EBS Family Savings Account Rate drop from 5 to 4%.

Only a few weeks ago I saw in the Regular Savers Best Buys section that EBS had increased the rate on their ‘EBS Family Savings Account’ to 5% which made it the best offer in the best buys. So I immediately went and opened one of these accounts. Today I see that the rate has dropped down to 4%.

At first I was very angry thinking my interest was dropping down to 4%, only a month after opening the account, however on reading the documentation it seems to suggest that though this a regular saver type account it is for a fixed term of one year.

Am I correct in thinking that people signing up today will get 4% but I will continue to get the 5% rate until the end of my year?

Yes, that is correct. The rate is fixed for the first year at account opening stage.

This morning, when I hought I had opened an account that I couldn't close for one year and had been suckered in with a nice tasty interest rate only to have it quickly reduced, I was ready to kick up all kinds of stink at my local EBS first thing tomorrow morning.

But now I realise that actually I am a lucky guy who got a really good deal by not waiting around and acting quickly when he saw the information on the best buys thread. So that has cheered me up for the day.

Congratulations to you Ciaran and to all at AAM. I would never have known about the good deal if it wasn't for your best buys sticky.

Thanks. I'm glad your getting paid 5%.