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Is it safe to have a large balance in your c/c account

  • 25-01-2006 6:17pm
    #1
    rubadub
    Registered Users Posts: 32,373 ✭✭✭✭


    Is it safe to have a large balance in your c/c account? or could it be wiped out. i.e. I have a few grand in the current account on which I used to get interest. I am still deciding where to put it (investment wise), but in my c/c account I get 2% interest. Is there any reason not to transfer it to there at the moment?


Comments

  • #2
    gibo_ie
    Registered Users Posts: 782 ✭✭✭gibo_ie


    how about something like RaboDirect where you get 3.2% interest while you decide!! simple to set up and use.


  • #3
    CCOVICH
    Closed Accounts Posts: 240 ✭✭CCOVICH


    rubadub wrote:
    Is it safe to have a large balance in your c/c account? or could it be wiped out. i.e. I have a few grand in the current account on which I used to get interest. I am still deciding where to put it (investment wise), but in my c/c account I get 2% interest. Is there any reason not to transfer it to there at the moment?

    AFAIK (may differ between card providers) you are not covered if there are fraudulent transactions on the account while it is in credit, i.e. you are liable and not the bank.


  • #4
    rubadub
    Registered Users Posts: 32,373 ✭✭✭✭rubadub


    gibo_ie wrote:
    how about something like RaboDirect where you get 3.2% interest while you decide!! simple to set up and use.
    thanks, heard the name but never knew what they were


  • #5
    CCOVICH
    Closed Accounts Posts: 240 ✭✭CCOVICH


    If you have over €1000 to put on deposit, Northern Rock pay 3.25%, slightly more than Rabo.


  • #6
    Hitchhiker's Guide to...
    Registered Users Posts: 3,322 ✭✭✭Hitchhiker's Guide to...


    CCOVICH wrote:
    AFAIK (may differ between card providers) you are not covered if there are fraudulent transactions on the account while it is in credit, i.e. you are liable and not the bank.

    really - is this true? That's a disgrace if so...


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  • #7
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    rubadub wrote:
    Is it safe to have a large balance in your c/c account? or could it be wiped out. i.e. I have a few grand in the current account on which I used to get interest. I am still deciding where to put it (investment wise), but in my c/c account I get 2% interest. Is there any reason not to transfer it to there at the moment?
    Which credit card provider is paying interest on credit balances? Will you really have much of a credit balance? If you spend €1k per month on your card, will this come off your balance when calculating the interest?


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