AIB Online Savings

zervi2003

Hello.

I wanted to open a savings account with AIB. I had the day off yesterday. Went to the bank, explained query to the lady.

She asked me if I used online banking. I do. She said that I could avail of their new service. You open an online savings account and you get 5% interest. My ears had pricked up at this stage (I currently get 1.5%).

So, off I went to look up a bit more about this account.

I am not sure what it is at all (and cant ring bank (or email-their site email is not working)) for more information on this.

I want to confirm that it is 5% interest, but there is nothing on their site about this.

Does anyone use this service? Can you please tell me a bit more about it?

Thanks,

Z

BuffyBot

Why cant you ring? Telephone Banking should be able to give you all the information you need. They're pretty sharp and on the ball with their info normally. 1890 242424

zervi2003

Because I am at work. Dont think boss would appreciate me making personal calls.

Anyways, wanted to see if anyone has used this and what they think.

BuffyBot

Well, I'd report him - working you 24/7 without a break.

A search for "online savings" brings up a few threads here, with peoples opinions

http://www.boards.ie/vbulletin/showthread.php?t=2054900363&highlight=online+savings

http://www.boards.ie/vbulletin/showthread.php?t=319763&highlight=online+savings

http://www.boards.ie/vbulletin/showthread.php?t=307211&highlight=online+savings

There are more also, worth investigating.

cian8

http://www.aib.ie/servlet/ContentServer?pagename=AIB_PersonalPortal%2FAIB_Services%2Faib_d_service&c=AIB_Services&cid=1004321421361&channel=HP

its not as simple as saying the interest rate is 5%, the basic rate is 3.5% with various bonuses increasing the rate up to 5.25% provided you comply with the terms and conditions. The T&Cs are more onerous than some other high interest accounts, however, this is also without doubt the easiest account you will ever set up (provided you use AIB internet banking already!).

There is lots of discussions on this account and the other savings account options available on

http://www.askaboutmoney.com/

Idleater

cian8 wrote:

its not as simple as saying the interest rate is 5%, the basic rate is 3.5% with various bonuses increasing the rate up to 5.25% provided you comply with the terms and conditions.

Yeah, I had one and closed it because of all the hidden charges and T&C's. You will have most of the 5% eaten up in charges or money you couldn't use because you didn't want to break the T&C at some time in the intervening period.

Basically the 5% is the "maximum" AER that you get. And you only get that in year 5 ( and it is only added at the end of year 5 mind). And it only applies once every 5 years - "bonus" starts back at the beginning in the next year.

The only "handy" thing about the AIB account is that you can see it on your online banking and can transfer money into it "directly".

Rabo or Northern Rock are far easier to deal with and far handier for everyday use. You can also transfer money directly into these, it just means you have to use two seperate windows to view the different account statements rather than the one...

L.

zervi2003

Ah just saw a big flaw in my plan.....

I wanted to transfer a large amount of money into this new online account. I was told, to my face, in the bank, that I could do this and then set up a standing order after that, not exceeding 1000 per month.

Think Rabo might be the best way to go, as it seems you can transfer any amount of money there. Am nervous to do this. Dont know much about them except that they seem fairly popular. Its a virtual bank! Could it fold in the morning?

Idleater

zervi2003 wrote:

Its a virtual bank! Could it fold in the morning?

eh no. Rabobank is one of the BIG banks in Europe. http://www.rabobank.com/.

I think they are secure, very professional, helpful and corteous.

L.

zervi2003

Great.

Have decided to open AIB online account, but transfer the majority of money to Rabo, to start getting interest immediately.

Is it easy enough to open?

whizzbang

zervi2003 wrote:

Great.

Have decided to open AIB online account, but transfer the majority of money to Rabo, to start getting interest immediately.

Is it easy enough to open?

Yep Rabo is the way to go, especially if you have a large lump of money you want to drop into a 3% account. It takes about 10 days to set up from what I remember. That includes sending you out a secure digital key to let you log into the web site. (ie more secure than all the otehr Irish banks on line banking from what I know)

zervi2003

Just started the process there.
Somethings are not very clear though.
Why would you need to send a cheque for €1? And tax details? They havent even asked for any account information.

whizzbang

zervi2003 wrote:

Just started the process there.
Somethings are not very clear though.
Why would you need to send a cheque for €1? And tax details? They havent even asked for any account information.

dunno, I didn't have to do that bit I don't think? Maybe its to certify its you account you will be drawing from? Ring and ask, they are very helpful.

BuffyBot

€1 is to open your account.

Tax details are part of the verification process.

SouperComputer

Its a virtual bank! Could it fold in the morning?

More chance of that happening to AIB with all the money they have stuck in property!