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365 Monthly Saver - interest query

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  • 09-02-2016 6:36pm
    #1
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭


    Hi there


    Hope you guys are well.


    I have query in relation to the interest on my 365 monthly Saver account. I understand that the interest rate reduces once the amount in the account goes over 10,000. Does this lower rate apply to the full balance or does it only apply to the portion over the 10,000.


    Thanks


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    #2
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    Morning Bubbaclaus, thanks for getting in touch.

    The 365 Monthly Saver account has a variable interest rate, at the moment the AER paid on a balance of €0 - €9,999 is 1.35% and then for amounts of €10,000+ the AER is 0.25%.

    So anything paid above €9,999 will accrue interest at the lower rate. The rates and full T&C’s for this type of account are available online here.

    If you’d like to have a chat with an adviser about the different savings options available just send me a PM with your number and I’ll arrange that for you.

    Thanks
    Nicola


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    #3
    sKeith
    Closed Accounts Posts: 13,404 ✭✭✭✭sKeith


    Can you do an example.

    If I have balance of €11,000 in the account, will the full balance be at 0.25% AER, or will you pay 1.35% AER on the first €9999 and 0.25% AER on remaning €1001.


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    #4
    Bank of Ireland: Janet
    Closed Accounts Posts: 314 ✭✭Bank of Ireland: Janet


    sKeith wrote: »
    Can you do an example.

    If I have balance of €11,000 in the account, will the full balance be at 0.25% AER, or will you pay 1.35% AER on the first €9999 and 0.25% AER on remaning €1001.
    Good morning sKeith, 

    Thanks for you post.

    This would be best discussed with one of our savings specialists. If you would like us to arrange a call back from an adviser please send a PM with your name and phone number.

    Thanks
    Janette


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    #5
    sKeith
    Closed Accounts Posts: 13,404 ✭✭✭✭sKeith


    Bank of Ireland: Janet wrote: »
    This would be best discussed with one of our savings specialists. If you would like us to arrange a call back from an adviser please send a PM with your name and phone number.
    I was thinking it was quite simple.
    Either, I need to insure my balance stays below €9999 as there is huge penalty for going over 
    or
    Only surplus is on lower rate, so needs to be moved to gain favorable interest rates elsewhere.


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