BOI Credit Interest account – too good to be true

Yet another bank proves the maxim that “if something sounds too good to be true, then it probably is”.

Bank Of Ireland today announced their “market leading” credit interest offer for current account holders. They’re offering a whopping 10.5% from October 15th. But, but, but, but:

  • If you’re a BOI account holder, you don’t get this automatically. You have to go ask for it.
  • You only get this interest rate until Feb 28th.
  • After that the rate goes down to 4%
  • The interest is only applied to the first €1500 in the current account

It all hardly seems worth it really, does it. If you are a BOI customer, you might as well apply for it to take some money back from them, but I can’t say that’d it’d be worth changing from your own bank.

Given that AIB and Halifax have offered this temporary high-interest current account previously, it’s likely that it won’t be long before the rest do as well.

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