Demand Deposit Account

Ronanc1

Hi Guys and Gals, I've a query about the above. Recently enough I was contacted by a rep from my local Bank of Ireland. He suggested setting up a 365 monthly saver account. That was all good with me at the time but one thing now has grown to be a bit of an annoyance and that is the sole method of depositing money into the account ie standing order. I know its a monthly saver but not having the option of being able to transfer sums of money through my 365 online at other times is a right pain and something that I've seen has been brought up here quite a bit regarding its obvious practicality considering as well your competitors such as AIB have this functionality.

So too my query. Would I be better suited to a Demand Deposit Account instead of the Monthly saver. The only functionality that is of real importance to me is to be able to view the account alongside my current account in the 365 online and have the ability to transfer with ease between the two of them.

Can anyone advise regarding this, thanks

Ronan

Bank of Ireland: Evie

Good Afternoon Ronanc1

Thanks for getting in touch with us here on Boards.ie
The online saver accounts are only credited via a direct debit from your current account. One way of adding money to these accounts is to increase the amount of the direct debit, once this direct debit has left the account you can then decrease the amount again.

If however, you would like to close your new monthly saver and open a demand deposit account to with instant access- similar to the one you had previously, you can do so by calling BOI Direct. If your new monthly saver was opened in the past 14 days you will still be in your cooling off period and can cancel this account straight away. Call them on 0818365365 and select option 1 and the * key.

If you are past the cooling off period you will need to serve notice before closing off this account and setting up the new one. To read more about the demand account please see this link; https://goo.gl/670GtN

Thanks,

Evie

Ronanc1

Bank of Ireland: Evie wrote: »

Good Afternoon Ronanc1

Thanks for getting in touch with us here on Boards.ie
The online saver accounts are only credited via a direct debit from your current account. One way of adding money to these accounts is to increase the amount of the direct debit, once this direct debit has left the account you can then decrease the amount again.

If however, you would like to close your new monthly saver and open a demand deposit account to with instant access- similar to the one you had previously, you can do so by calling BOI Direct. If your new monthly saver was opened in the past 14 days you will still be in your cooling off period and can cancel this account straight away. Call them on 0818365365 and select option 1 and the * key.

If you are past the cooling off period you will need to serve notice before closing off this account and setting up the new one. To read more about the demand account please see this link; https://goo.gl/670GtN

Thanks,

Evie

Hi Evie, I've had the monthly saver for a couple of months and tried the upping and down of the direct debit quantity but its more a nuisance than anything else hence why I'd rather look into something like the deposit account. I've already read the above link before posting my query, so i just need for you to confirm one thing before I go ahead and open one. When I open a demand deposit account, I will for definite be able to add it to my 365 online and view it there when I log in, as well as transfer money from my current account to it and visa versa, yes?

Bank of Ireland: Evie

Hi,

Apologies I didn't realise you had already looked this up. One of the features of this account is that it is possible to add to your 365 Online portfolio, make deposits into it from your current account, and also make withdrawals-all online.

You can serve notice and close the monthly saver by calling BOI Direct, they can then advise the next stage of setting up the demand account.

Thanks,

Evie