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Monthly Saver paid virtually no interest after 16 months

  • 22-10-2020 11:40am
    #1
    Precedens
    Registered Users, Registered Users 2 Posts: 37 ✭


    Hi, can anyone explain to me how this works?

    I was putting away 400 euro every month for last 16 months, accruing to 6400 euro. I have closed my saving account to withdraw and see how much interest I have earned, to my surprise it's whooping 14 euro.

    So after year and a half saving 400 euro every month you will get 14 euro interest? What's the point of saving account then? I could literally invest in anything else that is non risk with even lower interest rate and earn more. 

    I remember years ago I had 2k in my saving account when I closed it and had much more interest. Was I not paid proper interest or that's normal rate? It's bizarre.


Comments

  • #2
    Allinall
    Registered Users, Registered Users 2 Posts: 7,011 ✭✭✭Allinall


    Looking at BOI website, their interest rate for a Regular Savings Account is .25% per year.

    https://personalbanking.bankofireland.com/save-and-invest/savings/bank-of-ireland-deposit-rates/

    You would have had an average of €3,200 in the account over the period (16 months)

    €14 interest net of D.I.R.T would be €21 gross, which by my reckoning would be more than .25%.

    Interest rates in general are close to zero, so it's hard to make any gain on money without accepting some level of risk.


  • #3
    Bank of Ireland: Aisling
    Closed Accounts Posts: 487 ✭✭Bank of Ireland: Aisling


    Hi Precedens,

    Thanks for getting in touch with us here on Twitter.

    This would depend on the interest rate associated with the Savings Account you had open with us. I have attached a link here with more information on these accounts, and the interest rates associated.

    You can certainly discuss this further with a member of our Deposits Team. They can be contacted by phone on 1890 365 254, one of my colleagues will be more than happy to go through this un full with you. They're available Monday-Friday 9am-5pm.

    I hope this helps.

    Thanks, Aisling


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