# AIB regular saver cut to 3.5%



## camlin90 (4 Jul 2009)

A sneaky little cut when they think no-one's looking?

[broken link removed]

Writing off to close both my accounts today - check the best buys for alternatives.


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## narkyhead (4 Jul 2009)

anybody who keeps their cash with institutions who lower their interest rates as drastically as that deserve what they get. The banks don't care about it's customers anymore they are getting bailed out. The govt.should make these guys compete for our money and let the toughest survive


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## smiley (4 Jul 2009)

camlin90 said:


> A sneaky little cut when they think no-one's looking?
> 
> Writing off to close both my accounts today - check the best buys for alternatives.



What was so 'sneaky' about them cutting the interest rate?
Was this not in the terms and conditions you signed up to?

Let us know which product and which bank you move your cash to.


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## dublinhead (4 Jul 2009)

camlin90 said:


> A sneaky little cut when they think no-one's looking?
> 
> [broken link removed]
> 
> Writing off to close both my accounts today - check the best buys for alternatives.




Good spot Camlin. Another account to close. Anglo still have regular saver at 5.5%
[broken link removed]


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## camlin90 (4 Jul 2009)

smiley said:


> What was so 'sneaky' about them cutting the interest rate?
> Was this not in the terms and conditions you signed up to?


Most deposit rate changes happen when ECB rates change.
But yes, this is totally in line with T&C's, I'm sure it was advertised in the press etc, and not all banks follow the example of the likes of NR who write to you when they change rates.

At the end of the day, the likes of AIB/BOI have high overheads and a direct line to Brian Lenihan whenever they need cash, so why bother paying decent rates to their depositors.



> Let us know which product and which bank you move your cash to.


Immediately it's going to Halifax Flexisaver @ 3.75% and some to Anglo Premium Demand @ 3.6%.
These accounts offer instant access with no need to keep them fed with regular cashflow.
From there, the money will be drip fed to some or all of the following:
Anglo Reg Saver @ 5.5%
EBS Family Saver @ 5.1%
First Active Reg Saver @ 4.75%
Ulster Bank Reg Saver @ 4.75%
Bank of Ireland Easysaver @ 4.25%
INBS Reg Saver @ 4.35%


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## Gervan (4 Jul 2009)

I just looked at the EBS website, looking to switch, and it says the interest rate on the Family Saver is 4.85%


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## Lightning (5 Jul 2009)

Thanks, I have updated the AIB rate on the best buys thread.

The Financial Regulator are listing the wrong rate for AIB, I have emailed them. 



Gervan said:


> I just looked at the EBS website, looking to switch, and it says the interest rate on the Family Saver is 4.85%



Yes, it is 4.85%, see the best buys thread.



> EBS Family Savings Account
> 4.85%
> Regular lodgements required (standing order only) : Minimum €100 a month; Maximum €1,000. Interest rate is fixed for year one.
> NB: "Prevailing" rate in year two. You can make a maximum of two withdrawals a year, one at any time and another at the end of the term. Also, the monthly amount can only be changed by written request.


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## smiley (5 Jul 2009)

Camlin..thanks for updating the savings products/rates...

its a bit odd that they reduced their rates so much when most of the others are offering way better rates......i like the look of the anglo rate.


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## Taxi Driver (12 Aug 2009)

AIB have increased the regular contribution limit on their Regular Saver Account from €300 to €500.  It is also now possible for anybody to open two of these accounts and a payment holiday can be taken without penalty. Interest rate is still only 3.50% though!


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## Beamie (21 Oct 2009)

Well I'm one of the dozy AIB customers - just realized that my regular savings a/c is only earning 1% gross.  Though obviously not for much longer.  I only noticed when transferring money out earlier tonight and I saw an interest credit for the last 6 months.

My online statement only goes back to April 09, when the interest for the previous 6 months seems to have been 1.5% gross - much less that I expected.  I'm sure it was much better interest when I set that up 3 years ago.  Does anyone know a simple way that I can see what the AIB regular savings T&C were 3 years ago?  I expect they have followed their T&C's but I'm curious to see how I got caught out so badly.

