EBS Family Savings Account Renewal Rate after Year 1.

[Oracle]

Just to say thanks for the deposit tables and all the useful info. Slight correction to the best buy deposit table. For the EBS Family Savings Account, the rate is correctly quoted, for year 1. However the rate thereafter is quoted as unpublished, The EBS web site says, the renewal rate after year 1, is the prevailing rate on their 12 month fixed term account:

• In year two the rate will be the prevailing re-investment rate on our one year fixed term savings account

P.S. I'm not sure if this is correct now. What do they mean by "re-investment" rate? Does that mean a lower rate? Maybe I'm wrong and AAM is right? Confusing anyway.

 

[Lightning]

Good question. It is highly unclear.

EBS say [broken link removed]:

In year two the rate will be the prevailing re-investment rate on our one year fixed term savings account

buy yet EBS have [broken link removed] 1 year fixed savings accounts. Which one are they referring to?

The Financial Regulator says here:

The rate of interest customers will get for the second year is 3%.

Why does the FR say something different? Does rate does not equal any EBS rate for a 1 year term deposit.

I am going to email the FR and EBS and query this. EBS are been far from clear and the FR may have incorrect information on their website.

 

[Lightning]

The Financial Regulator have told me they are following up the T&C's on this account with EBS:

We are following this up with EBS and I will let you know the outcome.

This normally means that EBS have not informed the FR of a change to the account.

EBS have not yet responded to my email about the T&C's on the account.

 

[Lightning]

Success

I have just found out that EBS have changed the T&C's on the account !! They have also changed their website.

[broken link removed]

The rate is now been made much clearer to consumers. It is 3%.

Consumers 1 EBS 0

 

[Oracle]

Thanks for the clarification, at least now we know. I had heard the rate was 3 percent anyway. It's better to know what the renewal rate is. Although it seems daft that to get their current best fixed rate of 3.35 percent, you'd have to withdraw you money, close your account, and re-open a different account.

I suppose the catch is the minimum amount for the higher interest fixed account is €20,000, whereas the most you'd have after 12 months of saving in the Family Savings account would be €12,000 (€1000 x 12 months). Although by adding just €8,000 more you'd get an extra .35 percent in interest, well worth doing I think.