BOI Current Account Credit Interest

R

Raul

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Hi,
I've noticed that BOI are offering current account interest on balances up to 1500 euro. I've read a little already on Best Buys about this and checked out their website.

I have free day to day banking at present and it would be nice to earn some interest on it. I plan on calling into my local branch to discuss further.

Apart from maintaining at least 500 euro minimum balance at all times and carrying out 3 payments per quarter, are there any other catches to this? Is it exactly as it says on the tin?
 
If you already do 3 payments per quarter online then you will fulfill the criteria.

No need to keep a min balance of €500. You can have an OD facility & still earn interest on your balance when a/c is in credit.

You need to sign up for this service though. I think you can print the form online & then just send it off with a copy of your Passport/Driving license & some form of utility bill that has been posted to you within the last 6 months.
If you can't find the form online just go into any branch with your proof of id & address & they will give you form to fill out & copy your documents for you.

Only catch is that the 10.5% rate only lasts till Feb & after that I think it becomes 3.75%.

Upper limit for interest is €1500 as you've already said.

There's nothing to loose so go for it !
 
Thanks Perplexed. That was my understanding too but just thought I would check it out here first :) I already have a current account with them so hopefully a bank statement from them should be proof enough.

I wonder why I received no letter from them advising me of this seeing as I am existing current account holder :rolleyes:
 
You still have to provide all the essential documentation. I am an existing account holder and had to provide it. Save yourself a double trip and bring it with you.
 
Actually just checked a recent bank statement and I am still on a graduate account for over 2 and a half years (even though it was only supposed to be for 2 years). This is not an eligibile account for earning interested. It has to be a "Pay as you Go" or "Flat Fee" fee options or an Accountholder with our Golden Years Current account.

I am sure that it is easy to change to Pay as you Go and get free banking but am I losing out by switching from a graduate account? I don't have any plans to take out loans within the 2 years anyway so I won't avail of lower loan interest rates. Does anybody here know if there are any other benefits? I don't want to say it to BOI as I know I should not still have a graduate account.
 
Raul, you've got nothing to lose by converting your a/c to a normal c/a.
If you make 3 online payments - which you need to do to qualify for interest - you will also qualify for free banking, which is exactly what your graduate a/c entitled you to.
The only real benefit to you at graduate status would have been a discount on the lending rate if you had wanted to take out a loan, which you state you do not require.
Sarn is correct you still need to bring in all documentation ie.proof of your id & proof of your address. Because you are converting to an interest bearing a/c this documentation is required to comply with legislation.

You will also need to fill out a form to update your details & change the status of your graduate a/c.
 
Thanks Perplexed. That was my initial understanding too. I called into my local branch yesterday and the lady strongly advised me not to change accounts. She said graduate banking was free and I thought a regular account was also free but she advised me otherwise. I didn't change my account based on her advise but I will phone BOI for further clarification after reading your post.
 
Hi Raul

Why do you want to stay with BoI??

There are other Current Accounts out there with less restrictive conditions, no minimum balance requirement, no transaction requirements, etc.

I have switched to Halifax myself recently, and have no regrets at all.

They give 10.47% AER Interest on credit balances up to €2000, have no minimum balance requirement, or no transaction requirements. Their overdraft rate is 9.43% APR.

You must agree to a minimum monthly account funding of €1500. This should be achievable foe most salaried workers.

You can apply online and get more information [broken link removed]

BTW, I have no relationship with Halifax, except as a customer. I just found them pretty good to deal with :)
 
Hi Irishpancake,
No reason at all. I was already thinking about Halifax as it was. By the way, is there such thing as bank loyalty anymore when it comes to getting a mortgage or taking out a loan? Does this help in any way or is it an outdated notion?
 
Raul said:
Thanks Perplexed. That was my initial understanding too. I called into my local branch yesterday and the lady strongly advised me not to change accounts. She said graduate banking was free and I thought a regular account was also free but she advised me otherwise. I didn't change my account based on her advise but I will phone BOI for further clarification after reading your post.
Click to expand...


Raul, I'm a BOI employee myself. Yes, a regular a/c would cost you money in fees, but if you make your 3 payments online these fees will be eliminated. From what you say it seems clear to me that you could benefit from an Interest bearing a/c. Apologies if I have you confused but perhaps after looking at your a/c she saw something that I can't ??
If you have an OD facility then this would be free of charge on a graduate a/c & you would have to pay the annual €25 on a normal a/c. Unless you require duplicate statements, auditors queries etc which would be free to a Graduate.
Check out this link re Schedule of fees & charges for c/a' s. should clarify things. [broken link removed]

Bank loyalty is in some ways a thing of the past but a good banking record will stand to you whatever organization it's with when you go looking for a mortgage etc.
 
Raul

It's worthwhile showing the latest Personal Account Survey from IFSRA.

I think the comparison between BoI and Halifax is interesting.

I feel that your loyalty should be to your own pocket-book or wallet.

Best of luck ;) ;)

Click here to see the ItsYourMoney(IFSRA) on-line surveys.


currentaccount.jpg
 
Thanks folks. I would be making at least 3 online payments every quarter to my VISA card and to my Rabo account (well that may change to FA :)).

The lady never checked my account at all. I just explained that I had a graduate account and she told me I'd have to pay fees if I transferred to Pay as you Go. She never mentioned anything about 3 online payments every quarter. Sounds like an employee who wasn't fully trained on this. I will call them again should I decide to stick with BOI.

Irishpancake, what are you experiences of the Halifax personal banking website?
 
Hi Raul

You asked

Irishpancake, what are you experiences of the Halifax personal banking website?
Click to expand...

Mostly positive. Especially the monthly credit of 10% Interest :D

You can set up one-off payees and regular standing orders, and vary the amounts.

You can view all DD's.

Your transaction list has default view of "Most Recent Transactions", but you can do an "Advanced Search" option, between any two dates you choose, for All/Debit/Credit transactions or specific amounts.

I have a Halifax CC, but the info is very restricted, just really your a/c number and balance. I miss AIB for this.

They have a [broken link removed] on the Halifax site.

best of luck
 
The lady never checked my account at all. I just explained that I had a graduate account and she told me I'd have to pay fees if I transferred to Pay as you Go. She never mentioned anything about 3 online payments every quarter. Sounds like an employee who wasn't fully trained on this. I will call them again should I decide to stick with BOI.

This really bugs me & I apologise on BOI's behalf. It drives me nuts if someone gives me false information. If she didn't know she should have told you so & asked someone who does know.

Good luck, whatever you decide to do & sorry that you've been messed around in this way.
 
Has anyone received interest on their accounts yet?

I was reading in the terms and conditions that it would be added every quarter (which would have meant December for early adopters).
 
Does the three online payments have to be bill payments, or can they be money transfers to another account? In other words, if I transfer the payments to my daughters account will that count as having fullfilled the rules?
 
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