Basic info about saving accounts

XVII

Hi all,

I'm interested in opening a saving account (currently have current account with BOI for 10 years), but I'm not able to find any precise information on how the whole thing actually works, and I never had one.
Basically, I have a lump sum, which I'd like to deposit. I've checked a few pages online (like bonkers.ie and BOI page on saving accounts), but none of them say what is the actual gross? Is there anywhere I can see information with examples, let's say 1000 euro, and how much will I earn on instant access, term deposit, etc? I guess, the rates constantly change, but would it be possible to know approximate amounts we are talking about, like 0.001% or 200%?

Also, what about taxes on those things?


Thanks!

sKeith

Here is their rates. https://personalbanking.bankofireland.com/save-and-invest/savings/instant-access-and-notice-accounts/demand-deposit-account/rates/

you get approx half the return mentioned in litature (no fault of BOI), that is, if it says 0.10%, the tax man takes half of that, so actual return after a year is 0.05%
Edit: looked up dirt figure [ dirt is 39% so 0.061% is more accurate ]

XVII

Nice, thanks. And I should look at Fixed Term / Variable Returns column, right? AER is something that confused me previously, actually.

sKeith

The best BOI have to offer is their regular saver accounts, but they get maxed out pretty quick, 10k or 15k max i think, thats when you reduce the regular savings down to minimum and let it trickle. deposit the rest of your lump sum elsewhere.

sKeith

As for fixed term vs AER column.
7 year   -   fixed 5.58% -        AER 0.78%
if you were to put 100 quid in the 7 year growth it says you get 5.58% back after the 7 years.
That is equivalent to finding a account that gives you 0.78% per annum and leaving it there for 7 years.

Hope that makes sense.

XVII

Hope that makes sense.

it does, thanks a lot!

Bank of Ireland: Jane

XVII wrote: »

Hi all,

I'm interested in opening a saving account (currently have current account with BOI for 10 years), but I'm not able to find any precise information on how the whole thing actually works, and I never had one.
Basically, I have a lump sum, which I'd like to deposit. I've checked a few pages online (like bonkers.ie and BOI page on saving accounts), but none of them say what is the actual gross? Is there anywhere I can see information with examples, let's say 1000 euro, and how much will I earn on instant access, term deposit, etc? I guess, the rates constantly change, but would it be possible to know approximate amounts we are talking about, like 0.001% or 200%?

Also, what about taxes on those things?


Thanks!

Hi XVII,

Thanks for your post. There are a number of Savings accounts that we have on offer. If you click here you will see a range of savings products provided by the Bank Of Ireland. There is also information on the rates and returns you will receive, and about Taxes and DIRT. You can choose the type of account you might be interested in here. The majority of Savings accounts will have an apply online option to open these savings accounts.

Please let us know if you would like any more information or if you require a call back from one of our sales advisors.

Thanks again,
Jane.