AIB have cut a series of deposit rates today effective January 2021.
AIB have also updated T&C's to allow AIB charge negative rates for BOTH personal customers and "micro-businesses". AIB already apply negative rates to corporate accounts.
According to Charlie Weston in the Indo, AIB will first apply negative rates to "wealth individuals" with deposits above 3 million EUR. This will be lowered to 1 million EUR next year.
"The bank is understood to be planning to lower the threshold to €1m for firms and wealthy individuals next year, which will impact thousands more depositors."
Big move but it was coming for some time.
EBS have imposed a cap on savings. No more than 500k.
Credit unions all have caps on savings.
Ulster Bank might be about to leave the market.
Can't be too long before KBC, BoI, PTSB, Revolut, Monese and N26 also apply negative rates to large deposits or caps.
AIB have also updated T&C's to allow AIB charge negative rates for BOTH personal customers and "micro-businesses". AIB already apply negative rates to corporate accounts.
According to Charlie Weston in the Indo, AIB will first apply negative rates to "wealth individuals" with deposits above 3 million EUR. This will be lowered to 1 million EUR next year.
"The bank is understood to be planning to lower the threshold to €1m for firms and wealthy individuals next year, which will impact thousands more depositors."
Big move but it was coming for some time.
EBS have imposed a cap on savings. No more than 500k.
Credit unions all have caps on savings.
Ulster Bank might be about to leave the market.
Can't be too long before KBC, BoI, PTSB, Revolut, Monese and N26 also apply negative rates to large deposits or caps.
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