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bank of scotland 'up to 3.75%'

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  • 11-01-2006 4:23pm
    #1
    ed6hellsfresh
    Closed Accounts Posts: 331 ✭✭


    my mum was down in dunlaoghaire today and it seems that beside easons there is a new bank that rejoyces in the name of bank of scotland.
    anyway they are saying that with their monthly saving acc you can earn 'up to 3.75%, variable.

    i was just wondering what alters the rate in a variable acc, and will it stay at that rate for long?

    unfortunatly they didnt put many detail on the flyers about the smaller aspects of the account so dunno about terms and conditions, just wondering what u think


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    #2
    ixus
    Registered Users Posts: 2,436 ✭✭✭ixus


    They were talking about this on Today FM just before 7PM.
    To get that level you have to be a good earner and commit to making a minimum level of savings i think, otherwise it's down to the 1% level you go.

    The usual entry level gimmick for a bank, is the impression that was being given on the Radio.

    Suppose you have to read the fine print!


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    #3
    general_x
    Closed Accounts Posts: 40 ✭general_x


    What do you mean? You go down to 1%? That's very a vague analysis you're giving there. The terms and conditions on their website don't say anything along those lines.


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    #4
    WexCan
    Closed Accounts Posts: 1,350 ✭✭✭WexCan


    You have to save a minimum of €10 per month - as far as I'm aware that's the only condition. Well that and the fact that you can only hake x withdrawals a year (2 methinks)


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    #5
    general_x
    Closed Accounts Posts: 40 ✭general_x


    That's more like it! Facts!! Not an impression someone heard from a radio station


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    #6
    WexCan
    Closed Accounts Posts: 1,350 ✭✭✭WexCan


    http://www.bankofscotland.ie/index.jsp?1nID=93&pID=96&nID=228&aID=310

    ;)


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    #7
    Mothman
    Closed Accounts Posts: 6,498 ✭✭✭Mothman


    I gave them a call today. If you satisfy the terms, which are basically a max of 2 withdrawals, and not missing a monthly payment, then the bonus interest will be paid on the one year anniversary. The bonus is 2% bringing it up from 1.75% to 3.75%. (In other words, if you default, the rate is 1.75%)

    Other terms are upfront sum of €10-10,000, with monthly lodgements by direct debit of €10-€750 a month. Max amount of €50,000 which wouldn't apply to most of us anyway, and it would take a number of years to get there when you factor in the max monthly lodgement.
    The 3.75% rate is based on the ECB interest rate (currently 2.25%) plus a tracker rate of 1.50%, which is in place until 31st January 2008 - over two years away.


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