AIB High Interest Current Account

Hello,

I just saw my interest being credited to my current account for the previous quarter and it's lower than what I would've expected. The amounts are low but it's the principle of the matter I'm interested in.

There would've been minimal (if any) days I had a balance < €1,500 in the account and I satisfied all the funding conditions of the account. AIB have an A.E.R. quote of 6.25% on their website still for this account.

I calculate this as ~ €23.44 interest gross and ~ €18.75 post DIRT. I received €11.60 and am stumped as to why the difference??

Am wondering has anyone else noticed? I realise this may appear petty but want to make sure AIB deliver on what they advertise.

Any thoughts??

Just checked, and it's wrong on my account too. It looks like they've used 4% AER (~1% per quarter) instead of the higher rate. Originally it was due to revert to 4% this quarter, but they extended the higher rate.

Speaking of which, the current rate is 11% to end of year (~2.5% per quarter). So the correct amount is even higher than you suggest!

Just off the phone with my branch of AIB now and they explained the reason. The 11% offer until the end of the year was only for accounts opened from the 10th September onwards. This was a promotion to get new business at the time.

Anyone who had already opened a high interest current account prior to this date had the high interest opening offer until this date and from the 10th September onwards their interest rate reduced to 4% for the 4th quarter.

All accounts are reverting to 4% from January 1st.

So you got c. €15 gross (i.e. €1,500 @ 4% for a quarter)?

Yes. Sneaky advertising. Not like me to miss the small print on this.

Correct yes. €15 Gross. Thought it was too good to be true

Halifax seem to have a 10% rate on €2000.

i get that amount every month with halifax!

Starting Out said:

The 11% offer until the end of the year was only for accounts opened from the 10th September onwards.

Click to expand...

Scumbags. I never spotted that either.
Bye bye AIB, with your stupid one online and one bill payment rule.

Killing AIB and Rabo accounts - I'm going to busy over Christmas

Originally Posted by Starting Out
I calculate this as ~ €23.44 interest gross and ~ €18.75 post DIRT. I received €11.60 and am stumped as to why the difference??

Click to expand...

I got more than you! My current account was credited with €11.79 on 17th December so I'm . Don't know if that is pre or post DIRT.

I'm not at all surprised since Banks are in business to make profits for their shareholders. Ordinary customers simply don't figure - isn't that why "Mutuals" came into existence? How many people would have been given the kind of credit recently exposed and without security?

Don't think either that the long period of low interest rates would have been available had they not been determined by the E.C.B. and, to a degree, by competition so no thanks due to Irish Banks - perhaps open to correction.