Too Grand an Offer from Ulster Bank to Refuse!

Why not Join Ulster Bank's 'Big Switch' and get Two Grand?

11th February 2008

Ulster Bank is number one yet again! In the latest of a long list of firsts, Ulster Bank has today launched Ireland's first ever combined current account and mortgage switcher cash incentive. From today until March 31st Ulster Bank will reward customers to the tune of a massive €2,000 FREE if they move both their mortgage and current account as part of 'Big Switch'.

Customers don't necessarily need to switch both their mortgage and current account to avail of a cash incentive. The offer is broken down as follows to suit the customer:

• We'll give the customer €1,650 if they switch their mortgage
• We'll give the customer €150 if they switch their current account
• We'll give them a bonus of €200 if they switch both
• This gives them a grand total of €2,000 if they choose to switch both their mortgage and current account.

This offer not only applies to residential mortgages but also investment mortgages. Where a customer wants to switch more than one mortgage, they will receive €1,650 per mortgage switched.*

This unprecedented move is designed specifically to encourage customers to closely examine the level of value they receive from their existing bank in relation to both their mortgage and current accounts.

No other bank in Ireland has done more to challenge inertia in Irish banking than Ulster Bank and with a long list of number ones it's easy to see why so many customers are moving to Ulster Bank. Our number ones have included being:

• First to offer transaction fee free banking automatically to both new and existing customers
• First to put the IBF switcher code in place
• First to offer a cash incentive to customers who switch their mortgage
• First to offer a cash incentive to customers who switch their current account

Commenting at the announcement of Ireland's best ever banking switching incentive, Patrick Farrell, Head of Marketing at Ulster Bank said: "No other bank can claim to have delivered as much value to banking customers as Ulster Bank, we are consistently first to market with a great range of initiatives across all areas of banking. Today's announcement of the 'Big Switch' offer which gives €2,000 to customers who switch both their mortgage and current account to Ulster Bank is just the latest in a long list of major innovations in Irish retail banking. Being first yet again shows our real intent to be the number one bank on the island of Ireland."

To avail of this offer, all customers need to do is to either call into one of Ulster Bank's 130 branches throughout the Republic of Ireland or call 1850 812 245 and talk to our dedicated Ulster Bank switcher team. Further information can also be found at www.ulsterbank.ie.

Note to Editor:

* Up to a maximum of 5 investment properties

• This offer is available from Ulster Bank Ireland Limited in the Republic of Ireland (hereafter "Ulster Bank").
• Ulster Bank will make a payment of €150 to customers who switch their current account to it. Ulster Bank will also make a payment of €1,650 to customers who switch their mortgage to it. If a customer switches both a current account and mortgage to Ulster Bank the customer will have a bonus payment of €200 credited to their chosen current account after the mortgage is drawn down, bringing the total customer payments (€150 + €1,650 + €200) to €2,000. The bonus payment of €200 only applies once per customer regardless of the number of current accounts and/or mortgages switched. The bonus payment of €200 will be credited to the customer's chosen current account on or before 28th September 2008. Customers may avail of these payments subject to the terms and conditions below.
• All applications to open an Ulster Bank Current Account and to take out an Ulster Bank Mortgage are subject to credit review and acceptance by Ulster Bank; the relevant Ulster Bank Current Account and/or Mortgage terms and conditions will apply.
• Both offers are subject to change; either or both offers may be withdrawn by Ulster Bank at any time.

• The offer is only available to new customers who switch their existing current account and mandate their salary to an Ulster Bank ufi rst Account, Current Account or Step Account (hereafter a "Current Account") using the Ulster Bank centralised switching team between 7th January 2008 and 31st March 2008 (both dates included).
• The offer is not available to existing Ulster Bank current account customers; it is not applicable to new student current accounts.
• In order to be eligible for this offer, customers must use their new Current Account as their "main account" for a period of 18 months from the date of account-opening. This means that the customer's salary/wages must be paid into the new Current Account on a weekly/fortnightly/monthly basis depending on the frequency the customer is paid.
• Ulster Bank will credit €150 into new qualifying Current Accounts on or before 30th May 2008.
• Each customer may avail of this offer in respect of one Current Account only.
• Ulster Bank shall be entitled to refuse to pay, or to seek repayment of, the €150 (whether by debiting the Current Account or otherwise) if it deems in its discretion that the new Current Account has not been opened or operated in accordance with these terms and conditions.

• The offer is only available to new Ulster Bank mortgage customers who switch their existing mortgage to Ulster Bank from another mortgage lender.
• The offer is not available to existing Ulster Bank mortgage customers.
• The offer is only available for principal private residence and residential investment property (RIP) mortgages (up to a maximum of five RIPs per customer).
• All customers switching their mortgage to Ulster Bank must use their own solicitor. Customers will incur legal costs for switching; the amount of these costs may vary depending on the solicitor employed by customers.
• Customers who switch their mortgage to Ulster Bank via the Ulster Bank Mortgage Switching Service will not be eligible for the payment associated with this offer.
• The minimum loan amount is €150,000 per property for both residential and RIP mortgages.
• Only one payment will be made per mortgage, up to a maximum of six mortgages per customer
• The offer is available to all customers meeting the above criteria provided their application is received by Ulster Bank on or before 31st March 2008 and draw down of their mortgage occurs on or before 31st July 2008.
• Qualifying customers who only switch their mortgage will have €1,650 credited to their chosen current account on or before 28th September 2008.
• Customers will not be entitled to avail of this offer if Ulster Bank deems, in its discretion, that the relevant mortgage account has not been opened or operated in accordance with these terms and conditions.
• Qualifying customers must keep their mortgage with Ulster Bank for a period of at least five years or, in the event of moving house before the five-year period has expired, must take out their new mortgage with Ulster Bank giving a combined period of at least five years. Customers who fail to maintain their mortgage and/or any replacement mortgage with Ulster Bank for a cumulative period of five years will be obliged to refund the full amount of the payment (€1,650) plus the bonus payment of €200 to Ulster Bank.