Ulster Bank Bonus Saver - what are the "bonuses".

D

Draigean

Registered User
Messages
65
Hi,

I saw a few posts on the Ulster Bank Bonus Saver and links to the interest rate:
(sorry, I'm not permitted give the URL but it's on other posts).

However, can someone remind me what the "bonuses" are, e.g. the AER is 1.73% excluding these bonuses but 3% with them.

Is it something to do with the number of annual withdrawals, or absence of withdrawals?

Thanks.
 
Are you talking about the Ulster Bank product called "Ulster Bank Bonus Saver" or are you taking about the "bonuses" offered on some Ulster Bank savings products?

"Ulster Bank Bonus Saver" is closed to new customers. [broken link removed]

As per the UB website, the rate is is 1.73% AER excluding the bonus and 3.00% including the bonus. The bonus was offered for a limited amount of time after the account was opened. There would be very few people still inside the bonus period, so most savers with this account are getting paid 1.73% AER, which is well down from the previous rates paid for this account.
 
The bonus is .25% of the capital after each quarter and another .25% at the end of the year which added to the 1.73% gives 3%.
There are conditions like a max of one withdrawal a quarter and a minimum balance of 10k.
I am not aware of a limited time period but it must be at least a year.
 
CiaranT said:
As per the UB website, the rate is is 1.73% AER excluding the bonus and 3.00% including the bonus.
Click to expand...
I phoned Ulster Bank today to find out what I hoped would be the definitive answer.

At the time of writing, i.e. Thursday 5th August 2010 the rate is 1.23% AER excluding the bonus and 2.5% AER including the bonus.
The guy on the phone was unable to give me any information on what the bonus is/was and said I'd have to contact the branch on the matter.
 
Like a lot of Ulster Bank products, it is deliberately complex. You have been quoted 2 of the 6 rates for this legacy product.

Here's the full 6 rates ...

Bonus Saver Quarterly (excluding bonuses)
25,000-1,000,000 1.73%
10,000-24,999 1.23%
0-9,999 0.01%

Bonus Saver Quarterly (including bonuses)
25,000-1,000,000 3.00%
10,000-24,999 2.50%
0-9,999 0.01%
Click to expand...
 
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