# EBS & INBS Regular Saver accounts



## trebor (17 Jul 2008)

I went to enquire about the EBS regular saver account today after seeing it on the Financial Regulator's cost comparison website to find that their "3.25% above ECB" is not true. The rate they are offering is 7.25%. When I politely told them it should be 7.5%, the response I got was "well that's what we're offering, 7.25%". 

I also went to enquire about the INBS regular saver account. Their rate is exactly what it says on the tin, "3.35% above ECB", happy days. BUT, both of these accounts (EBS and INBS) have to be funded by direct debit. This is a bit of a disadvantage for those of us who would hope to drip-feed our high interest deposit accounts into the regular saver accounts because most of these account don't have a DD facility. 

Wasn't happy with my finding today...........


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## ClubMan (17 Jul 2008)

Read the _Financial Best Buys _forum lists. _Anglo's_ 8% regular saver might be more suitable and can be funded on demand via _EFT_. There may be others too...

The [broken link removed] says 7.5% (_ECB_ + 3.25%). I suspect that the _EBS _staff member was simply confused/unaware. Wouldn't be the first time!


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## trebor (17 Jul 2008)

There were three signs covering the front window of the shop advertising the "7.25% Regular Saver Account". At first I thought maybe the signs were wrong but then she confirmed it's 7.25% they're offering. 

Is ECB rate not currently 4.25%?


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## ClubMan (17 Jul 2008)

trebor said:


> There were three signs covering the front window of the shop advertising the "7.25% Regular Saver Account". At first I thought maybe the signs were wrong but then she confirmed it's 7.25% they're offering.


I still suspect that (a) they forgot to take the signs down once rendered incorrect by the recent _ECB _rate hike and (b) the staff are simply ill informed. This would be fairly typical of the _EBS _in my experience.


> Is ECB rate not currently 4.25%?


It is. Sorry - I fixed the typo ("ECB + 3.5%") in my original post above!


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## MugsGame (17 Jul 2008)

> BUT, both of these accounts (EBS and INBS) have to be funded by direct debit.



I can't speak for EBS, but I fund my INBS reg saver by manual credit transfer every month. They require regular lodgements, and would prefer you to use a Standing Order, but they can't force you. I don't think they support DDs.


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## trebor (17 Jul 2008)

Thanks Clubman, perhaps you're right and the staff simply didn't know. That doesn't instill much confidence in me opening an account with them.

Mugsgame, I was ready to open the account there and then with INBS but was told that DD was the only method they would accept. I was hoping to use an existing deposit account and manually transfer the funds. 

EDIT - Just read the info on their website, "You can opt to make a minimum fixed contribution of €100 to a maximum contribution of €1,000 or €2,000 for a joint account every month. The payment can be made by standing order, direct credit or internal transfer payment on a date of your choice." Do you manually transfer from another INBS account?


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## MugsGame (17 Jul 2008)

No, I manually transfer from an external account. They gave me a Standing Order form to give to my bank, which I ignored (other than to use the details in my manual transfer.). If I'd setup an SO the money would be pushed by my other bank to Irish Nationwide. IN have no easy way of distinguishing an incoming SO payment from a manual external transfer.


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## ClubMan (17 Jul 2008)

That's interesting. Does that (inability to distinguish incoming payments by _SO _or _EFT_) apply more generally? I'd much prefer to retain control of payments like this but some institutions insist on _DD_ (not much you can do there I suppose) or _SO_ (which may be replaceable by an _EFT_).


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## MugsGame (17 Jul 2008)

An SO is an instruction from you to your originating bank to do an EFT on a specified day of the month for a fixed amount. I'm not *certain* there's no difference on the destination side, but I've used manual EFTs instead of SOs with a few destination banks, and none have complained.


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## ClubMan (17 Jul 2008)

OK - thanks. If I recall correctly _FA _required an _SO _for their regular saver. I might investigate cancelling it and using manual _EFT _instead.


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## trebor (18 Jul 2008)

ClubMan said:


> OK - thanks. If I recall correctly _FA _required an _SO _for their regular saver. I might investigate cancelling it and using manual _EFT _instead.


 
Out of curiousity, why would you do that if the account has the SO facility? If my deposit accounts had the facility I would use it.

The whole EFT/SO being indistinguishable is an interesting one I must say.

