Opened two savings accounts, neither gaining interest

Danger781

Hello BOI,

I recently set up two savings accounts:
1. 365 Monthly Saver
2. 365 30-day notice

I was under the impression that each of these would gain monthly interest which would be deposited into the account, but it has now been roughly 6 weeks since I set up the accounts and neither have gained a cent in interest. 

Did I misunderstand the concept of these savings accounts? 

Thanks

Bank of Ireland: Sarah

Danger781 wrote: »

Hello BOI,

I recently set up two savings accounts:
1. 365 Monthly Saver
2. 365 30-day notice

I was under the impression that each of these would gain monthly interest which would be deposited into the account, but it has now been roughly 6 weeks since I set up the accounts and neither have gained a cent in interest. 

Did I misunderstand the concept of these savings accounts? 

Thanks

Hi Danger781, 

Thanks for contacting us on Boards. 

The interest rate for these accounts are applied annually on the anniversary of the account opening. This is detailed on the information sheet for our 365 Monthlysaver account here and for our 30 Day Notice Account here. 

Please let us know if we can help with any other query. 

Thanks,
Sarah

Danger781

Hi Sarah,

Okay thanks. I was confused because a friend of mine opened a similar account with AIB and is getting interest paid monthly. I assumed this would work the same way.

So how does the interest work here then? My understanding is that it is 1.35% interest. Is this paid at the end of the year on the total balance of the account? i.e. Assume you are adding 100/month over the course of the year totalling 1200, so the interest earned for the year would be approx. 16 euro (1200 x 1.35%)? 

On the 30-day notice it is only 0.25% looking at the link above. Would I not be better off adding all the money to the monthly saver instead as I need to give less notice, and from what I can see the interest is better on the monthly saver!?

The 30-day notice account seems somewhat redundant.. 

Bank of Ireland: Tara P

Danger781 wrote: »

Hi Sarah,

Okay thanks. I was confused because a friend of mine opened a similar account with AIB and is getting interest paid monthly. I assumed this would work the same way.

So how does the interest work here then? My understanding is that it is 1.35% interest. Is this paid at the end of the year on the total balance of the account? i.e. Assume you are adding 100/month over the course of the year totalling 1200, so the interest earned for the year would be approx. 16 euro (1200 x 1.35%)? 

On the 30-day notice it is only 0.25% looking at the link above. Would I not be better off adding all the money to the monthly saver instead as I need to give less notice, and from what I can see the interest is better on the monthly saver!?

The 30-day notice account seems somewhat redundant.. 

Hi Danger781,

Thank you for your post here on Boards.ie.

To discuss the different interest rates on above accounts and how they are calculated it would be necessary to speak with one of our qualified financial advisors who will be happy to look into this with you and can advise what products would best suit your financial needs.

We’d be happy to arrange a call back from a qualified financial advisor to discuss this with you, if you would like a call back can you please send a private message including your full name and contact number and a time that suits best for a call.

Thank you,

Tara C