# EBS 9 month fixed term account 3.5%



## oldtimer (14 Feb 2010)

Sunday Independent has advertisement to-day for above product. Not on the EBS website. Attractive enough for Best Buys.


----------



## Lightning (14 Feb 2010)

Thanks Oldtimer. 

I noticed an ad for this product in the Sunday Business Post also today. 

I will update the best buys.


----------



## treasure (17 Feb 2010)

I have an EBS account which has just matured and wanted to put it into this 9 month fixed term account but was told that I would get 3% and that the 3.5% rate was just for "new" customers.  Does this seem fair?


----------



## Gervan (17 Feb 2010)

No, it's not fair. My 5 month account matured last week. I moved the proceeds into another bank. When I saw the 9 month offer this week, I withdrew funds from another bank to invest, and this was accepted as "new" money. Play them at their own game. You have time to disinvest and re-invest before 28th Feb.


----------



## Lightning (17 Feb 2010)

Ulster, EBS and others play the new customer game. They are offering the high rates to increase their deposit base, and the rates are hence not for their existing customers. 

If you kick up a big enough fuss or, as suggested above, withdraw and re-lodge then you should get the high rate. 

The EBS rate ends February 28th 2010.


----------



## pudds (17 Feb 2010)

fungus said:


> Ulster, EBS and others play the new customer game. They are offering the high rates to increase their deposit base, and the rates are hence not for their existing customers.
> 
> If you kick up a big enough fuss or, as suggested above, withdraw and re-lodge then you should get the high rate.
> 
> The EBS rate ends February 28th 2010.



I am interested in this but while I don't have any savings account with them just a current Instant Access account will they accept me as a new customer for this?



> Rate available for new money only.



Define that!


----------



## Bobby1 (17 Feb 2010)

Isnt this just the way of the world nowadays? Banks seem to be the last to catch on to the whole "new" and "existing" customer thing.
From Sky offering free Sky+ boxes to new custom, Vodafone offering 10% discount to switch from Eircom (they sent me a letter), Chorus NTL will give you 2 free months telly, existing customers dont get these offers, but seem to accept that thats howe some firms do business.

Curious but how does the 3% rate EBS offer for 9 months on existing money compare, it seems competitive enough, I saw PTSB were only offering 2.70% for 9 months on their web.


----------



## treasure (18 Feb 2010)

Latest update.  The EBS branch manager contacted head office on my account and they said that if I add another €20k to the existing €20k, I will get 3.5% on the whole amount for 9 months!


----------



## chlipps (19 Feb 2010)

Pity halifax going as they didnt seem to have these bottlenecks.. no problem closing one flexi saver and transferring monies over to new one. Will miss them. In current climate banks will lose customers as people will move money time and time again in order to get best interest possible.


----------



## RMCF (19 Feb 2010)

Is this rate for 9 months or is it an annual rate?

That is, do you really get 3.5% or 2.625% after the 9 months?


----------



## TonyD (19 Feb 2010)

My TSB 100 day offer ends next week, so EBS I am on the way.

And as another poster mentioned I will be moving accounts more often than I would have in the past.


----------



## Gervan (19 Feb 2010)

> Is this rate for 9 months or is it an annual rate?


 
€1000 x 3.5% x 9/12 in actual interest received.
Oh, less Dirt if applicable.


----------



## pudds (19 Feb 2010)

[broken link removed]

I'm confused, so what is the true AER on this, is it 3.52% as stated above.


----------



## Bobby1 (19 Feb 2010)

chlipps said:


> Pity halifax going as they didnt seem to have these bottlenecks.. no problem closing one flexi saver and transferring monies over to new one. Will miss them. In current climate banks will lose customers as people will move money time and time again in order to get best interest possible.


 
As long as I get a half decent rate on my funds Im happy, honestly I value my time better then analysing every rate and work out the pennies in the difference and going through the hassle of opening new accounts time and time again so I can earn a tiny little bit more on my savings, maybe its just me...


----------



## chlipps (20 Feb 2010)

Bobby1 said:


> As long as I get a half decent rate on my funds Im happy, honestly I value my time better then analysing every rate and work out the pennies in the difference and going through the hassle of opening new accounts time and time again so I can earn a tiny little bit more on my savings, maybe its just me...


 
Thats your choice and possibly that of many others.. But as many have huge debts they will try to make their money work for them and if they need to move accounts to gain the pennies then I think they will do that. (in case of halifax, closing and reopening flexi saver resulted in 1.75% increase so worth collecting, IMO).

Btw.. what savings accounts have you at moment?


----------



## Sue Ellen (20 Feb 2010)

TonyD said:


> My TSB 100 day offer ends next week, so EBS I am on the way.
> 
> And as another poster mentioned I will be moving accounts more often than I would have in the past.



Is the [broken link removed] for anything over €10,000 of any use?


----------



## Lightning (20 Feb 2010)

Sue - The PTSB 11 month term deposit AER is 3.35%, not 3.50%. 



pudds said:


> [broken link removed]
> 
> I'm confused, so what is the true AER on this, is it 3.52% as stated above.



The AER is 3.52% for the EBS 9 month term deposit.