I suppose it is obvious, but do you have to keep checking accounts info regularly to see if they have reduced rates?

I notice that it is easy on the AIB site to see what they are offering for newly opened accounts, but not so easy to see what is offered on existing accounts, so the link in the original post is very useful.  Thanks.

I suppose that is why Rabo market themselves as the straight talking bank.


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## jaykayphd (21 Oct 2009)

camlin90 said:


> Most deposit rate changes happen when ECB rates change.
> But yes, this is totally in line with T&C's, I'm sure it was advertised in the press etc, and not all banks follow the example of the likes of NR who write to you when they change rates.
> 
> At the end of the day, the likes of AIB/BOI have high overheads and a direct line to Brian Lenihan whenever they need cash, so why bother paying decent rates to their depositors.
> ...


 
Ulster bank/FA is down to 4%


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## nansus (21 Oct 2009)

Beamie said:


> Well I'm one of the dozy AIB customers - just realized that my regular savings a/c is only earning 1% gross.


 

I have just made a similar discovery even though I watch my accounts.
Rang AIB who muttered something about T&C saying it reverted to ECB rate. I understood this was after 1 year which I don't think I have reached yet.

However, account is now closed and proceeds transferred to another bank.


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## Lightning (21 Oct 2009)

Yeah, one of their sneaky conditions is that a different rate applies after year one. 



> *AIB: Regular Saver*
> _*3.50%*_ (>= ECB until 1 Jan 2010).
> Note 1: Interest paid in Apr and half in Oct.
> Note 2: Regular lodgements required by direct debit only.
> ...


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## rubberband (22 Oct 2009)

is it possible to close my existing AIB Regular saver account completly and open a new one from scratch as they are offering 3.47% for the first 12 months???


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## Lightning (22 Oct 2009)

With some banks you get away with a close and re-open and with some other banks you don't. 

Ask AIB or better still go with the Anglo Regular Saver account and get 5%.


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## rubberband (22 Oct 2009)

thanks fungus.if i go with anglo's regular saver at 5% can i transfer money from my aib current account via internet banking into that anglo regular saver account.


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## Lightning (22 Oct 2009)

Yeah, you should be able to set up a standing order.


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## rubberband (23 Oct 2009)

aib started this account at 7%, now its 1%  because these accounts only seem to span 1 year.i mean you only seem to make in or around 100euro in interest over the course of a year e.g 300euro installments every month over 1 year resulted in bout 97euro in interest and then they put it at 1%.is there anything out there better than this account


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## Lightning (23 Oct 2009)

rubberband said:


> .is there anything out there better than this account



Yes, check out the best buys thread here. 

Anglo offer 5% for a regular saver account. Irish Nationwide offer 3.75% for an On Demand deposit under 20,000 EUR.


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## milic (24 Oct 2009)

Does anyone know what conditions apply to accounts opened prior to 14th April 2009?


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## Lightning (24 Oct 2009)

A different interest rate, I can't find the rate on their website but it would appear to be lower. 



> Accounts opened *from 14th April 2009 will earn a promotional interest rate whereby the AER will at least match ECB+2.50%* for 12 months from the date the account was opened


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## milic (24 Oct 2009)

Thanks, Fungus. I will contact my AIB branch next week and find out.


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## milic (29 Oct 2009)

Update.

Interest rate on my regular saver with AIB has dropped to 1% from October. Needless to say, I am closing it.


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## blass (29 Oct 2009)

milic said:


> Update.
> 
> Interest rate on my regular saver with AIB has dropped to 1% from October. Needless to say, I am closing it.


 
Me too.
The AIB regular saver products drop to the ECB base rate after one year.
If you have one (or two) of these products check your account to see if you are now only receiving 1% int. I have two of these and the earlier one dropped to 1% as of Oct 1st. I'm closing it today.


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