Ulster Bank - reducing rates

[beara]

Ulster Bank have reduced their interest rates for their savings accounts. Well, their Reward Reserve account in particular, from 4.5 to 3.5% AER.
That's a pretty significant and surprising drop. I thought they'd be trying to encourage savers.

 

[NavanMan1]

Just checked on their website and eSaving's still at 4.4%, have you thought of switching into this ?

 

[bravo]

Hi Guys,
Have some money in RR, initially at 4.6%, noticed in April this had dropped to 4% and is now under 4%. I'm clearing all out when quarterly bonue interest is applied in July, already have esaving account at 4.4%, but am moving to Rabo fixed tern at 5+% for six months anyway.

 

[TonyD]

Hi there,

Was wondering has anyone received their interest for July. Is it first working day monthly(may show up tomorrow) or first friday monthly, only new do this account but moving once this money received.

Thanks.

 

[bravo]

Hi Tony, I'm waiting as well - its supposed to be the first working day of the quarter. I'm keeping an eye on it as I'm transferring everything out to the esavings account (4.4% I think) and from there to Rabo's six month account at 5.35%. I dont think its worth waiting for December for an extra 0.25% from UB

 

[ClubMan]

Why would you bother with < 5% rates when NR offer 5% on demand deposits over €1K and are 100% guaranteed? Obviously there are some other accounts with (effective) balance caps or other limitations (e.g. term accounts) with slightly higher rates. And of course then there are the 7%/8% regular saver accounts. We've been over his issue and how to mix and match a number of such accounts to maximise deposit interest returns. It's getting tedious doing it over and over and over again...

 

[VanZan]

Why would you bother with < 5% rates when NR offer 5% on demand deposits over €1K and are 100% guaranteed?

I opened an eSavings a/c with Ulster Bank even after reading the Best Buys section here. I did so because I already had a current account with them and was already set up with the internet banking. I sacrificed the extra ~1% because of this. Maybe I'm a fool but I thought it was handier. Also I mentioned putting my savings in NR to my father and he thought I was crazy!

Obviously there are some other accounts with (effective) balance caps or other limitations (e.g. term accounts) with slightly higher rates. And of course then there are the 7%/8% regular saver accounts. We've been over his issue and how to mix and match a number of such accounts to maximise deposit interest returns. It's getting tedious doing it over and over and over again...

Any chance you might go over this again because I'm new here? Any time I do a search all I find is results where they say that it's already been said too many times.

 

[DELLBOY 08]

I mentioned putting my savings in NR to my father and he thought I was crazy!

Northern Rock is now under the ownership of the British government. This means that its actually the safest place to lodge your savings. Deposits are 100% guaranteed.

 

[TSThomas]

5%, 100% guarantee - that is crazy alright

 

[eileen alana]

We've been over his issue and how to mix and match a number of such accounts to maximise deposit interest returns. It's getting tedious doing it over and over and over again...

Clubman you have the patience of a saint

 

[ClubMan]

I opened an eSavings a/c with Ulster Bank even after reading the Best Buys section here. I did so because I already had a current account with them and was already set up with the internet banking. I sacrificed the extra ~1% because of this. Maybe I'm a fool but I thought it was handier.

To sacrifice 1% on deposits when the competitive rates are c. 5% on lump sum accounts is foolish in my opinion.

Any chance you might go over this again because I'm new here? Any time I do a search all I find is results where they say that it's already been said too many times.

There are numerous threads that discuss the issue already. I for one am not going to regurgitate their contents here. If others want to do so then that's their call. Ultimately it's simple - choose whatever number of lump sum and regular saver accounts that offer the best rate and the most appropriate terms & conditions for your needs and then open them. That's it.