AIB 2.77% 2 Year Deposit

Thank you Sarenco.The timeline worked - but it was close! The fund matured yesterday but took until this morning to reach my AIB current account. Then I was able to instantly transfer, via Moble app, to the already opened 2 year account in AIB at 3%, as you so wisely advised last Wed night, because the interest rate was changing next day. It worked! I didn't realise I could open that deposit account and get 7 days to move the money into it. So it had to transfer today, I presume!!! Thanks again Sarenco for sharing your knowledge.
 
BoI are reducing their term deposit rates on Tuesday 18 February. You can still get the old rates until Monday.

With BoI cutting, AIB's 2 year product is a stand out rate at 2.77%.
 
I would guess that time is ticking again for the AIB 2 year rate @ 2.77% now.

AIB has not yet adopted 5k minimums online yet, several weeks after saying that it was coming. But 5k minimums are available in the branch.
 
Hi . I set up a fixed term account on the app but when I try to transfer from my current account it is rejected saying payment log sepa rejected . Any ideas why ?
 
Homewardbound11 said:
I set up a fixed term account on the app but when I try to transfer from my current account it is rejected
Click to expand...
I have a number of these accounts and had no difficulty transferring money.

A couple of questions:
Are you doing this within the allowed timeframe ? (I believe you must do so within 10 days of opening the account)
Is the amount less than or equal to the amount you specified a the time you opened it ?

You could try calling AIB and asking for support with this.
 
HI Clubman, where did you find the document above, I was reading through the documentation with the loan and I could not find it. Unfortunately, due to unexpected ill health, it is likely that my wife will need to retire on Ill Health grounds. She is going through the assessment process at the moment. The money tied up in a 2-year fixed term account could pay off the mortgage and allow us to purchase a last minute AVC to make up the shortfall in her lump sum. When we took out the fixed term deposit account, we did not anticipate this.

I am a long term AIB customer over 50 years, but since the advent of on-line banking I would not have the same personal relationships as say 30 years ago. Anyone in a similar situation, and any advice. They did point out at the time that the money could not be released till the term was up.

Any advice on how to proceed much appreciated.

EDIT Found the section on the website. https://aib.ie/help-and-guidance/savings-deposits-faqs#pftd

I would expect that the above situation would meet the threshold of very exceptional circumstances.

Anyone any experience of this process, it would be great to get some insight.
 
Last edited:
@DingDing

Having opened a number of these accounts with AIB I can say that each time I opened one (online) I received an email with six attachments, two of which was the "AIB Personal Fixed Term Deposit Account - Terms and Conditions" document and the "AIB Personal Fixed Term Deposit Account - Important Information". I'm attaching copies of these below. These are very clear regarding the term and the fact that your money will not be available until the end of the term and there are very good business reasons for this. A far as I can see, these documents do not contain the Exceptional Circumstances wording that you refer to on the website. That said, they do publish the Exceptional Circumstances wording on their website and I think that any reasonable person would give you a hearing. If I was in your shoes, I would contact the number provided and explain your changed circumstances or alternatively contact the branch and request a face to face meeting at the earliest possible date, whichever you are more comfortable with. If at first you don't succeed I would request a face to face meeting with the Branch Manager and make your case with them.

For the record the following is the Exceptional Circumstances wording on the website. I suggest you have a copy of this to hand when speaking with them.
Are there any restrictions on the number of times I can take money out of my Personal Fixed Term Deposit?
  • You can only take money out when the term ends, there is no access during the term.
  • However, we understand that things can happen in life that you haven’t planned for. Therefore, in very exceptional circumstances, we may consider the conditions under which you can take the money out of your account. You should contact your branch or call us on 0818 724 724 or +353 1 7712424.
Click to expand...

I really hope that you get this resolved.
 

Attachments

  • AIB Personal Fixed Term Deposit Account Terms and Conditions.pdf
    1.3 MB · Views: 2
  • AIB Personal Fixed Term Deposit Account Information.pdf
    578 KB · Views: 2
It could be argued that it is misleading advertising if a concession offered very clearly on the website is not in the terms and conditions. However I would expect them to be reasonable to a long standing customer in difficulty, particularly with the statement on the website.. While not threatening of course, if they do not concede, they need either a stronger example of exceptional circumstance, or concede they continually misrepresent the product in advertising. These are the arguments I will be making to the branch manager. If one done the expected due dilligance in advance, I don't think it would be unreasonable for the bank to stand over the terms and conditions to the disadvantage of the customer when there is a doubt.
 
You must log in or register to reply here.
Back
Top