Opening an NIB Savings Account

I have my current account and mortgage with NIB and for convenience want to open a savings account. For some weird reason I have to make an appointment with a Financial Adviser!! I recently opened a fixed term account with Anglo - just filled in the form and popped it in the post (with supporting docs)! Do NIB not want my business?

They have a number of new accounts [prestige?] ... so may be trying to sell you one of those.

NIB are probably going to lose alot of business with their procedures for opening bank accounts and applying for loans. I know we went with Halifax for a car loan after attempting to fill in a ridiculous form to apply for a loan with NIB - i also decided not to open a current account with them for the same reason

Why are you going to NIB to open a savings account? Remember you get no thanks for showing loyalty to a bank. From what I know their savings rates are not attractive. The best is their wrongly worded ''regular saver account'' which currently pays 4.50% up to €50,000 - and I think they intend reducing that rate on 30th April. Have a look at the best buys on this forum and you will see there are better rates. Don't let them talk you into something you can get better elsewhere.

However, investing a lump sum into a savings account with them carries the lowest risk compared to the Irish banks where you will only get 90% back. I know about Northern Rock but some of us prefer walking into a branch. They play it very safe with all the documents they ask for alright. Just in the middle of opening a current Easy Trade account with them. Hope they don't put all the information on a laptops now and have them stolen! I understand the concerns...

Fanny

Just back from the bank

I already have current account and custody account, but need to have ready access to money in order to buy additional shares and didnt want to leave it in my current account. They also have an online mechanism of alerting you if you have insufficient funds in your current account on any given day - they give you time to lodge money to your current account on the day (transfer from savings account?) to avoid going overdrawn

I dont plan on putting big money in the account, and yes, I was told the rate will drop to 3% on 1st May.

While its nice to actually be treated like a customer, I would much prefer to just fill out a form and drop it in their letterbox or in the post

i closed my nib savings account a couple of years ago due to the terrible interest rate. tbh, i'm glad that i did.