Would there be implications if the payments didn't go through on the exact specified date of each month? EFT usually allows "up to 5 working days". On the other hand, the regular saver accounts usually allow one payment per calander month so the date should not be an issue. 

I've also emailed EBS to get a definitive answer on what rate they're offering and will post as son as I find out.


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## BOXtheFOX (18 Jul 2008)

trebor said:


> There were three signs covering the front window of the shop advertising the "7.25% Regular Saver Account". At first I thought maybe the signs were wrong but then she confirmed it's 7.25% they're offering.
> 
> Is ECB rate not currently 4.25%?


 
Knowing the EBS I would say that the same incorrect posters are still in the same window of the same EBS office.


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## ClubMan (18 Jul 2008)

trebor said:


> Out of curiousity, why would you do that if the account has the SO facility? If my deposit accounts had the facility I would use it.


Because I would like to have total control of if/when the money goes out. Especially for an account on which the payments can be varied or omitted without penalty. _SO _is less flexible than a manual _EFT _in this context.


> Would there be implications if the payments didn't go through on the exact specified date of each month?


Depends on the terms & conditions.


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## trebor (18 Jul 2008)

Fair enough I suppose, I'd just be afraid I'd forget to make a payment. 

Reply from EBS:
"I can confirm that our rate is indeed 7.50% i.e 3.25% above ECB. appologies for the wrong information you have been given. The branch will be updated on the new rate today."


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## ClubMan (18 Jul 2008)

trebor said:


> Fair enough I suppose, I'd just be afraid I'd forget to make a payment.


I generally use my phone's calendar/reminder feature.


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## trebor (18 Jul 2008)

ClubMan said:


> OK - thanks. If I recall correctly _FA _required an _SO _for their regular saver. I might investigate cancelling it and using manual _EFT _instead.


 
Checked with FA and am told funds must be by SO. But if what MugsGame says is true, I could cancel my existing SO and manually transfer the funds in future and use that SO to fund an EBS reg saver account? Food for thought.....although, is it worth the risk of potentially breaking a term of the FA reg saver account?


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## oldtimer (18 Jul 2008)

Just passed my local EBS branch (town in Munster) - 7.25% regular saver poster boldly displayed. Ten doors further down the same street an insurance broker has two big posters advertising Anglo Irish Bank 7% regular saver.


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## MugsGame (18 Jul 2008)

I also fund an FA reg saver by EFT. I'm not even sure if FA asked me to setup an SO! The key term is that you make regular savings; I don't think banks really care how. AIB are the exception as they require you to fund from an AIB account which allows them to force you to use an SO or DD.

Perhaps the different interest rates in Munster indicate an imminent breakaway currency?


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## trebor (18 Jul 2008)

MugsGame said:


> I also fund an FA reg saver by EFT. I'm not even sure if FA asked me to setup an SO!
> 
> Perhaps the different interest rates in Munster indicate an imminent breakaway currency?



Does your transfer go through on the same date each month or does it vary?


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## MugsGame (18 Jul 2008)

Varies, but I usually initiate them around the same time. SOs are the same though; due to  weekends for example the money will not arrive on the same date every month.


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## oldtimer (18 Jul 2008)

Yes, perhaps Munster is forming an independent state according to EBS. Also noticed notice on EBS window ''limited fixed term savings offer 5.60%.'' Was passing in car so couldn't stop to investigate further. Must do over the week-end. Cannot find any 5.60% rate on their website.


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## BOXtheFOX (19 Jul 2008)

oldtimer said:


> Yes, perhaps Munster is forming an independent state according to EBS. Also noticed notice on EBS window ''limited fixed term savings offer 5.60%.'' Was passing in car so couldn't stop to investigate further. Must do over the week-end. Cannot find any 5.60% rate on their website.


 
Drop in and ask the official behind the counter about Brad and Angeline and you should get up to the minute and accurate details. 

Seriously though the EBS shot themselves in the foot when as part of a cost cutting exercise some years back by a CEO who was terrified of the U.K. Banks and Building Societies (We have to circle the wagons because the indians are coming) coming to Ireland decided to get rid of his higher paid and experienced staff. People who had years of experience were let go and replaced by yellow packs.
The result, staff who know more about Brad Pitt's pimples than EBS products.


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## ClubMan (19 Jul 2008)

_Brad Pitt's _pimp is called _Les_?


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