Interest on savings

I am currently saving with aib's online banking €1000 a month which I started last December, I gained €19 in April as it's calculated every April of every year.

I should have €17,000 next April. What would the interest be on this when April comes around?

well that wud depend on what interest rate ur getting, care to spill

pudds said:

well that wud depend on what interest rate ur getting, care to spill

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A.E.R. 2.25% - 3.375%

Year 1, a bonus of 10% of interest earned is paid
Year 2, a bonus of 20% of interest earned is paid
Year 3, a bonus of 30% of interest earned is paid
Year 4, a bonus of 40% of interest earned is paid
Year 5, a bonus of 50% of interest earned is paid
In year six, the bonus will revert back to 10% and the bonus interest will increase incrementally as before

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I find the 10% added confusing as would one year mean from April.

Nonetheless would I be right with this

If:

10% bonus: €315
20% bonus: €345

Not a lot but better than nothing I guess.

2.25% is a bit crummy in my opinion. If you want to earn more interest without opening an account with another bank I would recommend opening an 2 AIB Regular Saver accounts (prev only allowed to open one but this changed recently)and set up a direct debit to each for EUR 500 per month (recently increased from prev limit of EUR300).
Interest rate for these accounts is 3.47% from day one and you have instant access to your money with no penalty for withdrawals.
Just call inot your branch and fill out the forms.

Otherwise you might consider an AIB 7 day notice account paying 3.23%.

Any surplus funds could then be put into your existing Online Sasvings account.

A.E.R. 2.25%

Year 1, a bonus of 10% of interest earned is paid
Year 2, a bonus of 20% of interest earned is paid
Year 3, a bonus of 30% of interest earned is paid
Year 4, a bonus of 40% of interest earned is paid
Year 5, a bonus of 50% of interest earned is paid

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This kind of silly product is exactly why the Financial Regulator needs to exercise much greater control over consumer products.

It has potential to mislead consumers written all over it.

If you want to maximise the return on your money, you can do far better than any of the AIB products that are mentioned in this thread.

I suggest you check out the best buys here, where you won't see AIB topping any of the tables.

Agreed. If you are willing to open new accounts elsewhere you would be better off.
A good tip is to always carry your passport, two utility bills and proof of your PPS number for a couple of months. This way you can open new accounts quickly when you see a good offer.
Halifax should be the first port of call for their Flexisaver (3.75% up to EUR10k) and their current acc (7% up to EUR1500) EUR1500 must hit the account once a month however briefly to qualify for the 7% interest.
After that Nationwide is a good offer at around 3.5% (upto 2 million I think.)
I opened accounts with both and had no problems at all (except for finding the Nationwide office in the IFSC!)

blass said:

(except for finding the Nationwide office in the IFSC!)

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Snap!! They are on the top floor in the Spencer Dock offices, above the Financial Regulator. Nice view of the city while you open an account