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Savings accounts interest rates

  • 19-09-2010 1:54pm
    #1
    ciaobellaciao1
    Closed Accounts Posts: 63 ✭✭


    Question about special interest rates from online bank accounts. If they have an above high interest rate for a number of months (=special offer), how low can that interest rate fall after that period. I have already asked the bank in question, but I am curious to hear other bank customers experiences with such special offers. Many thanks.


Comments

  • #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    They can put any interest rate on it that they like. So the lowest could be 0%.

    If you want to know where to put your money, and what the rates could be, you're going to have to ask each of the banks in turn.

    This thread also belongs in Banking & Insurance & Pensions.


  • #3
    ciaobellaciao1
    Closed Accounts Posts: 63 ✭✭ciaobellaciao1


    jor el wrote: »
    They can put any interest rate on it that they like. So the lowest could be 0%.

    If you want to know where to put your money, and what the rates could be, you're going to have to ask each of the banks in turn.

    This thread also belongs in Banking & Insurance & Pensions.

    I can't find the Banking & Insurance & Pensions thread hence my posting here. Is this under "Biz"? There seem to be way too many threads on these boards, it's very confusing.

    Yes, I have already enquired with the bank. I'm awaiting a reply.

    I would have thought that the European Central Bank regulates interests rates in some way. And surely the miminum interest rate cannot fall to zero. Apologies if this is a silly question but I'm not very very clued in about banking matters.

    Yours truly,
    Financially clueless


  • #4
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    This thread is in the banking forum now.

    The Central Bank sets a minimum interest rate, but as far as I know that only effects borrowings, savings interest rates can be lower. Banks can put whatever interest rate they want on a loan or savings, unless the contract states it is tied to the central bank rate (like a tracker mortgage).


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