BoI Mortgage Saver Account pays €2k bonus on savings of €5k and can combine with 2% cashback

This looks like an account any first time buyer should open.

If they get a better mortgage deal from another bank, then just close the account.

But if BoI turns out to be the best lender, then they get €2,000 bonus.

First Time Buyer MortgageSaver Bonus

€2,000 Bonus on your Savings for First Time Buyers

Do you need to save regularly to build up a deposit for your first home?

Open a MortgageSaver account and we’ll top up your savings by €2,000.
At Bank of Ireland we understand the challenges facing First Time Buyers in saving to buy a home. We want to help, with a top-up of €2,000 on your savings when you draw down your Bank of Ireland mortgage.

How the First Time Buyer MortgageSaver Bonus works:

• You must be a First Time Buyer and have a personal current account in the Republic of Ireland. To qualify for a First Time Buyer Mortgage1, both applicants must be First Time Buyers
• Save a minimum of €200, maximum of €2,500 per month for at least 6 consecutive months in a MortgageSaver Account. You must save a minimum of €5,000 in total
• Draw down a Bank of Ireland First Time Buyer mortgage within 30 months of opening your MortgageSaver account
• Use the money saved in your MortgageSaver account to help purchase your first home
• The bonus will be a fixed payment of €2,000, once you have €5,000 or more saved in your MortgageSaver account

A bonus will only be paid on one MortgageSaver account on drawdown of the Mortgage.

MortgageSaver account features:

• Save monthly by Direct Debit – Minimum €200, Maximum €2,500 per month
• You can make multiple lump sum lodgements up to a total value of €20,000
• Instant access to your money in any Bank of Ireland branch or (if you are registered) through 365 online

Note, there's a choice between the bonus interest or the cashback. You don't get both.
For the majority of people the cashback works out better.

BOI mortgage advisor just told me that availing of this offer no longer impacts the cash back deal.

Username2012 said:

Not so according to BOI on boards.ie:

http://touch.boards.ie/thread/2057796253/1/#post104932629

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I've done a bit more digging, and it looks like I (and Kareana!) was wrong on this! BOI seem to have changed the offer at some point and both bonus and cashback ARE available together. I'm assuming it was changed at the same time they changed the bonus amount.

See here:
https://personalbanking.bankofireland.com/campaigns/cashback-plus-comms/

"First time buyers with a MortgageSaver account get a €2,000 bonus when they take out a mortgage with Bank of Ireland and up to 3% cash back too."

The original press release contained a sentence that's now been removed from latest t&C's.
[broken link removed]

"The 10% bonus is not available in conjunction with any other Bank of Ireland offer."
This was in old version of brochure, but not the new one.

Is this product still offered?

It seems like most potential First Time Buyers should open such an account.

I am surprised it's not discussed more.

Brendan

Hi Brendan,

Yes, the product is still offered and it seems you can still get both the 2k and the cashback.

Yeah, equally surprised that this is not mentioned more as part of cashback strategies.

Even if you don't take your mortgage with BOI, it's a decent regular saver account.

The 2k bonus is subject to DIRT as far as I know, but it's a while since I looked at it.

The 2k bonus and the 1.35% AER variable interest is subject to DIRT. (Prior to 31 December 2017 the DIRT could be claimed back via the Revenue subject to T&Cs).

Only niggle is BOI only committed to cash back until end of 2018, though they might well extend again.

Markel said:

Only niggle is BOI only committed to cash back until end of 2018, though they might well extend again.

Click to expand...

Again, so what? You have a decent deposit account. You might or might not choose a BoI mortgage. The cash back deal might or might not be available.

If it is available and the BoI mortgage deal is the best, then it is a "free" €2,000.

Brendan