10% FTB Mortgage saver account

Laura_A

Hi, 

I wanted to get some answers on the mortgage saver account, tried to get it from the T&C's but couldnt find it.. 

1) Am I right in thinking that if you have up to 20K saved already you can transfer this and will still get the bonus on it? 

2) How long must the account be open for and being used to save before you qualify for the bonus? i.e if i set up an account tomorrow lodged a lump sum of 20K and saved another 20K for a year would i be entitled or how long does the account need to be in use for before drawdown? 

Thanks a million 

Bank of Ireland: Sharon

Laura_A wrote: »

Hi, 

I wanted to get some answers on the mortgage saver account, tried to get it from the T&C's but couldnt find it.. 

1) Am I right in thinking that if you have up to 20K saved already you can transfer this and will still get the bonus on it? 

2) How long must the account be open for and being used to save before you qualify for the bonus? i.e if i set up an account tomorrow lodged a lump sum of 20K and saved another 20K for a year would i be entitled or how long does the account need to be in use for before drawdown? 

Thanks a million 

Hi Laura_A,

Thanks for getting in touch. 

You must save into the account for at least six months and without taking anything out of the account for the first six months. 

If a lump sum (amounts lodged to the account other than by direct debit - up to a total value of €20,000) is lodged to the account within 30 days of opening, it will be added to the highest regular savings balance for inclusion in the 10% Bonus calculation. You can lodge lump sums after 30 days but these lodgements will not be included in calculating the bonus.

We hope this helps. If you would like to send us your contact number in a private message, we'd be happy to arrange a call back from a qualified advisor who can discuss this further with you?

To send a private message, click on the link in my signature below. 

If there's anything else we can help you with, please let us know.

Thanks,

Sharon

Laura_A

That's great thanks Sharon - I will call them today. 

A_Sober_Paddy

How is the 10% bonus applied, is it only applied when applying for a mortgage with bank of Ireland?

Laura_A

A_Sober_Paddy wrote: »

How is the 10% bonus applied, is it only applied when applying for a mortgage with bank of Ireland?

As far as I can tell it is once you draw down the mortgage with BOI within 30 months of opening the savings account 

Bank of Ireland: Elaine

Laura_A wrote: »

That's great thanks Sharon - I will call them today. 

You're more than welcome Laura_A, 

Just to mention, if you'd like us to arrange a call back for you we can. All you need to do is PM us with your name, contact number and the first line of your address. 

Thanks again and hope you have a lovely Easter. 

Elaine 

Bank of Ireland: Elaine

A_Sober_Paddy wrote: »

How is the 10% bonus applied, is it only applied when applying for a mortgage with bank of Ireland?

Hi A_Sober_Paddy, 

Laura_A is correct, the bonus is applied upon draw down of the First Time Buyer mortgage. You can find more info on this here. 

Hope this helps and Happy Easter, 
Elaine