Why do only Saver Account Intrest rate drop (and not Mortgage as well)?

Dreimal7

With your letter from May 1^st you informed me about the upcoming expiration of my current Mortgage rate. Interestingly the new rates you offer me for 3 years (as my initial contract) has the same rate as my initial contract: 3.000%.
But for my Mortgage Saver Account the interest rate has dropped from 1.350% in Sep 2017  to 0.500% to date.
 
Can you please explain to me why only one side of the interest rate changed?

Bank of Ireland: Jennifer

Dreimal7 wrote: »

With your letter from May 1^st you informed me about the upcoming expiration of my current Mortgage rate. Interestingly the new rates you offer me for 3 years (as my initial contract) has the same rate as my initial contract: 3.000%.
But for my Mortgage Saver Account the interest rate has dropped from 1.350% in Sep 2017  to 0.500% to date.
 
Can you please explain to me why only one side of the interest rate changed?

Hi Dreimal7,

Thanks for getting in touch with us here on boards.   

Please be assured that different interest would apply as they are both very different products. A mortgage product will be considered as lending while the mortgage saver account will be considered as a savings product. 

If you would like to discuss interest rates applied for the mortgage savings account with one of our savings specialists please call our dedicated savings and deposits team on 1890 365 254 and one of our advisors will be more than happy to check this out for you.

I hope this helps.

Take care, Jen 

Dreimal7

Bank of Ireland: Jennifer wrote: »

Dreimal7 wrote: »

With your letter from May 1^st you informed me about the upcoming expiration of my current Mortgage rate. Interestingly the new rates you offer me for 3 years (as my initial contract) has the same rate as my initial contract: 3.000%.
But for my Mortgage Saver Account the interest rate has dropped from 1.350% in Sep 2017  to 0.500% to date.
 
Can you please explain to me why only one side of the interest rate changed?

Hi Dreimal7,

Thanks for getting in touch with us here on boards.   

Please be assured that different interest would apply as they are both very different products. A mortgage product will be considered as lending while the mortgage saver account will be considered as a savings product. 

If you would like to discuss interest rates applied for the mortgage savings account with one of our savings specialists please call our dedicated savings and deposits team on 1890 365 254 and one of our advisors will be more than happy to check this out for you.

I hope this helps.

Take care, Jen 

Hi Jen,
I do understand that these are different products - however I still don't understand why the interest rate for mortgage does not change (drop) while the interest rate for savings did change quite often in the last months. It looks to me that BoI is trying to make more money out of this. It just doesn't make any sense. If you don't pay the same interest rate for "taking" money from me, why do you still charge me the same (high) rate for “giving” money to me?

Bank of Ireland: Jennifer

Dreimal7 wrote: »

Bank of Ireland: Jennifer wrote: »

Dreimal7 wrote: »

With your letter from May 1^st you informed me about the upcoming expiration of my current Mortgage rate. Interestingly the new rates you offer me for 3 years (as my initial contract) has the same rate as my initial contract: 3.000%.
But for my Mortgage Saver Account the interest rate has dropped from 1.350% in Sep 2017  to 0.500% to date.
 
Can you please explain to me why only one side of the interest rate changed?

Hi Dreimal7,

Thanks for getting in touch with us here on boards.   

Please be assured that different interest would apply as they are both very different products. A mortgage product will be considered as lending while the mortgage saver account will be considered as a savings product. 

If you would like to discuss interest rates applied for the mortgage savings account with one of our savings specialists please call our dedicated savings and deposits team on 1890 365 254 and one of our advisors will be more than happy to check this out for you.

I hope this helps.

Take care, Jen 

Hi Jen,
I do understand that these are different products - however I still don't understand why the interest rate for mortgage does not change (drop) while the interest rate for savings did change quite often in the last months. It looks to me that BoI is trying to make more money out of this. It just doesn't make any sense. If you don't pay the same interest rate for "taking" money from me, why do you still charge me the same (high) rate for “giving” money to me?

Hi Dreimal7,

Thanks for getting back to us.

If you would like to discuss the interest rates applicable to your mortgage saver account we would recommend that you contact our dedicated Mortgage Team on 016113333 and one of our advisors will be more than happy to discuss this in further detail with you.

Thanks Jen