First active Regular Saver Account Term=?

A

askU

Registered User
Messages
246
Hi,

In relation to the Regular Saver Account, is the term a one year term or is it open ended? It does not say anything about on the website

P

See here:
 
By the way-I sent two emails to two addresses last week and got no reply
 
It's open ended as far as I know. Since it is a variable rate account they can review the rate at any time so keep an eye on it since some other high regular saver accounts have reduced their rates over the past while.
 
askU said:
Thanks Clubman. I just hope they will notify me by post.
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They probably don't have to - e.g. a notice in the national papers may suffice. That's what Anglo Irish Bank did when they dropped their 7% regular saver rate to c. 4% recently.
 
Yes,

I was just doing a spring clean of my savings today and I noticed that the ANglo rate had changed. A bit sneaky they way they can do that??

I alos, don't like the fact that with their new regular savings a/c that they can drop the rate when they feel like it....
 
abbey said:
A bit sneaky they way they can do that??
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It's a variable rate account. The T&Cs clearly state that the rate is subject to change at any time. I don't think that they're obliged to notify you personally. They may have published the rate change in the national newspaper though.
I alos, don't like the fact that with their new regular savings a/c that they can drop the rate when they feel like it....
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That's the way the old one was. And the way that many other regular saver and other accounts are - i.e. those that are variable and have no (usually time limited) ECB margin guarantee. All you can do is avail of such rates while they are on offer, keep a close eye on matters and switch elsewhere if/when a particular deal ceases to be competitive.

Update: actually the Anglo 8% regular saver has a rate guarantee according to the [broken link removed] - can't remember if the 7% one had something similar:
The interest rate is variable with a minimum rate guarantee of ECB +2% for the 1 year term.
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i had that old one too, whem i checked the t's and c's i noticed that the guarentee was 4.5%. At least with my new 8% one the guarentee is ecb plus 2%.

i think with all these regular savers that the majority seem to be variable rates, at least with that anglo one i was able to move my money at any stage without penelty. guess you just have to keep an eye on these things.

by the way...did you ever get a reply to your email? i hate it when companys dont email back, and there are quite a few that seem to ignore emails!!
 
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