The St. Gerald’s School Bank is now open for business.
The Bank had its official launch day on January 23rd and has been set up in association with AIB. The bank is open every Wednesday and Friday in Room 0-7 from 10.45 to 11.00
Visit their new website to find out more about the team from Transition Year running the bank and how to open an account.
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What is the minimum amount you need to lodge to open your account?
You can lodge as little or as much as you want on the days we are open( Wednesday & Friday )! For more details have a look at our website!
WILL THE MONEY B SAFE AND DO U GET A ATM CARD F U OPEN AN ACCOUNT
I was just wonderin wat is the interest rate when you save your money?
Your money will be as safe as if you had it in a real bank and we are not affected by the recession!! For more details have a look at our website!
When you open an account with us you are opening an account with AIB and after the competition you will get the AIB rate of 0.75% per year after the competition. On the interest you earn however you also get 10%- 50% as a bonus per year! To get this interest you will have to use the bank in castlebar!For more details have a look at our website!
just wondering whats so attractive about opening an account with only 0.75% interest rate, especially when i can get 7.5% in the same bank with a regular savings account.
The reason it is attractive is because after each year not only do you get the .75% interest but also you get up to 50% bonus interest on the interest you have already earned! In all you could earn up to and above 10%! For more details have a look at our website!
example;if i had €1000 and i decided to put it in to this student account i would end up getting:
.75% of 1000euro = €7.50, when you add the 50% of €7.50 to that it gives you a total interest of €11.25.
if i opened a regular account with anglo irish bank i would get 4.75% interest rate.
4.75% of €1000 = €47.50.
How long will we have the account 4
You will have the account for as long as you want until you cancel the account.
I wonder did the lovely people from the AIB that came in this year bother to mention to anyone that you have to pay €10 twice anually as a “maintainence fee”? Doubt it somehow…
No offence to the lads doing this, its a good experience and all, but don’t think your giving people any value whatsoever, your basically just ensuring that they will bank with AIB in future life. Well, it obviously works as I still use the AIB but if I had any amount of money I’d definately take it out.
Sorry for the rant lads! But make sure and tell people about this maintenance fee as there’s nothing worse than remembering a bank account you opened in school two years ago, going into the bank and being told your balance is -€40, yes, thats a minus…
Cheers AIB student savers account!
There really shouldn’t be any fees for this account as all banks now offer free banking to their customers.
There is no reason to have a €20 annual maintenance fee for a student account.
Can someone from this year’s School Bank team confirm that there is an annual fee?
Good luck to the TY School Bank team in this year’s competition.
There is no annual fee on the account that you open with the school bank. I can not confirm that after we close the bank down in the school that there won’t be but there definitly won’t be for the year that we have the bank open.
Is there an annual charge on the ATM card?
Sorry, I think I got a bit mixed up but the last post jogged my memory, the fee is for the ATM card, not the bank account, but almost everyone who opens it gets the ATM card aswell, so I still think they should have told us.
Why is the intrest rate so small
Should it not be a bit higher
How could you get up to 10% interest even if you get a bonus of 50% on the interest already earned?
Thing is, in order to get that 50% bonus interest, it takes 5years!
In the 1st year you recieve 0.75% interest + 10% bonus = total interest earned… 0.825%
In the 2nd year you recieve 0.75% interest + 20% bonus = total interest earned… 0.9%
In the third year you recieve 0.75% interest + 30% bonus = total interest earned… 0.975%
In the 4th year you recieve 0.75% interest + 40% bonus = total interest earned…1.05%
In the 5th year you recieve 0.75% interest + 50% bonus = total interest earned…1.125%
In the 6th year, the bonus cycle starts all over again with 10% in year 6 and increases incrementally as before. So the highest possible interest rate you will get is 1.125% (which is STILL RUBBISH!)
If you go onto the AIB website and click on “Savings”, and go into “Youth Savings Plan” you will be able to learn more as it is the same account the School bank is offering you