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AIB won't let me save....

  • 15-10-2012 9:46pm
    #1
    SeantheMan
    Registered Users, Registered Users 2 Posts: 6,912 ✭✭✭


    I cashed a check last week in the bank for 2k, and told them to put it in my savings account.

    AIB ring me today and tell me they can't do that, it will have to go in my current account. I am only allowed a max of 1k per month into my savings.
    The thing is I already have some of my wages going into my savings..so this makes up part of the 1k limit per month.
    So I'll be forced to hold it in my current account and drip-feed it into my savings over time, which is not ideal...at all !

    Does this seem stupid and unreasonable to anyone else ? I was actually shocked that they don't want my money in their savings.


Comments

  • #2
    okiss
    Registered Users, Registered Users 2 Posts: 699 ✭✭✭okiss


    I would look up the the name of your aib account on nca.ie website as you may earn a better rate of interest with another bank/building society.
    Some times banks had a good interest rate for regular savers for the 1 st year but the rates dropped after this.
    Also some of them had a rate drop once you had saved a certain amount of money in the account.
    You should look up the nca website to see if you could get a better rate for a regular savings account.
    See also if you could get a better rate for the lump sum you have saved to date with Aib.

    With this €2000 you can open a account with Nationwide UK (Ireland) which pays a rate of 2.5% - you can have interest paid monthly on this account and can add money as and when you wish to this account.


  • #3
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,125 Mod ✭✭✭✭AlmightyCushion


    SeantheMan wrote: »
    I cashed a check last week in the bank for 2k, and told them to put it in my savings account.

    AIB ring me today and tell me they can't do that, it will have to go in my current account. I am only allowed a max of 1k per month into my savings.
    The thing is I already have some of my wages going into my savings..so this makes up part of the 1k limit per month.
    So I'll be forced to hold it in my current account and drip-feed it into my savings over time, which is not ideal...at all !

    Does this seem stupid and unreasonable to anyone else ? I was actually shocked that they don't want my money in their savings.

    For a regular saver account that is normal. All regular saver accounts come with a max limit you can put into it a month and €1000 is usually as high as it goes, some are even lower than that.

    Here (http://www.askaboutmoney.com/showthread.php?t=90481) is a thread that lists the best rates for all the different bank accounts in the country. You might find one that suits you better or that has a better interest rate.


  • #4
    mel.b
    Registered Users, Registered Users 2 Posts: 3,130 ✭✭✭mel.b


    Yes, i don't understand why there is a max limit of €1000 a month on savings account - seems bizzare to me. I have an Ulster bank account that is also €1000 a month, but i have been transfering on average €1400 a month for the past few months - will be interesting to see what rate of interest they pay me at the end of Oct.

    OP, i'd see if you can do an online transfer into your account instead which is how i have been doing mine.


  • #5
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    Did you ask AIB about the t&c's on the savings account? Did you then rant at them because you did not read them and breach them?


  • #6
    SeantheMan
    Registered Users, Registered Users 2 Posts: 6,912 ✭✭✭SeantheMan


    snubbleste wrote: »
    Did you ask AIB about the t&c's on the savings account? Did you then rant at them because you did not read them and breach them?

    No I didn't rant at them of course. It's some girl at the end of the phone, she is not responsible for making the policies of AIB, and what would shouting at someone serve, other than to make her feel bad.

    Thanks for the info with regards to other posts. I'm not so interested in saving for the purpose of gaining interest, just I don't want it in my current account...which is what I spend from obviously.


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  • #7
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    There is a big difference between a savings account and a deposit account.

    A savings account is for a regular, often fixed, amount. Where the amount is variable, there is typically a min and max amount. Some will also have restrictions on withdrawals (often allowing you to withdraw, but losing out on interest if you do)

    A Deposit account is for "depositing" lump-sums - just like you are doing now. You can typically withdraw as much as you want, when you want, from a demand deposit account, whereas a "Notice" deposit account requires a notice period before you can withdraw (but typically offers better rates)

    If you don't have a deposit account, you can ask the lady you were speaking to to open one for you.


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