Ulster Bank 3.75% 1 Year Rate Ends 31 October

L

Lightning

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I think it is worth highlighting that the Ulster Bank 3.75% 1 year term deposit rate ends, on 31 October 2012 according to press advertisements and the Ulster Bank website.

It is quite likely that term deposit rates, are going to drop further in November 2012, post Ulster Bank rate declines.

I could be wrong, but now might be a good time to bag this rate, if you are considering a 1 year term deposit.
 
But if you call Ulster Bank they won't give you an appointment to open an account before the end of next week!

Why do some banks make it so hard to do business with them?
 
I opened one recently. I needed a meeting at a certain time and date at my local branch.
Call centre told me branch could only offer a meeting in the afternoon. I told them thanks but I would find a bank who could facilitate me. They said they would contact the branch and see. I got a call from the branch manager within the hour.
To be fair the service from the Branch Manager was very good and I have his card / direct number now for future reference.
 


THANKS FOR THE HEADS UP........

DEFINITELY worth highlighting especially with the up coming budget likely to hit savers (increase in DIRT on the cards)
 
Banks' insistence on meetings/appointments to open a deposit account annoy me. I have been an UB customer for over 20 years. A few months ago (before the IT debacle) one of my accounts had matured leaving me with ~50k extra in my UB current account. I was interested in putting the 50k in State Savings but was open to persuasion on a 1 year deposit account with UB. Conversation at the counter went as follows:

Me: Please give me a draft for 50k made out to myself
Teller: What's the draft for?
ME: I'm putting it into State Savings.
Teller: What rate are you getting? Would you like to speak to someone here about your options?
Me. I'm getting 3.53% net which is higher than your rates but I'd be interested in a 1 year fixed term deposit with yourselves if I can open one now.
Teller: Sorry you'll have to make an appointment. The earliest one is next week. Our 1 year rate is 3.8% so better than the rate you'll get with State Savings.
Me: The State Savings rate is net, yours is gross. An appointment next week doesn't suit me so I'll take the draft.
Teller: OK here is your draft. Would you like to talk to our advisor about life assurance or income protection, he'll be here tomorrow.
Me: No thank you.

I went across the road to the post office with my 50k draft and within minutes I have lodged it with no fuss or appointment needed.
 
Agreed. I remember a few years back opening a First Active savings account. It involved an absolutely ridiculous 30-minute interrogation and fact gathering exercise by the bank; with my blood pressure rising with every passing minute. When it came to withdrawing the money a year later I summarily refused to enter into any discussion on 'further investment opportunities'...

Why do financial institutions make it so hard to take your money?
 
Agreed, appointments suck.

However, I have opened up Ulster Bank accounts on multiple occasions without appointment. Sometimes, if they are not busy, they will let you open the account there and then, if you are in the branch.
 
In fact I called to the branch, met the manager coming out of the office and got a later slot to close my regular savings account (ex first active 7.25%) and open the term account. This was fine, but was luck more than good service. The procedure for doing this wasn't especially efficient, given that I already had an account. This inefficiency uses the managers time and in turn prevents others getting appointments!
 
I had €40,000 on deposit with them last year, matured at the end of last month. Told them I was to redeposit the lot for another year, was told I have to come to the bank for a meeting, the branch is about half an hours drive from my home, (there are a few branches within 5 mins of where I live and where I work, but at the time this one suited me).
Anyway, I told the girl I was talking to, I can't go to the bank, I'm working all day. she says "can you take a half day from work?!" My holidays are precious and I wasn't going to waste a half day and money on diesel making a 50 mile round trip to keep UB happy. So I said I want to transfer my account to the branch that's a couple of mins from my work, I'd be able to call in during my lunch break. At which point, she said she could meet me at the said branch for the meeting if I kept my deposit with the original branch. She said she ring me in the morning to organise a time. She rang me back the following morning and said it wouldn't be possible to arrange a meeting but they'd make an "exception" and they'd hold the meeting over the phone! Job done. Looks like they just didn't want the other branch getting my 40K plus.
 
I am told by an UB source that the new rates, to be announced on Thursday, will be:

1 year @ 3.25%
1 year 6 months @ 3.04%

A big drop. Under 24 hours left to get the old rates.
 
Interest Rates are getting so low with all institutions (even the NTMA) !!!

Getting to the stage that some other options must be explored ?

What to do with your cash in hand ? Buy shares ? Platinum/Gold ?
 
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