Question about AIB Regular Savings Account Conditions, Opened Pre 2008...

Hello Folks,

I've had an AIB regular savings account since 2006, putting in €300 a month.

I was under the impression it was still getting the 7% or so that they are currently advertising, I was never contacted about a rate change.

I happened to notice on my online banking that a new rate of 4.25% has been applied.

I rang them up to close the account and they told me my money has been only earning 4.5 for the past 2 years or so, that the 7% was only for the 1st 3 months of this.

Now I'm a bit annoyed as I've obviously not been keeping a close enough eye on things, but I'm fairly sure the offer of 7% was for longer than 3 month (as it is at the moment) when I originally signed up, obviously I wouldn't have bothered if I had known this.

Does anyone remember the conditions of this savings account? I can't find out about it anywhere. They wouldn't even let me close the account over the phone I have to go to my branch to get the most up to date interest paid.

I closed a 7% Anglo regular savings account today, opened around the same time as the AIB one. This was straightforward to do and I was able to do it over the phone, +1 for them, recently opened 8% saver account with no problems too.

Any advice would be much appreciated.

Thanks

I had the terms and conditions of the old AIB regular saver but shredded them when I closed my account last February. The interest was variable so you were earning 7% for the latter period up to February - it certainly wasn't 7% ''for the first 3 months'' but moved up to 7% - unfortunately not sure when. They are correct re closing the account - you must go to your local branch to do this, unlike Anglo who allow closure over the phone.

Thanks,

I'm sure that I should have got paid a higher rate for more than 3 months, I remember it being some rate of ECB+X for a year or two, I opened it just after it opened.

I normally keep all my banking stuff so its a bit annoying.

Will ask them about it when I go to close my account.

If anyone remebers anything about this, let me know.

Thanks

Blobert - not sure if this will help. I too had a regular saver a/c with AIB of €300 - max allowed I think. Then around March 08 I read on AAM about the higher rate Reg Savs A/c with AIB - 7%. Having contacted AIB I found I had to apply for the NEW regular savings a/c - the usual forms etc. setting up a new DD and cancelling the original one. I started this in March 08 - it may have been earlier for some people. It seemed rediculous at the time but there you go! I've pretty much reduced the original a/c to near zero. Incidentally, I bank with AIB and did all this over the phone and by post.

Why not lodge the savings from your original Reg Saver with Northern Rock who have been paying 5% for ages now? Unless you can find a better lump sum account elsewhere.