Convert Anglo Reg Saver to Premium Deposit

Hi,

I've just realised that the rate on my Anglo Regular Saver went from 7% to 4.5% in July. I want to switch it over to the Premium Demand Deposit Account today. What happens to the interest to date?

Thanks,
J.

Hi Jambo,
I noticed the same thing yesterday too ... check out http://www.askaboutmoney.com/showthread.php?t=92230

They will calculate the interest from the 1st July to closing date at 4.5%, add it to your capital and then switch over to the 6%. I got them to put my capital -1000 into the 6% and I opened an 8% reg saver with a 1000 from my 4.5% reg saver. Personally, I think it's a bit of a sly move by Anglo but it seems as if it's up to us as investors to keep an eye on the interest rate changes! It's a good way for them to avoid paying too much interest charges out. You build up your balance and then just when you're getting up a head of steam, they pull the rug from under you and force you to start again from scratch on the high interest reg saver account

Ceres said:

They will calculate the interest from the 1st July to closing date at 4.5%, add it to your capital and then switch over to the 6%.

Click to expand...

What 6%? Anglo Irish Bank Premium Demand Deposit pays 5.3% doesn't it? Perhaps you actually mean the 1 year fixed deposit account paying 6%?

Yep,
Sorry for the confusion. Meant the fixed-term of 6%.

The original poster was talking about "converting" a Regular Saver Issue 1 account (was 7% now 4.5%) to a Premium Demand Deposit account. I did this no hassle with Anglo. They just credit any accrued interest (at the original 7% or at 4.5% since the rate change back in July (?)) to the account before closing it and moving the funds over to the new account. I managed to do all this by email. If you previously signed an agreement allowing them to open new accounts given email/phone notification you should have no problems either.

I was able to close the original RSA scheme 1, set up another RSA scheme 2 account and open the Deposit account all in ten minutes by dropping into their Stephens green office. They even transferred the excess above 20k to an external account for me as well, something you need to keep an eye on as any deposit above 20k lowers the rate to 4.5% on all the savings. One more point, the interest is added at the end of the year so make sure you reduce the 20k + interest account just before that.