EBS regular savings

A

aido71

Registered User
Messages
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EBS today sent me literature on the above. Looking at some of the key posts this is ranking highly up there. Just a question re the figures. On the post it refers to year 1 rate of 4.1% up to €13000....Am i missing something with 13K...if 1k per month max allowable surely it can only be 12K pa or am i missing something (genuine query not trying to seem smart)....also post mentions year 2 rate of 3.8%....yet EBS literature simply mentions reinvestment at the 'then prevailing investment rate'...Just wondering where the 3.8% came from. I like the idea of this account,,,a previous post i mentioned our intention to reduce overpayment on mortgage (€800) and build up some savings.

Thanks in advance
Aido
 
From the best buy section
Lodgement of up to €1,000 allowed at account opening stage as well.
Click to expand...

Therefore, you put in an initial amount which can be up to 1K, then 12 months after than, hence 13K.

Year 2 savings rate: [broken link removed]
 
thanks......bit of a slow brain day here!.....missed the initial lodgement bit....and thanks for the link....still seems at odds with what is on the literature they sent out...it specifically says " In year two the then prevailing re-investment rate on our 12 month Fixed savings Account will be offered and thereafter the rate will be fixed at the start of each year".....I interpreted that as the rate for year 2 not fixed/decided yet but it would appear so from their site. i will give then a buzz to confirm. Thanks A
 

The literature is using catch all legal lingo.

The rate is currently published at 3.8% but may change.
 
I spoke to a girl in my local EBS. The 4.1% is the fixed rate for year 1...as in if taken out say today...THe 3.8% for year 2 is for "illustrative purposes"...to demonstrate that in year 2 the rate would be the prevailing rate at the time so the example given is as if 2012 was year 2 and the 3.8% is the 'current' prevailing rate!!........
I think i get her drift but just seems a little confusing but as you say CiaranT a catch all lingo.
The upshot is that i will get 4.1% gross if i open now...in 12mths time who knows!
But overall personally it seems not too bad for a one year rate.

As an aside but interesting fact if i now want to reduce my monthly repayments back to original (as i am entitled to do) no longer is a request in writing enough. EBS now oblige me (she tells me all financial institutions the same) to fill out a 12page form outlining income/expenditure 3 payslips (both of us) and a statement of income!
It would appear that although not under the MARP process and not requesting any reductions all customers are being treated the same. Heretofore any changes (as in increasing monthly payments) was a simple process.
I am tempted out of badness to simply ensure that only the obligatory amount due per month (in this case about 700/800 less that we paying) is in our account when payment due just to see what they would do as i am not obliged to pay any more than that amount!......Just shows what shape the institutions are in if they are so reluctant to let me have back my own money! Anyway thats my rant done!
 
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