Whooping and hollering from the Irish public? Well, before you do, consider this particular sentence from the article:
However, AIB is making anyone who had an existing regular savings account open a new account to avail of the 7.3pc rate.
So, if you already have an existing regular savings account, you’re not going to automatically get the rate increase. If you happen to miss the newspaper coverage and advertising, you’re not going to know about the new rate, and you’re not going to ask for a new account.
And even if you do hear about the new rate, you’re possibly going to be like a certain number of existing account holders who are likely to think twice about having to go through the full money laundering documentation procedures in order to set up a whole new account.
So, AIB is really doing their current account holders any favours at all. They’re depending on consumer inertia to keep existing account holders on the low rate and focusing really only on themselves by trying to attract new customers with this headline new rate.
In fact, they’re downright screwing existing customers by this action. Though, in fairness, given everything that AIB have admitted doing to their own customers in the past, we probably shouldn’t be surprised – and if you’re one of those AIB customers, you’re probably getting what you deserve by still giving them your business.