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Questions about 18 month bond.

  • 20-04-2010 1:24pm
    #1
    eoinbn
    Registered Users, Registered Users 2 Posts: 843 ✭✭✭


    I recently had my 18 month bond mature. A few weeks before it matured I got a letter saying that if I didn't contact them "the funds will be invested again in accordance with the Terms and Conditions applicable to the 18 month guaranteed bond". So been a bit lazy that is what I did. Today I got a letter saying that it has been reinvested and will now generate a stunning .302% over the next 18 months.

    Terms and Conditions.
    6.5 Unless the Bank receives instructions from the Accountholder on or before the final day of a Term, another Term of the same length as the expired Term will apply, subject to the same Terms and Conditions as the expired Term and at the then prevailing rate.

    Have they made a mistake, or is there fine print that I am missing?

    In the last few weeks there has been a lot of financial spoke's people suggesting that we should default on bank bondholder. Is there much risk of this happening later in the year when the bank guarantee is up?

    Cheers.


Comments

  • #2
    Scarlet Alex
    Closed Accounts Posts: 2 ✭Scarlet Alex


    I just received the same letter, and I thought that maybe they would be offering similar terms and conditions as before... .302% :eek:. Thanks for your post. I'm making an appointment to go in to see them tomorrow, so will post up what I find out. I have only a couple of days to make up my mind.

    I looked up their website and they do have a variety of different saving accounts on offer.


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