AIB Drops deposit rate

azerogo

Registered User
Just got the following Mail from AIB dropping from 1% to 0.9%
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We are writing to tell you that in two month's time, on 30 July 2019 we will reduce the interest rates of our AIB Saver and Online Saver variable rate deposit accounts.
The table below lists the current rates on these accounts and what they will change to on that date. Further information on all our available interest rate options can be found on the deposit section of our website.

Product Category Current Gross Interest Rate Current AER* Variable New Gross Interest Rate New AER* Variable
AIB Saver Account and Online Saver Account Regular Saver Rate 1.00% 1.00% 0.90% 0.90%

Standard Saver Rate 0.01% 0.01% 0.01% 0.01%
*A.E.R. is the annual equivalent rate. Rates quoted are variable. Interest is subject to Deposit Interest Retention Tax (D.I.R.T.) at the prevailing rate, where applicable. (For more information, visit www.revenue.ie).
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Really is becoming pointless at this rate to use them.
 
Thanks, I will update the best buys later.

Normally 2 months notice is given of a rate change, this exceeds that.

0.90% on up to 8 accounts on up to 12k per account is sadly still a good rate relatively speaking.
 

Gervan

Frequent Poster
I received the email from AIB today about the drop in interest rates, suggesting I might wish to change to a different type of savings account.
I don't know whether to laugh or cry.
The only reason we would change is for a higher interest rate, but the next highest AIB offers (other than junior saver rate) is 0.1%. At an effective (but miserly) 0.5% on the Regular Saver, AIB have nothing better to offer. Their suggestion I look at their other interest rates actually feels like an insult.
 
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