AIB to charge for deposits in excess of €1m

[DirectDevil]

AIB have indicated a change for personal customers relating to negative interest rates.
Waiting for the details.
Anyone know what is coming ???

 

[Sue Ellen]

Is this what you refer to which can be seen here?

Help and guidance on negative interest for personal customers​

We’ve made changes to our terms and conditions so that we may apply negative interest rates in the future, to the accounts of all personal customers who hold current and deposit accounts with us. These changes come into effect from 15 February 2022.

From April 2022 we will start to apply negative interest to personal customers’ accounts with a combined balance of €1 million or more across their current and deposit accounts. If the combined balance amount which brings a customer in scope for negative interest application change, then we will write to personal customers impacted by this change.

If you’re a business customer you can visit our negative interest page for business customers here.

 

[Lightning]

It is interesting that AIB have chosen to increase the negative interest rates well above ECB rates above 1 million rather than dropping the threshold below 1 million as many other European banks have done.

Smaller deposit holders are getting much greater protection in Ireland to negative rates and larger deposit holders are bearing the cost of this.