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Interest on AIB Graduate account?

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  • 11-08-2007 4:39pm
    #1
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    Registered Users Posts: 2,267 ✭✭✭


    I always keep bank statements, and today I was looking through them and noticed that on my AIB Graduate account I have not received any interest since Sep 2003. That would be around the time I graduated and presumably in that quarter is when they switched my account from Student to Graduate. I thought maybe a Graduate account doesn't qualify for interest as weird as that would be, so I looked at their website.

    They state "Interest is paid quarterly on the first EUR1,000 account balance to personal customers who are registered with and use AIB's Phone or Internet Banking service at least once during the relevant interest quarter. The interest rate is currently 0.50%, (0.50% CAR) subject to variation. Rates quoted are gross and are subject to Deposit Interest Retention Tax (DIRT)."

    What I believe this to mean is that I must have a balance over 1,000 euro to earn interest. I've been living abroad for most of the time period, so this account was a secondary account for me, and rarely had a balance over 1,000 euro. However, there was a 10 month period where I was working in Ireland and had well over 1,000.

    Now before, I go call AIB about it, is there anything I'm missing, that I'm not understanding? For that 10 month period (or at least some of it) I should have earned interest, right? I know it's probably only a euro at the very most, but it's the principle. Is this happening to anyone else?

    EDIT: I am an internet customer by the way. But I've just thought to my self "What do they consider an internet customer?" I probably have just used it to log in and see details, to transfer money to and from another AIB account, and to top up my phone.


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