to deceive. I had quite a few up to last year and was always disappointed with the interest. I now have just one remaining, Anglo Irish Bank, which on its anniversary drops dramatically. When that matures in two months I am finished with them.


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## ardmacha (19 Mar 2009)

Any news on the INBS regular product which has an decent interest guarantee only until the end of March?


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## Darando (19 Mar 2009)

oldtimer said:


> I think regular saving accounts are now a thing of the past and with the interest rates dropping so much it is not worth the bother of setting up DD's and standing orders. They followed on from the Charlie McGreevy 25% bonus scheme and, although interest rates looked attractive, they flattered to deceive. I had quite a few up to last year and was always disappointed with the interest. I now have just one remaining, Anglo Irish Bank, which on its anniversary drops dramatically. When that matures in two months I am finished with them.




Please remember that not everyone has a lump sum to put on deposit straight away!!, so if they have an extra €500 they can save every month - where should they put it? Reg savers of course.

This is where they are of benefit surely.


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## camrock1 (19 Mar 2009)

Taxi Driver said:


> I see the point being made but surely the same applies for the stated "best buy". The Anglo Regular Saver Account has a maximum effective balance of €13,000 and offers a rate of 7.30%.


 
What do mean effective balance of €13k, is there a ceiling for higher interest.


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## Darando (19 Mar 2009)

camrock1 said:


> What do mean effective balance of €13k, is there a ceiling for higher interest.




you can lodge a max of €1000 pm and the account only runs for 1 year (hence €1000 opening lodgement followed by 12x€1000 = €13000)


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## Taxi Driver (19 Mar 2009)

MugsGame said:


> Are you ignoring the effort of opening four accounts and managing four standing orders / direct debits and eight accounts?
> 
> What if AIB ask for proof these four children exist? The Anglo account is open to all, is the most flexible of all the accounts about lodgement method, converts to a relatively competitive deposit account at end of year, and a couple can open a joint account and double their maximum monthly lodgement.


 
I didn't find the effort an issue.  I collected four application forms on a Friday and filled them out over the weekend.  One for my own child, two for nieces and one for an unrelated child.  I was not asked for any proof more than that provided by the parent's signature.  

Four direct debits of €200 is no different to one of €800.  They are set up and are taken automatically from my (AIB) current account.  Since opening the accounts I have had to do nothing.

Granted there is the hassle of moving the money out of the woeful Parent "Deposit" Accounts after 12 months but that can be done in a few minutes online or in the branch.  The money in either account can be accessed anytime without penalty.

Look, I don't have anything against the Anglo Account and it is a very attractive offer, it's just that I would be slightly slower in dismissing the AIB Parent Saver offer and feel the reasons given are still a little weak.


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## PMan (21 Apr 2009)

camrock1 said:


> it does, just got off the phone from bank. thats a big drop.



A big drop indeed.  How did you find out about this?  Per the account's terms and conditions interest rate changes are supposed to be communicated to account holders.  I don't remember receiving anything (I'd have to have a look when I get home).



			
				Account T&C said:
			
		

> 4.4 Any change to the interest rates being applied to the Account will be communicated to you as soon as the change comes into effect and by whatever means the Bank deems most appropriate.



In any case I think I'll move to Anglo.


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## Armada (21 Apr 2009)

I got confirmation from BOI in the last few days of the drop.


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## camlin90 (21 Apr 2009)

Sorry for rubbing salt in the wound, but the rate has dropped again, to 4.5%


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## steve1234 (21 Aug 2009)

I signed up to this when the rate was 7%. Just looked at the website now because i was going to recommend it to another person and its down to 4.25%

[broken link removed]

EasySaver    Gross Rate%*EAR%*Balances up to €5,000    4.25%4.25%Balances over €5,0001.00%    1.00%      *All rates are correct as at 14/05/2009 and are  subject to change.

What does this mean for me - am i now on this 4.25% rate now also? or the original 7% i signed up to.

Many thanks


Edit:
Ah just read the previous messages on this - looks like it does affect me. Whats the story with these savings accounts - if enough people sign up to them they cut the rate. Thieves im thinking.


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