----------



## Sue Ellen (20 Feb 2010)

fungus said:


> Sue - The PTSB 11 month term deposit AER is 3.35%, not 3.50%. .



Hi Fungus,  Sorry missed that alright.  The eyesight ain't what it used to be.  

Obviously its dependant on the amounts involved but would have to agree with Bobby1 here because if you already have the account set up with TSB is it worth the hassle to have the bother of a new ac with whoever and have to produce ID, copies of recent bills etc. for the .15% less DIRT difference.


----------



## TonyD (20 Feb 2010)

Hi Sue,

I know what your saying, its not even the .15% that will make me change, more the principal really, and their branch is easier to access, plus eleven months will push me past Xmas 

If they see funds moving from the bank they may not be so quick to keep dropping their rates month on month. 

It's like the petrol prices, a topaz close to me was 125.9 and a mile further away was 120.9 for an independent supplier, again if they see their turnover dropping then their pricing is wrong and I cant abide a rip-off.


----------



## Lightning (21 Feb 2010)

Well said TonyD, it is only consumers who act against consumer inertia that force banks to be competitive.


----------



## Fideroiste (23 Feb 2010)

Hi guys,
Could I get some clarification about the EBS account re. post above, Is it possible for existing account holder to lodge 40 grand to open one of these accounts?
I thought I read somewhere that INBS were going to match the interest rate offered by EBS? Whats involved if I am right in restating this?
N.D.,
Fi.


----------



## treasure (24 Feb 2010)

My understanding is that this rate is for "new" customers.  I have €20k with EBS but they said that if I add another €20k to it they will give me 3.5% on the whole amount.  Otherwise others have suggested that you withdraw your money from EBS, then go back in a few days later with it as a "new" customer.  But you only have till Friday to open one of these accounts.


----------



## hopalong (24 Feb 2010)

Quote from EBS head office which clarifiys that the *rate of 3.5%* is not given on the original sum invested afer 9 months. 

"If you invested €100,000 in the 9 month account the return would be €1,968
approximately.  After the 9 months the interest will be credited to the
account.  Please note this rate finishes on Saturday 27 February".

It turns out that when you do the calculations you are getting a rate of approximately 2.6% interest for the 9 month term before DIRT is deducted.

The rate of 3.52% is the AER(annual equivalent rate) only. 
Hope this helps clarify the real situation out there.


----------



## pudds (24 Feb 2010)

hopalong said:


> Quote from EBS head office which clarifiys that the *rate of 3.5%* is not given on the original sum invested afer 9 months.
> 
> "If you invested €100,000 in the 9 month account the return would be €1,968
> approximately.  After the 9 months the interest will be credited to the
> ...




Agreed........ BUT an AER of 3.52% *is* among the best buys at the moment.


----------



## Fideroiste (24 Feb 2010)

Hi guys,
Thanks for the follow up. I don't really understand the AER* & its equivalent term, I tend to follow what ye talk about/ suggest. I was going to see if I could apply for this 9mth account but now I am not too sure even if its worth it. Would I not be better with Investec/ Nationwide Ireland (waiting to see what the government bond is offering). Of the above which is offering the best AER? 

N.D.,
Fi
**I think* AER means the actual rate of interest you get


----------



## Gervan (25 Feb 2010)

I don't quite understand Hopalong's post. If you invest the proceeds of your 9 month deposit, for a further 3 months at 3.5% ( hypothetical, but may exist in Nov) the interest over the 12 months is 3.52%, as EBS claims. It's up to you what to do with the money in those final 3 months.
If the interest over 9 months was 3.5% gross, the AER would end up around 4.52%.


----------



## Lightning (25 Feb 2010)

AER is not the rate that you get. AER is the gross annualised rate before DIRT. 

See
http://en.wikipedia.org/wiki/Annual_equivalent_rate



> (AER is ...) The effective interest rate, effective annual interest rate, annual equivalent rate (AER) or simply effective rate is the interest rate on a loan or financial product restated from the nominal interest rate as an interest rate with annual compound interest payable in arrears.[1] It is used to compare the annual interest between loans with different compounding terms (daily, monthly, annually, or other).


----------



## Gervan (25 Feb 2010)

Well, that's what I do get, because I don't pay Dirt.


----------



## johnm01 (26 Feb 2010)

hey all... rang EBS there and was told this is being extended until next friday


----------



## Lightning (26 Feb 2010)

Thanks for the information Johnm. 

I will wait until EBS confirm the extension before updating the best buys.


----------



## Lightning (27 Feb 2010)

johnm01 said:


> hey all... rang EBS there and was told this is being extended until next friday



I just got confirmation from EBS that the rate is extended until Saturday March 6th 2010. 

Thanks for the information, the best buys are updated 



> *EBS: Fixed Save*
> 9 months *3.52%* ** Best Under 1 year Term Deposit Rate**
> Note 1: Minimum €20,000
> Note 2: The above rate ends on March 6th 2010.
> Note 3: The above rate is for 'new deposits only'. Existing EBS customers can get around this requirement by withdrawing EBS deposits and re-depositing it as a 'new deposit'.


----------

