Bank Of Scotland ( Ireland) - 3.75% Deposit Account

Not sure whose "tone" you're referring to but I can see nothing untoward in the posts above responding to your points.
 
From the Bank of Scotland (Ireland) website:

"A rapid series of product launches will follow. The product range will be based on sustainable pricing and offer customers of the big banks demonstrable value for money. They will have a real incentive to switch to Bank of Scotland (Ireland). A high profile, product led, advertising campaign will feature both print and TV ads."

So they do plan a "bit-by-bit" introduction, and there's nothing wrong with that.

Anybody who introduces more competition against the big two banks deserves applaud in my opinion.

3.75% is VERY GOOD.
 
Thanks for clarifying that the "bit by bit" rollout of products is, in fact, fact.
 
"If you don't like it, ignore BoSI (and ACC!) and take your business elsewhere"

This phrase seems a bit arrogant to me.

Mimi
 
great news about bosi. i will be checking them out. i wonder will the savings account have an atm card??? does anyone know yet?

Alex.
 
mimi rogers said:
This phrase seems a bit arrogant to me.
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I assure you it's not. It was a suggestion. I offered a suggestion as to why BoSI were not rolling out all their products together, and also suggested that if this wasn't satisfactory, the best course of action (after maybe a query/complaint to BoSI?) was to bank elsewhere, e.g. an established bank offering a full suite of services.

You are of course free not to like something, but BoSI are under no obligation to roll out services as you would like.

'Arrogant' suggests that I have a sense of self-importance or superiority-well I don't. I've been a contributor to AAM for quite some time now, and I tend to have a standard set of responses for certain questions. I also work in financial services, so like to think that I can provide a 'balanced' view, but that of course is a subjective opinion.

I certainly don't feel like I have anything to apologise for in suggesting that if you don't like the range of services offered by a business that you take your custom elsewhere.
 
Alex said:
great news about bosi. i will be checking them out. i wonder will the savings account have an atm card??? does anyone know yet?

Alex.
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If you are making more than 2 withdrawals a year, you won't be getting the rate of 3.75% so my guess will be no ATM card.
 
the 3.75% rate is very appealing. most of my money is with another bank but i get hardly any interest even though i have a good bit saved. i might transfer my savings to a bosi account. i would prefer higher interest than an atm card. a card would be nice though. i am pleased to hear that they will have longer opening hours. i wonder will they be doing foreign exchange also?

Alex.
 
I'd adivise you to do some calculations and projections (nothing too complex, something on a spreadsheet) to compare the BoSI offering with the likes of Rabo, Northern Rock and AIB as I feel that the ts and cs might not suit as much as some people think.
 
Samantha said:
If you are making more than 2 withdrawals a year, you won't be getting the rate of 3.75% so my guess will be no ATM card.
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Yes personally I don't feel an extra 0.5% over NR would compensate for on demand versus a limited 2 withdrawals per year.
 
I used their savings calculator entering the max initial investment of 10k and the max 750 a month savings for 1 year - the result comes back as


Deposits - eur19,000
Interest - eur 557.81
Total Savings - eur19,557.81

Though it states in small print underneath that this is before deduction of DIRT, I think it's a bit rich to include a gross figure before DIRT deduction under the heading of "Total Savings".

It also says the interest calculation is as a result of "other assumptions" which can be provided on request. How difficult would it have been to just spell them out there and then!

Also, if you use the calculator for more than one year am I right in wondering if the DIRT inclusion is going to throw the savings figure out more and more by each year?

Grand rate though.
 
I'd guess their assumptions are
- you qualify for the full interest rate (i.e. meet the required operating conditions)
- the ECB rate is constant during the year
- your initial direct debit follows immediately after the opening balance

And yes, the negative impact of DIRT would be compounded by longer periods.
 
I rang them and was efficiently dealt with. They are very anxious to give quotes based on deposits but omitted to clarify until asked that the amount is gross. Up to two withdrawals and the 3.75% stands. interest is added at the end of first year.
 
I'm going to stick with NRock as I don't think the rigidity of the BoS offering is worth the extra interest. NRock might match it anyway.
 
It takes time to roll out products and systems functionality.
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you have no idea......

Speaking from experience, there is a huge amount of work involved in getting a banks systems up and running, as each system has completed strenuous and time consuming phases im sure they will roll it out...

Not all systems will have taken the same length of time to develop, why hold back and lose money when you can start drip feeding off the consumer base with roll out of proven and prepared systems in this bit by bit fashion? It makes good business sense.
 
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