Ivobank 4% Savings

oxenryd

Have just noticed that this "new bank" is offering 4% on Savings ?

Has anyone had any dealings with this bank ?

http://www.ivobank.com/

Hazzanet

Looks like an independent thing from the people that helped set up Cahoot:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2792215/Sampoerna-family-takes-punt-on-Ivobank.html

Milarky

Hmm! not so sure...

The interest rates shown are correct as of 30 October 2008.
http://www.ivobank.com/ivobanksavingsaccount.html

ebyard

I have been looking at these people, they haven't do much advertising so far, but what with the interests rates going down, from 4% they have no room to go down without making themselves unattractive.

But if they keep themselves online only, they should be able to offer better rates. One to watch.

innovate

Fairly amateurish website when you look for real information, and absolutely appaling customer service.

Apart from advertised interest rates being current as of last October, they seem to be dependent on a loyalty scheme as well as on the amount deposited, neither of which is detailed anywhere that I could find.

CS folks seem to be a bit clueless as to what the current rates, and related conditions, are - all they could tell me that I can get "up to 4%", without being able to tell me what I have to do to get 4%. Indian call centre, btw.

May be it's start-up woes, they haven't been around for long, and may yet get their act together. I like their overall concept but am rather uneasy about their CS. Will keep watching them.

innovate

I have now opened an Ivobank account since I am interested not only in their savings account but also in their e-wallet and international money transfer facilities.

The interest rate is indeed still 4%!! But only until January 29 2009, when it drops to 1%, doh. They say they hope to pay 3% AER from March 9 2009, but it remains to be seen whether this really happens.

After a less than satisfactory experience with their CS, I complained and was swiftly contacted by their VIP team who are superb. I could clarify that the loyalty level you get when you sign up now (Gold, highest level) is a lifetime level. Gold members always get the best interest rates, and pay the least charges if a chargeable service is used.

The sign-up is very striaght forward, and the account management facilities look easy to use. You can transfer money in by various means - card deposits are free until end of June, normal bank transfers are free, but there are also chargeable options. All transfers within your Ivobank account are instant

You can make online payments to other bank accounts from your Ivobank, so almost could use it as a current account (though there are no direct debits, standing orders, debit cards to use in shops or at ATMs).

I have the contact details for the Ivobank VIP Manager if anyone is interested - definitely better to deal with them rather than with CS. Just drop me a PM if you want the contact info.

underin

innovate wrote: »

The interest rate is indeed still 4%!! But only until January 29 2009, when it drops to 1%, doh.

will it stay fixed @ 4% for those who open the account before Jan 29
:question:

wickedreader

rumour is ivobank is only reducing rate to 3%. Check out their cash movement overseas offering. You can move money from uk to french spanish germa italian bank accounts etc virtually free of charge.. very smart and actually worked!

LongTermLurker

innovate wrote: »

I could clarify that the loyalty level you get when you sign up now (Gold, highest level) is a lifetime level. Gold members always get the best interest rates, and pay the least charges if a chargeable service is used.

So you come in at the "most loyal customer" level - being a lifetime level, how does one drop a level and so give more loyal customers better benefits? And doesn't coming in at the top make a bit of a mockery of the loyalty scheme?

withnell

LongTermLurker wrote: »

So you come in at the "most loyal customer" level - being a lifetime level, how does one drop a level and so give more loyal customers better benefits? And doesn't coming in at the top make a bit of a mockery of the loyalty scheme?

I'd assume that once they've gained some ground they'll put new customers on the low level, the "golden carrot" as it were being in place now to attract the first few customers

LongTermLurker

withnell wrote: »

I'd assume that once they've gained some ground they'll put new customers on the low level, the "golden carrot" as it were being in place now to attract the first few customers

Yeah, I read after posting that anyone who applies before (iirc) June goes straight for gold and anyone after the date gets bronze, which is 0.5% less aer. It still seems to make a mockery of the idea of a loyalty bonus though.