EBS regular saver a/c....7%

I'll also suggest to them (with plenty of mock earnestness) that they remove or revise their website ad... ;)

[broken link removed] ...Switch to one of our competitors!
 
Yep. Just received my letter. Bye bye EBS.

It takes a certain type of arrogance to reduce an interest rate from 7% to 4% at any time, but, especially in the current world economic situation when banks are crying out for money.

Then again remember this is a so called mutual institution who believe in paying their executives very competitive rates for achieving little and splurging on golf and other junkets. They certainly don't look after their members as they did in the past. Most old style branch managers are gone. I have noticed that a lot of their branches, including Swords, are now managed by "Agents" who push certain investments that are primarily in their interests. EBS are now only a mutual society in name only.

http://www.independent.ie/business/ebs-splashes-out-on-us-golf-junket-1081487.html
 
carpedeum said:
Yep. Just received my letter. Bye bye EBS.

It takes a certain type of arrogance to reduce an interest rate from 7% to 4% at any time, but, especially in the current world economic situation when banks are crying out for money.

Then again remember this is a so called mutual institution who believe in paying their executives very competitive rates for achieving little and splurging on golf and other junkets. They certainly don't look after their members as they did in the past. Most old style branch managers are gone. I have noticed that a lot of their branches, including Swords, are now managed by "Agents" who push certain investments that are primarily in their interests. EBS are now only a mutual society in name only.

http://www.independent.ie/business/ebs-splashes-out-on-us-golf-junket-1081487.html
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Carpedeum, how is it arrogant to change the rate when its been in the Terms & Conditons for ages? I checked my T&C today and its been this since I opened the account in June 2007.

I was in Raheny office yesterday and they told me that EBS are bringing out another Regular Savings account, interesting if they do.
 
Bobby1 said:
I was in Raheny office yesterday and they told me that EBS are bringing out another Regular Savings account, interesting if they do.
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I don't deny them the right to reduce the rate to 4% but if they open a new RSA at 7% and hope by inertia that a lot of the fourpercenters won't move, that to me would be sneaky.
 
Harchibald said:
I don't deny them the right to reduce the rate to 4% but if they open a new RSA at 7% and hope by inertia that a lot of the fourpercenters won't move, that to me would be sneaky.
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I agree Harchibald, sounds like an AIB job to me, (to get the new rate you have to open a new account, cant transfer balance into new account etc...) Raheny office said more then likely it would be the exact same type of account as the current one, but they had not confirmed the rate, you never know they migh be forced to go higher to stay on top with the likes of AIB, INBS and First Active!
 
Harchibald said:
I don't deny them the right to reduce the rate to 4% but if they open a new RSA at 7% and hope by inertia that a lot of the fourpercenters won't move, that to me would be sneaky.
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If they do this (like AIB) then I will be well miffed...some loyalty to customers that is. Another insult to Irish consumers and shows exactly what our financial institutions think.

I never even received a letter staing rate drop (or extension to 30th April) but I guess they don't have to seeing it was in the T&Cs.

Interesting to see if FA keep there reg savers going (easy online access/standing order) - must be the most accessible ( I know INBS has a higher rate but requires calling, and no online access etc)
 
I presume EBS pay you any interest due to you if you close the account now i.e. at 7%? It doesn't state it in the T&Cs.
 
Yep. We just closed ours today and the withdrawal dockets indicated the total amounts lodged (including the interest added last December 31st), plus interest earned since.
 
Decided in the end to hold onto EBS 4% account for diversification and a demutualisation punt even though a bit cheesed off only got 6 months of 7%.
 
Eh, I hate to say this, Harchibald, but I don't think that regular saver a/c qualifies you for membership! See .

AFAIK, you need a Share a/c with a balance greater than €127.
 
withdrawing mine too :p there are much better offers out there like some suggested here. PS how much notice must institutions give nre: changing their rates is there a rule or not in general? Many thanks in advance for any knowledge of this,

Q
 
ihatemyjob said:
i have not received any letter about this but is it true that rate has dropped to 4%??
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It's definately 4% now. Just logged into my EBS online account and it has under the "my account" section the current interest rate on each account - regular savings account - 4%
 
what will you have to do to close the account?? my branch is on the other side of the country from where i live so i hope i can just go into any branch to close it! thanks for the info - going to set up a regular savings AIB account.
 
We just brought in the account statements and ID. In the circumstances they should be able to contact the other branch for verification if need be, but I'd suggest you ring both branches first.
 
DrMoriarty said:
Eh, I hate to say this, Harchibald, but I don't think that regular saver a/c qualifies you for membership! See .

AFAIK, you need a Share a/c with a balance greater than €127.
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Doctor,

Doc, you really spoilt my bank holiday weekend.:(

I seemed to recall asking the Q when I opened the a/c and was told I was a member. Anyway just phoned to confirm and I can assure all EBS savers that they are members.
 
When I cleared the mortgage I asked an EBS representative if the fact that I also held Summit funds would qualify me for membership and they told me that it would. It did not. I had to open another account subsequently and wait a while before I became a member with voting rights again. If in doubt get it in writing. If you get the EBS (not Summit or whatever they're called now) general meeting circulars and voting papers then you are virtually certainly a member. The most recent of these were in the past few months.
 
Clubbie, I can see how Summit funds (separate UCITS aren't they?) wouldn't qualify.

I understand your caution but this was a very definitive statement on their phone helpline. I left no room for ambiguity, even discussed demutualisation. I am satisfied but of course it is up to others to seek their own level of assurance.
 
Harchibald said:
Clubbie, I can see how Summit funds (separate UCITS aren't they?).
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Yes - UCITS. That term meant little to me at the time but I was told that they qualified me as a member when they didn't.

I understand your caution but this was a very definitive statement on their phone helpline. I left no room for ambiguity, even discussed demutualisation. I am satisfied but of course it is up to others to seek their own level of assurance.
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Did you get the recent notification of the AGM and voting papers?
 
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