# Meeting with Ulster Bank advisor



## VanZan (8 Jan 2010)

I was in UB today enquiring about something but ended up getting ushered into an office to talk about investments. It was mostly about bonds which don't really interest me. The employee/advisor did however mention a fixed rate product of 2 years duration at 7% with a minimum of €25000. This seems good to me but I checked the website and there's no mention of it there. All that's there is a "Money Desk Deposit" which does have a €25000 minimum but it says you can invest from 1 week to 1 year so nothing about two years.

Does anybody have any knowledge of this? Would the €25000 be protected by the government's guarantee or anything like that?


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## Palerider (8 Jan 2010)

Has to be a tracker of some sort, they do have a good variable deposit account known as a bonus saver paying up to 3.75%, there are some conditions attaching, seethe  permanent thread on term deposits and you should find all you need there.


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## VanZan (8 Jan 2010)

I actually already have esavings and esavings plus accounts so can't open a Bonus saver one. Don't really know what a tracker is except for the ad


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## sunrock (8 Jan 2010)

That is 7% over 2 years,i.e. less than 3.5% A.E.R. THAT IS LESS THAN THE BONUS SAVER and your money is tied up for 2 years.
It is not a tracker.Trackers usually split your money between an attractive deposit a/c with a good rate and the rest of your money tracks a stocks/shares index, but only pays  say 60% of any gain and this tracker part could be for 3 or more years.


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## Lightning (9 Jan 2010)

It is a disgrace that Ulster, BOI and others are using gross rates to advertise term deposit products. It misleads consumers. 

Anyway, Ulster have launched a range of new term deposit products. I have seen the details of the new 1 year term deposit product but not their 2 year term deposit product. Can anyone find the details on their website?

If you want a 2 year term deposit, you are financially better off with INBS, you 25,000 EUR is state guaranteed. 



> *Best Buys - Highest Term Deposit Rates*
> 
> *6 Months* - Investec - *3.28%*
> *9 Months* - Investec - *3.52%*
> ...


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## VanZan (9 Jan 2010)

fungus said:


> It is a disgrace that Ulster, BOI and others are using gross rates to advertise term deposit products. It misleads consumers.
> 
> Anyway, Ulster have launched a range of new term deposit products. I have seen the details of the new 1 year term deposit product but not their 2 year term deposit product. Can anyone find the details on their website?
> 
> If you want a 2 year term deposit, you are financially better off with INBS, you 25,000 EUR is state guaranteed.



Can you give me details of the one year term deposit product or a link to info online please fungus. I checked their website yesterday.......


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## VanZan (9 Jan 2010)

Oh wait I just checked the key posts page...3.35% for one year....


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## Lightning (9 Jan 2010)

Yeah, it is not listed on the Ulster Bank website yet.


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## sunrock (15 Jan 2010)

Sorry fungus...what is this about the bonus saver not being available anymore to new customers? This product was not available to existing ulster bank customers so is this product now available at all?


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## Lightning (16 Jan 2010)

The Ulster Bank Bonus Saver product is not available to new or existing customers to open a new account. 

The Ulster Bank Bonus Saver product still exists for those that already have an account open. I would expect the rate to decline for existing accounts shortly. 

Source: Ulster Bank: "No longer available accounts": [broken link removed]


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## mercman (16 Jan 2010)

fungus said:


> The Ulster Bank Bonus Saver product is not available to new or existing customers.



So Fungus, it's not available to anybody, new or existing customers according to you. ????


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## Lightning (16 Jan 2010)

Yes, to open a new account, as I said ...



> The Ulster Bank Bonus Saver product is not available to new or existing customers *to open a new account.*



It is not "according to me", it is according to the Ulster Bank website.


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## mercman (16 Jan 2010)

Sorry excuse my blaming you Fungus. And if one has sterling deposits and according to their website one an earn 3.45% on sterling deposits in a Pathway account, but in Ireland, one has to put up with 0.5% for sterling deposits. A small thin line called the Border is the difference between a good Interest rate and a pathetic Interest rate.

In the main the Banks will have to do the business that they know best - Banking, and not Investment Products or cock and bull products that or commission based for the staff of the Banks and have the possibility of been cloudy and dubious.


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## Lightning (16 Jan 2010)

No worries. 

With regard to GBP deposits, you can open a bank account in Northern Ireland with a ROI address. 

Savings rates in the UK generally give a much higher margin above base rates than Irish banks give on their savings products.


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## mercman (16 Jan 2010)

fungus said:


> No worries.
> 
> With regard to GBP deposits, you can open a bank account in Northern Ireland with a ROI address.



Yes but the problem is that the Interest earned would be Taxed at the Marginal rate rather than the DIRT rate and leaves one in a position as a sitting duck for a Tax Audit which frankly I do not want to fo through again thank you very much.


