AIB Online 7 Day Notice A/C-

D

Doingabit

Registered User
Messages
16
Hi All,

I have €16K spare to deposit which I have left , for the time being, in my AIB 7 day notice account.

My online account tells me that I receive 3.23% on the first €10k and 1.5% above this.
I presumed that this means I would be earning 3.23% on the first €10K and 1.5% on the remaining €6K. Not so.

I found out today that I've earned 1.5% on the full €16k for over a year!!
Just wanted to highlight this in case anyone is in a similar situation.
Definately think this is sneaky
 
Donkeyman - I just read your post there.
You might check if this was the case for your first €10K.
 
I have this acccount with just over 10k...and i recieved 3.23% on the first 10k and 1.5% on the balance...are you sure you are not mistaken
 
Shola,

Yes, if the AIB rep is to be believed.
I received a phone call from an AIB rep explaining this to me.
She also pointed out that if I have €10K in my account my interest will push it over the required €10k and the rate will revert back to 1.5% from 3.2%.
How do you know you received the 3.2% on the total amount? Did you recalculate?
 
The AIB website seems clear on this to me ...

You can avail of our great interest rates of 3.25% AER variable on all balances up to EUR10,000, and 1.50% AER variable on savings amounts from EUR10,001 - EUR100,000
Click to expand...

You could just always choose to put the money in Anglo. Anglo offer 3.60% up to 100,000 EUR with no notice required.
 
Just phoned up AIB online and they explained the rate is 3.23% AER variable on all balances up to EUR10,000, and 1.50% AER variable on savings amounts from EUR10,001 - EUR100,000.
He explained that "someone in sales" probably got mixed up - the same person tried to sell me a 30 notice account .
Anyway I think I'll open up an Anglo account as you suggested by Fungus as I reckon I need this money on demand!
Btw tried to open both an Ulsterbank and Halifax account last Friday but there was no one in customer care in either branch.
 
Just reading above post and my lump some has slightly gone over the 10k due to interest. Would I be better withdrawing this excess amount to bring it back to 10k before next interest is paid in October? (and thereby benefit from 3.23 as opposed to 1.5%?)
Thanks

Scat
 
Are you better withdrawing the whole balance? yes.

That AIB account has some very sneaky T&C's and does not offer the best return for your money.

The best buys for an instant access account are here.

Best for amounts from €1 to €20,000
[broken link removed]
3.75% up to €20,000
2.50% from €20,000 with no maximum
Note 1: Interest paid annually.
Note 2: Interest rate includes a "bonus" of 1.25% that expires on 1 Jan 2011

Best for amounts from €20,000 to €2 million
[broken link removed] (Discuss)
3.55% on €2,000 minimum to €2m maximum.
Note: NB: Interest is reduced if more than 6 withdrawals are made a year (Apr-Mar).
Click to expand...
 
So if I understand correctly, if the balance on my account is over 10k, the entire balance only receives interest of 1.5%? If that's true, that some very sneaky wording they're using there.
 
UFC said:
So if I understand correctly, if the balance on my account is over 10k, the entire balance only receives interest of 1.5%? If that's true, that some very sneaky wording they're using there.
Click to expand...

That is not the case. The interest of 3.2% is on all balances up to 10k and 1.5% is on the remainder. Fungus, perhaps you would explain the sneaky terms, as you see them?
 
Sure, see below quote, taken from the best buy lump sum deposit thread ...

[broken link removed] (Discuss)
3.25% on €1 to €10,000
1.50% on excess over €10,000, to €100,000 maximum
Note 1: Online only.
Note 2: Customers must already have an AIB account and be registered for phone and internet banking.
Note 3: 7 days notice required for withdrawals.
Note 4: One withdrawl per notice and at most one notice pending at any time.
Note 5: Lodgements/withdrawals can only be made from another AIB account. Therefore, customer must keep another AIB account open.
Note 6: Interest paid in April and October.
Click to expand...

My main point, is that savers can get a return on their money elsewhere with less hassle and having to comply with less stringent T&C's.
 
They have just reduced the interest rates on this account:

25/02/10 New Interest Rate
25/02/10 Credit @ 2.980%
25/02/10 Up to e 10,000 &
25/02/10 1.500% above
 
They have reduced it from 3.00% to 2.98% ????

Have you got a link for this change? The AIB website says the rate is still 3.00%.
 
I think there may be a little confusion - Current rates are here fungus.

[broken link removed]
 
Yeah, as I said, their website says 3.00% so the rate appears not to have changed. It has been 3.00% AER for quite some time now.
 
No, I am looking at their new interest rates. They updated them in every account.

I have one of these accounts.

What you see is an exact copy and paste of their new interest rate announcement as per my online banking account.
 
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