Press Notices Deposit Rate Changes

JTMan

Hi BoI, 

All recent rate changes have been posted on the BoI website at the same time as the press notification. 

Today this has not happened. 

There was a press notice today with deposit rate changes but this was not on your website here: http://personalbanking.bankofireland.com/savings/press-notice/

Can you please advise as to when it will be updated?  Should your website be updated with notifications at the same time as press notices? 

Thanks,

Ciaran

Bank of Ireland: Linda

Hi Fungus,

Thanks for bringing this to our attention. We now have the press notice on the Bank of Ireland website under savings and press notices.

Thank you again.
Linda

Rory1

Hi Linda,

I was just looking at the rates changes and I think there must be a typo. The ICS High Interest Notice 1 month account is paying 0.01% - is this correct?

I cant understand how an account described as "High" could be only paying such a low rate. If it is correct, does BOI not consider the name misleading?

Bank of Ireland: Linda

Hi Rory1.

This is a historic product and we are reviewing all historic products at the present time.

We do have a number of alternative products which may have a higher interest rate. If you are reviewing your savings account, please see here for other options or you can contact the savings advisor in your local branch.

Thanks
Linda

Rory1

Bank of Ireland: Linda wrote: »

Hi Rory1.

This is a historic product and we are reviewing all historic products at the present time.

We do have a number of alternative products which may have a higher interest rate. If you are reviewing your savings account, please see here for other options or you can contact the savings advisor in your local branch.

Thanks
Linda

Hi Linda,

Does Bank of Ireland believe that it is appropriate to use the word "High" to describe an interest rate that is paying 0.01% interest. I have never seen a retail deposit account that has paid an interest rate lower than 0.01% percent. Would "lower" not be a more appropriate rate. 

Regards,
Rory1

Bank of Ireland: Linda

Hi Rory1,

We do understand where you are coming from regarding the name of the deposit account. This is a very old account and to avoid customer confusion, we do not change the names of their products from when they first applied.

Thank you very much for posting.
Linda

JTMan

Bank of Ireland: Linda wrote: »

Hi Rory1,

We do understand where you are coming from regarding the name of the deposit account. This is a very old account and to avoid customer confusion, we do not change the names of their products from when they first applied.

Thank you very much for posting.
Linda

Hi Linda, 

It should not matter if a product is an old product or a new product. It is irrelevant. What matters is the customer and if the customer is being given accurate information. 

More specifically, what matters is are you mis-selling or misleading customers? Having a product with a name of "high interest" and paying 0.01% is definitely misleading and possibly mis-selling. 

I don't understand your point that you are avoiding customer confusion, you are in fact causing customer confusion by having a product called "high interest" that does not pay high interest. 

Could you please reconsider here? Could you rename the account and write to all customers effected with a new product name? Seems the right honest thing to do. 

Thanks,

Ciaran

Bank of Ireland: Linda

Hi Ciaran,

When we describe a product as a historical product, it means that customers can no longer apply for this product. The people who have the product would have applied for it when it was available and may be waiting to reinvest or to see what they would like to do with their money.

I have forwarded your feedback regarding this product to our savings department and any change in your account will be communicated to you.

Thank you all for your comments and feedback regarding this.
Thanks
Linda