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## Bronco Lane (18 Jan 2010)

Called in to Ulster Bank today and was offered a one year fixed at 3.35% for amounts over €25k. It appears to be for existing Ulster Bank customers or First Active customers only?


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## Lightning (18 Jan 2010)

New & existing UB customers.


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## SlurrySlump (21 Jan 2010)

Bronco Lane said:


> Called in to Ulster Bank today and was offered a one year fixed at 3.35% for amounts over €25k. It appears to be for existing Ulster Bank customers or First Active customers only?


 
I have an Ulster Bank current account. I wanted to open a one year fixed account but I was told in order to do so I also had to open a "holding" account which after some probing turned out to be a bog standard savings account. Apparently monies must pass through this account before you can get a fixed account. The fact that I had an Ulster Bank current account made no difference. It is strange that I can open a fixed account direct with an Ulster Bank cheque in any other bank but I can't do so in an Ulster Bank?


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## Lightning (21 Jan 2010)

Ulster have silly T&C's, like AIB, when it comes to the source of funding of certain accounts. 

Why not take you money out of Ulster and get 3.5% with Investec/Anglo for the same product and less hassle?


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## OPTIMUM (21 Jan 2010)

I got details in the post on UB pathway account. Tonnes of terms and conditions and inserts - too much to read but I bet there is some sneaky stuff in there !


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## SlurrySlump (22 Jan 2010)

fungus said:


> Ulster have silly T&C's, like AIB, when it comes to the source of funding of certain accounts.
> 
> Why not take you money out of Ulster and get 3.5% with Investec/Anglo for the same product and less hassle?


 
I'm beginning to regret having anything to do with Ulster Bank. It appears that the branch deal with the "holding" account but someone, somewhere else deals with the fixed account. However never the twain shall meet. 

Today I got a letter from my branch thanking me for opening my new easy access deposit account (that I didn't ask for) but not a mention anywhere that my fixed account was being processed and would follow on in due course.


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## Odea (29 Jan 2010)

Make sure that you check the date that you thought you opened your fixed account with Ulster Bank. It appears due to their strange way of doing things that it can take several days for your fixed account to be opened. And guess what, the interest only begins accruing from the date that *they* opened it and not the date that you thought you opened it.


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## Lightning (29 Jan 2010)

The interest should start to accrue on the day the money reached your account. Did this happen for you? If not, I suggest you raise it with UB or with the FR. 

Another Ulster T&C, the T&C's now say they calculate interest on a 1 year term deposit assuming 360 days in the year. 

Where is the Financial Regulator protecting consumers with these kinda things?


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## Odea (1 Feb 2010)

fungus said:


> The interest should start to accrue on the day the money reached your account. Did this happen for you? If not, I suggest you raise it with UB or with the FR.
> 
> Another Ulster T&C, the T&C's now say they calculate interest on a 1 year term deposit assuming 360 days in the year.
> 
> Where is the Financial Regulator protecting consumers with these kinda things?


 
It took Ulster Bank two days to open the account after the money was deposited.

Are you saying that if you leave your money with Ulster Bank for 365 days they only give you 360 days interest?

This means that they have the use of your money for up to 7 days in a year without paying you interest or basic interest.


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## mercman (1 Feb 2010)

Odea said:


> they have the use of your money for up to 7 days in a year without paying you interest or basic interest.



Eh 5 days actually ... 365-360 = 5. The normal procedures in European Banking works on a 360 days per year, not 365.


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## Odea (1 Feb 2010)

mercman said:


> Eh 5 days actually ... 365-360 = 5. The normal procedures in European Banking works on a 360 days per year, not 365.


 
And the two days it took for them to open the account... 5+2 = 7


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## Tintagel (8 Feb 2010)

I had to queue in my local Ulster Bank today at the First Active window to do a First Active lodgement and then queue again at the Ulster Bank window to do an Ulster Bank transaction.


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## wbbs (8 Feb 2010)

All that will be over in two weeks time when full merger is completed, all in one queue from then on.


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## Grizzly (10 Feb 2010)

I opened a Savings Bond account with An Post in mid January. It took nearly 4 weeks to have the certificate posted out to me. However the opening date was the date that I made the lodgment in the Post Office. None of this Ulster Bank type rigmarole.


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## TheRed (27 Jun 2010)

*Saving Sterling in ROI a/c*

There're a couple of ref to opening a sterling a/c in ROI.

I have 14,000 GBP in my old english bank account, have recently moved back and would like to open a sterling acccount in ROI.

Just wondering are there other opportunities to save here rather than going up north to open a new a/c, since dealing with the dirt on NI interest is likely laborious for 14,000. 

I understand Anglo aren't taking sterling deposits anymore. 

At the moment my English bank sends statements to me here in ROI but I'm not in receipt of any interest.

Does anyone know if there are other options or where the best rates are?


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