EBS annouces new 7.25% Regular Savings Plan

Oracle

Recently EBS entered the regular savings market with a product offering 7%, then they dropped it to 4% a couple of months ago. Now EBS are back trying to get near the top of the regular savings interest rate league table with a new regular savings account paying 7.25%. Since Anglo Irish Bank announced their new regular saving account paying a whopping 8%, they've a long way to go to the top of the table, but it's a good rate all the same:

EBS Optimise Flexible Savings Plan

Earn 7.25% E.A.R on your regular savings with our New Optimise Flexible Savings Plan. (web site says 7.5% I think this is a mistake.)

Features:

*Rate promise: The rate will be a minimum of 3.25% over European Central Bank (ECB) until 01/06/2009, thereafter the rate will not be less than ECB rate until the 30th of April 2010
* Save as little as €20 to a maximum of €1,000 per month
* Instant access to your money
* 100% secure and risk free
* No fees or charges

It surprises me that EBS are obviously now following the Halifax and Northern Rock method of savings product launches. That is announcing a new higher interest rate savings account while leaving their present customers, with a similar product, on a much lower rate. Currently EBS regular savers are getting almost half the rate at 4.25%. As far as I know current regular savings accounts will remain on 4.25%. So much for being mutual and giving every one a fair deal. :rolleyes:

ardmacha

The EBS are jokers who are not acting in the interests of their shareholders. I previously tried to open one of these accounts and although they hold the deeds of my house they wanted me to make an appointment at my branch to open the account!

Toots

I wouldn't be too miffed about making an appointment to open the account. We recommend making an appointment to the majority of customers who come in to the branch where i work (not an EBS by the way). The main reason behind it is that they'll be able to sit down with an advisor and make sure that the account is the right one for them; ie they may have seen an ad about a product that they want to save into, but might not realise that there's limited withdrawals or penalties etc, and they might need to be able to access the money. An advisor would be able to recommend the most suitable alternative, and open the account for them there and then, (providing the customer brought their ID etc)

The Rooster

ardmacha wrote: »

The EBS are jokers who are not acting in the interests of their shareholders. I previously tried to open one of these accounts and although they hold the deeds of my house they wanted me to make an appointment at my branch to open the account!

I also rang to try and open one of these accounts. Also got told I'll have to give ID/bills again, even though I'm already a member (I'm pretty certain the anti-money laundering red tape doesnt apply to existing customers who have already provided such info, but I'll check it out). Anyway they said they'd send out info and application form, but 10 days later, still no sign.

Oracle

The same here Rooster, I went into the branch and was told I couldn't oopen the account until August. That sounded fishy to me so I rang head office, baloney it's available now. She said she'd send out the forms, that was more than a week ago... I'm still waiting...