Bank of Ireland Mortgage Saver deposit account bonus payment

gabria

Hello. I have been saving money for at least six months in a Mortgage Saver deposit account,  and so I qualify to receive the 2,000 (less DIRT) bonus after my first-time buyer mortgage is drawn down.  I am expecting to draw it down finally at the end of July.  The entire savings as well as current account monies will be used to pay the remaining mortgage deposit.

I noted that the last interest payment in the account was in March and interest is paid annually.  Does that mean that the bonus will not be paid until the next interest payment in March 2019 ?

In case the 2% cashback offer actually won't be extended from this June (in which case I will miss out on the generous cashback by a whisker!) it would be a consolation to receive the savings bonus payment earlier (say, one month after the mortgage drawdown).

Many thanks in advance for responding to this savings account question (I am monitoring BOI's update on the cashback offer extension in the existing separate thread)

Bank of Ireland: Darren

gabria wrote: »

Hello. I have been saving money for at least six months in a Mortgage Saver deposit account,  and so I qualify to receive the 2,000 (less DIRT) bonus after my first-time buyer mortgage is drawn down.  I am expecting to draw it down finally at the end of July.  The entire savings as well as current account monies will be used to pay the remaining mortgage deposit.

I noted that the last interest payment in the account was in March and interest is paid annually.  Does that mean that the bonus will not be paid until the next interest payment in March 2019 ?

In case the 2% cashback offer actually won't be extended from this June (in which case I will miss out on the generous cashback by a whisker!) it would be a consolation to receive the savings bonus payment earlier (say, one month after the mortgage drawdown).

Many thanks in advance for responding to this savings account question (I am monitoring BOI's update on the cashback offer extension in the existing separate thread)

Hi gabria,

Thanks for getting in touch with us here. 

The bonus payment would be made when the drawdown of the mortgage. You wouldn't have to wait until the next interest payment. 
Also we wouldn't have an update on the cashback offer but as soon as we do we'll update the other thread that you've mentioned. 

Thanks again, 
Darren. 

gabria

Bank of Ireland: Darren wrote: »

gabria wrote: »

Hello. I have been saving money for at least six months in a Mortgage Saver deposit account,  and so I qualify to receive the 2,000 (less DIRT) bonus after my first-time buyer mortgage is drawn down.  I am expecting to draw it down finally at the end of July.  The entire savings as well as current account monies will be used to pay the remaining mortgage deposit.

I noted that the last interest payment in the account was in March and interest is paid annually.  Does that mean that the bonus will not be paid until the next interest payment in March 2019 ?

In case the 2% cashback offer actually won't be extended from this June (in which case I will miss out on the generous cashback by a whisker!) it would be a consolation to receive the savings bonus payment earlier (say, one month after the mortgage drawdown).

Many thanks in advance for responding to this savings account question (I am monitoring BOI's update on the cashback offer extension in the existing separate thread)

Hi gabria,

Thanks for getting in touch with us here. 

The bonus payment would be made when the drawdown of the mortgage. You wouldn't have to wait until the next interest payment. 
Also we wouldn't have an update on the cashback offer but as soon as we do we'll update the other thread that you've mentioned. 

Thanks again, 
Darren. 

Hello Darren,

I have withdrawn my cash from the savings account,  and the expected amount of money is now in my current account.  
But the savings amount is still showing in the savings account.
Does this mean that the savings amount is still collecting interest ?  
I also still have the next direct debit payment coming up,  2,500 is due to transfer at the end of this month.   Will this still happen,  and if so do I have to make another withdrawal to return the money back to my current account ?  I need all of it to go to the deposit.  Actually it will be much earlier in July that this transfer to the vendor will be finally made.

Finally. it is a relief that the cashback deal was extended :- )

gabria

Bank of Ireland: Darren wrote: »

gabria wrote: »

Hello. I have been saving money for at least six months in a Mortgage Saver deposit account,  and so I qualify to receive the 2,000 (less DIRT) bonus after my first-time buyer mortgage is drawn down.  I am expecting to draw it down finally at the end of July.  The entire savings as well as current account monies will be used to pay the remaining mortgage deposit.

I noted that the last interest payment in the account was in March and interest is paid annually.  Does that mean that the bonus will not be paid until the next interest payment in March 2019 ?

In case the 2% cashback offer actually won't be extended from this June (in which case I will miss out on the generous cashback by a whisker!) it would be a consolation to receive the savings bonus payment earlier (say, one month after the mortgage drawdown).

Many thanks in advance for responding to this savings account question (I am monitoring BOI's update on the cashback offer extension in the existing separate thread)

Hi gabria,

Thanks for getting in touch with us here. 

The bonus payment would be made when the drawdown of the mortgage. You wouldn't have to wait until the next interest payment. 
Also we wouldn't have an update on the cashback offer but as soon as we do we'll update the other thread that you've mentioned. 

Thanks again, 
Darren. 

Hello Darren,

I have withdrawn my cash from the savings account,  and the expected amount of money is now in my current account.  
But the savings amount is still showing in the savings account.
Does this mean that the savings amount is still collecting interest ?  
I also still have the next direct debit payment coming up,  2,500 is due to transfer at the end of this month.   Will this still happen,  and if so do I have to make another withdrawal to return the money back to my current account ?  I need all of it to go to the deposit.  Actually it will be much earlier in July that this transfer to the vendor will be finally made.

Finally. it is a relief that the cashback deal was extended :- )

gabria

Hello Darren,


I have withdrawn my cash from the savings account,  and the expected amount of money is now in my current account.  
But the savings amount is still showing in the savings account.
Does this mean that the savings amount is still collecting interest ?  
I also still have the next direct debit payment coming up,  2,500 is due to transfer at the end of this month.   Will this still happen,  and if so do I have to make another withdrawal to return the money back to my current account ?  I need all of it to go to the deposit.  Actually it will be much earlier in July that this transfer to the vendor will be finally made.


Finally. it is a relief that the cashback deal was extended :- )

Bank of Ireland: Darren

gabria wrote: »

Hello Darren,


I have withdrawn my cash from the savings account,  and the expected amount of money is now in my current account.  
But the savings amount is still showing in the savings account.
Does this mean that the savings amount is still collecting interest ?  
I also still have the next direct debit payment coming up,  2,500 is due to transfer at the end of this month.   Will this still happen,  and if so do I have to make another withdrawal to return the money back to my current account ?  I need all of it to go to the deposit.  Actually it will be much earlier in July that this transfer to the vendor will be finally made.


Finally. it is a relief that the cashback deal was extended :- )

Hi Gabria,


Thanks for getting in touch here.
I've replied to your private message please let me know if there is anything else I can help you with.

Thanks again,
Darren.