Incorrect rates on BoI website

JTMan

Hi,

I wanted to report deposit rates issues:

1. The rate displayed here ( https://personalbanking.bankofireland.com/save-and-invest/savings/regular-savings-accounts/mortgagesaver-account/rates/ ) is incorrect. The rate displayed is 1.35% AER variable. The rate on this product is 1.20% AER variable since 2 December 2016 as per this press release: https://personalbanking.bankofireland.com/app/uploads/2015/12/OMI010172-Rate-Adjustment-Press-Notification-18-November-IrishTimes-16x3_v1.v3.pdf

2. The CCPC (Consumer Protection Commission) who run Consumerhelp.ie display deposit rates based on notifications from financial instructions such as BoI. The CCPC are displaying the main rate on the 365 Regular Saver and the MortgageSaver product as 1.35% AER variable but the rate is 1.20% AER variable. Have you informed the CCPC as to the new rate? 

3. Can you please confirm what the rate is on your GoalSaver account as I am not sure if the 1.35% AER variable rate is correct on your website. 

Thanks. 

Bank of Ireland: Tara

Hi JTMan,

Thanks for your post and for highlighting these points.

Full details of our regular saver rates are confirmed below.

The Mortgage Saver is split into two parts - regular saver and lump sum. 
The regular saver rate is 1.35% gross per annum/AER variable on regular saving balances from €0-€14,999. When the regular saver part reaches €15,000, we automatically move the regular savings part to the lump sum part.
The lump sum rate is 0.25% Gross per annum/AER variable and applies on lump sum balances, including any ad-hoc lodgements made to the account.  
The rate reduction on Mortgage Saver referred to in the press advert  was not implemented because we wanted to continue to support customers saving for a mortgage.
 
The interest rate on 365 Monthly Saver is 1.20% on gross per annum/AER Variable on all balances from  €0- €9,999 and 0.25% on balances from €10,000+
The interest rate shown on the CCPC site for 365 Monthly Saver should be 1.20% as above. We have advised the CCPC and this change will be implemented ASAP.
 
The interest rate on the Goalsaver account is 1.35% gross per annum/AER Variable on all balances from  €0- €15,000 and 0.25% on balances from €15,000+

I hope this helps and thanks again for your post.

Regards
Tara

JTMan

Thanks very much for the explanation Tara.