BoI increasing SuperSaver interest rate to 3%

fminus

Finally seeing an Irish bank bump savings rate to reasonable level. Unfortunately only for first 12 months.

That said, glad to see it. I don't want all my savings overseas in Bunq, Lightyear, Trade Republic etc...

https://www.rte.ie/news/business/2023/0828/1402063-bank-of-ireland-set-to-increase-deposit-rates/

jrmb

Any news on the rate for instant access deposit accounts? The Super Saver requires you to sign up for a direct debit and lodgements aren't allowed any other way.

muloc

'This is a regular savings account, lump sum payments to the account are not allowed'

Any idea how they'd enforce this?

I've a BOI current account so if I moved money to this and then from there into supersavers account via monthly direct debit what would they do?

Allinall

https://www.boards.ie/discussion/comment/121039098#Comment_121039098

That's what a regular savings account is.

You pay into it by direct debit on a monthly basis from your current account.

Q&A

https://www.boards.ie/discussion/comment/121039098#Comment_121039098

They could just bounce any excess money back to the originating account. Of course I'm assuming their IT system is up for the challenge. Recent performance might suggest otherwise.

coylemj

https://www.boards.ie/discussion/comment/121039023#Comment_121039023

From the RTE article, link in the first post ..

For Demand Deposits, interest rates will be increased to 0.10%, from 0%.

jrmb

I know I can't pay into a Supersaver account other than by direct debit, but can I change the amount of that direct debit? BoI told me they don't answer account-specific questions by email but it's a general query.

Girly Gal

Has anyone else found the process of opening a supersaver account with BoI account extremely slow and cumbersome. It took weeks before I was approved and then a few more weeks before first direct debit as I had set up the direct debit for the 10th of each month, but, they only gave approval on the 11th, so took until the 10th on the next month before money was transferred. I set it up using the app, in contrast I also set one up with AIB, it literally took a few minutes to setup and first direct debit was a few days later.

jrmb

Exactly the same experience. Their systems are hopelessly outdated.

Ohmeha

https://www.boards.ie/discussion/comment/121376121#Comment_121376121

I had a good experience recently applying for a new supersaver on the website don't know if there is any difference between app or online. I applied on 31st October, confirmation received on 3rd November that account was open and first direct debit went through on-time this week with funds deposited fine

SuperBowserWorld

Sounds like they don't want to give any interest easily. But pretending to do something.

Girly Gal

https://www.boards.ie/discussion/comment/121377471#Comment_121377471

My thoughts exactly, after applying through the app, I got an email looking for more documentation; proof of address, photo ID and selfie including photo ID ( driver's licence or passport), after submitting this, it then went for review, after about a week they replied they couldn't read details on the driver's licence on the the selfie ( very difficult to get licence details legible in selfie), had to resubmit and eventually got approved. I had also gone to the bank to show all the above documentation, hoping it would speed things along, but, was basically told to follow instructions in the email. Also found it very convenient that the approval came a day after the direct debit was due, which meant I missed out on a few month. From first applying to first direct debit took just over 2 months and a lot of hassle involved. AIB in comparison took just a few days with very little hassle.

muloc

Same here. Bout 6 weeks for first direct debit. Their tech is dire all the same. Applied to open from within the app and get directed to an external page and have to fill in all my details from scratch 🙄