AIB Current Account 12% Interest

D

Darando

Registered User
Messages
154
http://www.independent.ie/business/...-hots-up-as-aib-offers-12pc-rate-1301179.html


Seems like a good offer on the surface until you read that the high rate only applies until June!!!(and on 1.5K) then back to 4%, again AIB claiming the headlines with a short term account. (i.e Regular Savers account until Feb 2009)

Compared to Halifax which offer 10% on up to 2K which doesn't have a set high interest period it looks not such a great deal.
 
I had a look through my AIB current account statements and I noticed I am only getting 3.942% interest on my a/c so I rang customer service to enquire and the agent's reply was that the rate I was getting was close enough to 4%. I replied that if they are advertising it at 4% then I should be getting that amount and not an amount that was close enough to it. I was then informed to get on to head office about it .
 
How are you working out the 3.942% rate? Any chance that this is a nominal rate and the equivalent CAR is 4%? Any chance that this year being a leap year (366 days) is impacting the rate/returns or is otherwise relevant?
 
So maybe it's 3.942% nominal and 4% CAR?

The representative's answer to your question is meaningless and unacceptable by the way.
 
Interest credited quarterly compounds to 4% for existing current accounts.

BTW I think AIB's recent headline interest rate deals on regular savings and current accounts are potentially misleading as they expire on a particular date. Due to setup delays, it's not possible for anyone to avail of the full advertised interest rate. Articles suggesting that these AIB rates are good deals for consumers or are in response to customer demand / competition suggest journalists are looking at the headline rate and not analysing the actual terms on offer.
 
If anybody can be bothered complaining to IFSRA about such allegedly misleading advertising then I wish them good luck and hope they fare better than I have done to date with such matters.
 
Seems like a good offer on the surface until you read that the high rate only applies until June!!!
Click to expand...

Plus only available to customers not currently on the High Interest account. Though you could switch back to a normal account, wait a week, and then switch to a High Interest account again!
 
MugsGame said:
Plus only available to customers not currently on the High Interest account. Though you could switch back to a normal account, wait a week, and then switch to a High Interest account again!
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Is this true? have you heard this from AIB? again seems poor form regarding loyalty to existing customers - along the lines of the regular savings account debacle.
 
From the [broken link removed]:
 
Must open my eyes!!! and I read that page a few times!!! what do they say about terms and conditions!!!
 
ClubMan said:
As mentioned above the Halifax offer is arguably better.
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Yeah i know-I'm doing the Halifax current account with 7-8months. Its great. Also doing their Flexy Saver. Opened new regular saver when rate went down on old one. I would advise anyone interested in same to get on the train!
 
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