Best bank to save money with for land purchase

futurefarmer

Hey folks
just wondering where to put some regular savings that I have with the express intention of buying land, basically want to build up a good credit rating and regular savings history with someone that will actually end me money in years to come

Thanks for any help

JCB1

ACC Bank - http://www.accbank.ie/ - were the Farmers bank in years gone by, not sure if this is still the case. I see from their website that they are now partners/owned by Rabobank.

Bodacious

JCB1 wrote: »

ACC Bank - http://www.accbank.ie/ - were the Farmers bank in years gone by, not sure if this is still the case. I see from their website that they are now partners/owned by Rabobank.

I always heard the same "farmers bank", they didnt entertain me at all they rang to say loan amount wasnt enough to bother them with:D

Went with my own bank aib and they were grand in fairness

futurefarmer

Just had a look at ACC website and they dont deal in cash transactions which is a draw back as what I put in will be variable and in cash

Do people find it hard to get a loan for land from another bank that is not your own ? Is savings history and a good deposit key to getting a loan ?

Thanks for the replies folks

Bodacious

futurefarmer wrote: »

Just had a look at ACC website and they dont deal in cash transactions which is a draw back as what I put in will be variable and in cash

Do people find it hard to get a loan for land from another bank that is not your own ? Is savings history and a good deposit key to getting a loan ?

Thanks for the replies folks

I went to college with a lad that found out from a young lady (pillow talk - he was good at it) that worked in a bank that such decisions are based on no. of positive transactions per month, he joined up with 4 major uk banks and when he'd get £200 sent over from home he'd lodge it with HSBC, then withdraw and go down the street and lodge £100 with Lloyds, £100 with barclays , etc and keep recycling the £200 and he ended up with 2k overdrafts from each of them!

The Real Elmer Fudd

futurefarmer wrote: »

Hey folks
just wondering where to put some regular savings that I have with the express intention of buying land, basically want to build up a good credit rating and regular savings history with someone that will actually end me money in years to come

Thanks for any help

You don't necessarily need to have your saving record with the bank you end up borrowing with. As long as you can show them a bank statement proving your savings record they'll be happy enough.

BOI seem to be the only bank interested in lending money at the min particularly to the Agri sector.

Stay clear of ACC. If you wer ever unfortunate enough to find yourself in difficulty and fall into arrears they can be very aggressive.

I no this is an extreme case but I no off a case wer they tried to take possession of land and they couldn't get the farmer off it so they sent in two bulldozers to pile up all the top soil so he couldn't keep his cattle on it. They then came back a month later to bulldoze again to disturb any re growth there may be.

Another case wer an old farmer had a tractor loan wit ACC and fell into arrears. They rang him up one day and asked where his cattle wer as they wer on their way to lift them. Now obviously they can't just come in and lift his cattle but try explaining that to a distraut elderly farmer

maxxuumman

I was with PTSB for years, and have my farm mortgage with them. Despite all the criticism of them I was very happy with them. The only problem is interest rate. I have been shopping around to move the mortgage. I got a great reception from AIB despite never having doing business with them. From what I see the main things With dealing with a bank are 1. Good manager or assistant manager, good business plan, good history, and some decent security.
Another thing is that AIB have 5 or 6 agri people, and BOI have 1 or 2. This is an important factor aswell.

towzer2010

The Real Elmer Fudd wrote: »

....Stay clear of ACC. If you wer ever unfortunate enough to find yourself in difficulty and fall into arrears they can be very aggressive.

+1 on this. Avoid them if you can. Thay are the most agressive bank I ever had the misfortune of dealing with.

I had a bridging loan with them when I was building the slatted shed and waiting for the grant. Then the grant was paid out in three installments and unfortunately didnt cover the bridiging loan in my case. I made an appointment with them to convert the bridging loan into a normal loan which they originally told me would be very straightforward. The threatening and agressive attitude I had to deal with was unreal. At various stages they told me they could reposess my land and sell it or take my cattle and sell them. I am not easily intimidated and bluffed but by the time it was sorted I had enough stress to last a lifetime. I have never been in arrears in my life and I was only trying to come to a proper arrangement to repay what I owed.

When this loan is paid I will never ever deal with them again and I advise everyone else I talk to to avoid them as well.

I do my farm banking (including tractor loan) with Bank of Ireland and my personal banking (job + mortgage) with NIB and find they both very good.

Tipp Man

ACC used to be a great bank to deal with - had several large loans with them and no issues whatsoever

However since the 2000's they don't give a damn about agri - infact i think they actively want to avoid it - property went to their heads - their losing big time on it and now they think they have to treat everybody like a property developer

AIB in fairness are good to deal with IMO - although we have been fortunate enough to have a decent manager - and a brilliant deputy manager - both of whom have recently left or moved on. We will see what the new appointments bring.

But getting loan from AIB has not been a problem

darragh_haven

I did business with AIB and Bank of Ireland. Both were good for anything agri related. It's great to bounce one off the other, and usually they will try and sweeten the deal to get the business off the other.
That was untill AIB got a new manager recently..... A local person. A few too many people seemed to know a lot about my finances in the last few weeks....... Not happy. (i will admit this has little to do with AIB and more to do with the person/manager)

Tipp Man

darragh_haven wrote: »

I did business with AIB and Bank of Ireland. Both were good for anything agri related. It's great to bounce one off the other, and usually they will try and sweeten the deal to get the business off the other.
That was untill AIB got a new manager recently..... A local person. A few too many people seemed to know a lot about my finances in the last few weeks....... Not happy. (i will admit this has little to do with AIB and more to do with the person/manager)

I have a feeling that the same might happen with my AIB branch - there is a local person who is potentially in line and if they get it then you might as well publish your finances in the Irish times