An non-AIB customer can open an account in branch by filling out forms etc. Money must be lodged within 7 days of opening it.
AIB 2.77% 2 Year Deposit
- Thread starter Lightning
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presidenttttt
Registered User
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- 372
I am not sure 3% gross is anything to write home about? Is there not a thread here with higher rates from non Irish banks? Personally not convinced inflation and higher rates are over yet either
I phoned them and was told you must have a current account with Aib.
That is strange. I do NOT have a current account. Have a Personal Demand Account (free) which I set up in a branch. I use this to send money to online saver, and also set up Personal Fixed 3 % 2 year account through this. Hope that helps.
Deposit rates in general have been falling lately in line with ECB rate cuts. But thanks to the great work by @Lightning in particular you can read all about them here:
Best Buy - Savings Best Buys
Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...
www.askaboutmoney.com
As @ClubMan pointed out it’s the best available 2 year rate at present and among the best rates generally. To each their own but unlike many of the other better rates DIRT is deducted at source, there is no withholding tax and you aren’t dealing with a bank registered in Malta or outside the eurozone, all of which bring their own issues.
NotMyRealName
Registered User
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- 131
We opened one of these AIB accounts in Dec.
We were not AIB customers. The usual ID and proof of address was necessary. First step was to get set up on their system and open a "current account" . This account is what you load with your preferred amount of deposit money. Subject to your current banking provider daily limits, this may be done over a few transactions. This account has no other function and no charges. (It's also where your money will get popped back to when the fixed term is ended). Your deposit then gets
moved from this current account to your fixed term deposit account in one go.
Set-up is most likely different for existing AIB customers.
There were some odd questions during the process about income and means. I took this to be marketing profiling but was told that it's because your money is inaccessible for the term, that they need to believe that you can survive without it. That made my B.S. detector bleep... Anyway , we went ahead.
EDIT. "Current Account" is the wrong name for this account. It is ,in fact , a "Personal Demand Account " . Apologies, if I've confused matters.
We were not AIB customers. The usual ID and proof of address was necessary. First step was to get set up on their system and open a "current account" . This account is what you load with your preferred amount of deposit money. Subject to your current banking provider daily limits, this may be done over a few transactions. This account has no other function and no charges. (It's also where your money will get popped back to when the fixed term is ended). Your deposit then gets
moved from this current account to your fixed term deposit account in one go.
Set-up is most likely different for existing AIB customers.
There were some odd questions during the process about income and means. I took this to be marketing profiling but was told that it's because your money is inaccessible for the term, that they need to believe that you can survive without it. That made my B.S. detector bleep... Anyway , we went ahead.
EDIT. "Current Account" is the wrong name for this account. It is ,in fact , a "Personal Demand Account " . Apologies, if I've confused matters.
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I just opened one online this morning. I already had a simple deposit account so it was really straightforward to open and then complete an online transfer into the 3% 2yr fixed account. Took all of 3 minutes ( I had read the small print last week and that took a half hour). It’s certainly the best Irish fixed rate and can’t be around much longer.
It's not just the best fixed rate available to Irish customers, it is also one of the highest fixed rates across all of Europe right now.
The question now is whether AIB will cut this rate before 5 February when the minimum deposit rule changes or after. If after, there might be an influx of deposits on 5 February when the minimum deposit amount gets reduced.
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michael2525
New Member
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True, although for non-domiciled individuals this is actually an advantage, because due to tax remittance they don't have to pay DIRT if they don't bring the gains to Ireland. Even if they are tax resident in Ireland. Same as with capital gains from selling shares outside Ireland. IE: any non-domiciled individual tax resident in Ireland with a Trade Republic account would be getting the full interest rate they provide (currently 3%, but was 4% a few months ago) without having to pay DIRT unless they bring those gains to Ireland.
It's finally happened ... AIB are cutting their 1 and 2 year rates by 0.25% from tomorrow. No change to other savings rates nor mortgage rates.
www.irishtimes.com
A few hours left to get the 3.02% rate. And 7 days thereafter to fund the account.
AIB latest lender to start cutting deposit rate after ECB moves
Fixed-term products affected, all other savings rates remain unchanged
A few hours left to get the 3.02% rate. And 7 days thereafter to fund the account.
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Done this afternoon. Thanks you for the alertIt's finally happened ... AIB are cutting their 1 and 2 year rates by 0.25% from tomorrow. No change to other savings rates nor mortgage rates.
AIB latest lender to start cutting deposit rate after ECB moves
Fixed-term products affected, all other savings rates remain unchanged
A few hours left to get the 3.02% rate.
Many thanks @Lightning
You are due pints - this thread spurred me to open an additional account before Christmas and another one this week to hoover up stuff coming off fixed term !!
tiarnalamh
Registered User
- Messages
- 35
Dang! I have sustantial funds maturing next week. Was looking to put it into this. I wonder would they still let me? What do people think? One or two year term deposit suits me.
Very much doubt it but no harm in asking.
@Lightning's excellent best buys lists should be your next port of call...
Best Buy - Savings Best Buys
Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...
www.askaboutmoney.com
Open the account right away - no issue if you are already an AIB customer - and you then have 7 days to fund at the 3.02% rate.
Failing that, 2.77% is still pretty much as good as it gets for a 2-year fixed term.
tiarnalamh
Registered User
- Messages
- 35
I have the AIB app and have done what you suggested online. Fingers crossed it all works out on time. Thank you Sarenco
You should be able to tell pretty much instantly. The a/c should show up in the app, and if you tap on it, you can see the interest rate and maturity date.