Calling All SSIA Account Holder re. Rabo.....

Colonel Sanders

Just upped their rate to 4.75% on the first 10k of savings. Anything over that will pay 3.7%. Stick 10k into rabo and the balance into northern rock at 4.15%, happy days!!!

jank

This is open to all not just ssia holders.

Set my account ages ago but have put nothing of note in there yet.
Will have to start now!!

Colonel Sanders

I know that, just suggesting somwhere for people to put their SSIA cash as these accounts facilitate lodging large lump sums. Most non regular saver accounts pay terrible rates, these accounts actually offer some kind of return on one's cash. Happy days.

stepbar

5k is winging its way to rabo as we speak... AIB & BOI have the best rates for special savers accounts at 6.60 and 6.25 respectively. Thing is there is a limit of 300eur pm on the AIB, you can bang in more into the BOI one.

Wertz

BoI's limit is 1K p/m @ 4.75% for 18 months.
But AFAIK that's only on any additional savings you lodge to the account that the SSIA money is resting in; the original sum at maturity collects only the ECB.
I'll possibly be moving some of my money in rabo back to BoI to avail of this...it's quite possible that rabo are introducing this rate in order to avoid a move like that on the part of some customers.

Colonel Sanders

look at their website, it shows that putting 10k into rabo now yields more interest than any regular saver account will pay as the amount you can put in is limited on all accounts. However the interest they show that you earn on a regular saver account ignores the interest you'd earn on the lump sum elsewhere if you were putting the max into a regular svaer account. EG if you have 12k in a rabo account and put 1k a month into an angloirish account for example it only shwos the interest earned from anglo and not on the decaying sum in the rabo account or elsewhere.

Wertz

Wertz wrote:

BoI's limit is 1K p/m @ 4.75% for 18 months.

In actual fact I was wrong....the rate for savings "topping up" the original SSIA maturity sum is 6.25% on a maximum of 1000 p/m for 18 months

Tom Dunne

As you may have heard, Halifax (formerly Bank of Scotland) have a new account with 6.65%. It's a pity, though, you can't lodge your SSIA into it and add to it. There doesn't seem to be any real terms and conditions attached to it like the Irish banks.

Isn't competition great?

inertia99

Leave the 10k in Rabo at 4.75%, put the balance of the lump sum into Northern Rock at 4.15% and set up an automatic payment of €750 monthly to your new Halifax account, as long as you don't need access to your money in Halifax more than twice a year:)

inertia99

Was in EBS today and saw their SSIA money grab offer which isn't bad. Only applicable for lump sums from SSIA accounts. They will pay 5% on the lump sum for three months plus you can add up to 1000 per month as a regular saver for those three months which will also get 5%. After the three months the rate reverts back to the ECB rate.

The good thing about this one is there are no restrictions on withdrawals and no minimum term so you can stick your SSIA lump sum in for three months, lodge up to 1000 per month for three months and then take it out and close the account if you want to.

To open the account you must provide a final SSIS statement and have the closing balance cheque from your SSIA made payable to the EBS.

HelterSkelter

inertia99 wrote:

Was in EBS today and saw their SSIA money grab offer which isn't bad. Only applicable for lump sums from SSIA accounts. They will pay 5% on the lump sum for three months plus you can add up to 1000 per month as a regular saver for those three months which will also get 5%. After the three months the rate reverts back to the ECB rate.

The good thing about this one is there are no restrictions on withdrawals and no minimum term so you can stick your SSIA lump sum in for three months, lodge up to 1000 per month for three months and then take it out and close the account if you want to.

To open the account you must provide a final SSIS statement and have the closing balance cheque from your SSIA made payable to the EBS.

I wouldn't put my money in EBS simply because their stupid ads wreck my head!!

inertia99

It's the Permanent TSB mafia style gob***te that gets to me:mad:

Oracle

I agree with HelterSkelter it's got to be those EBS ads with that actress who puts on a voice like an eight year old. Does she think that's appealing? Umm... no it's irritating!

techguy

how often do other banks pay out interest?? Rabo with their brill rates only pay out once a year.. not much good really, is it?would'n it be better to get around 2.7%-3% with another crowd that will pay out every couple of months or is that asking a bit much??

Idleater

techguy wrote:

how often do other banks pay out interest?? Rabo with their brill rates only pay out once a year.. not much good really, is it?would'n it be better to get around 2.7%-3% with another crowd that will pay out every couple of months or is that asking a bit much??

Rabo (and most other banks) calculate the interest daily but only apply it annually.

If you close your account you get the interest paid up to that date.

So, it's not like you are losing out or anything. I think it is better. I hated seeing the "€0.14 interest credited" every quarter on my account, so now I get my €400 or whatever annually (usually at Christmas) so I consider it a bonus.

L.

BuffyBot

would'n it be better to get around 2.7%-3% with another crowd that will pay out every couple of months or is that asking a bit much?

That doesn't make a lot of sense for the reasons outlined above. Why shoot yourself in the foot like that?

techguy

If you were getting 2-3% every 3 months it would be compouned, you would get x% of xx balance after 3 months then x% of xx (x3%) balance after another 3 months..way better for your bank balance..

dingding

A stupid question ???

When interest is calculated daily is it simple or compund interest, i.e. do you get interest on the daily interest or do you only start getting interest when it is applied at the end of the year ?????

techguy

only when it's applied at the end of the year..

Idleater

techguy wrote:

If you were getting 2-3% every 3 months it would be compouned, you would get x% of xx balance after 3 months then x% of xx (x3%) balance after another 3 months..way better for your bank balance..

Erm, you obviously don't get the concept of "interest calculated daily, credited annually" do you?

The value of the accounts is compounded DAILY, so crediting it every 3 months makes no difference.

If you close your account after 3 months you will end up with the exact same figure in your hand.

L.

bullrunner

techguy wrote:

If you were getting 2-3% every 3 months it would be compouned, you would get x% of xx balance after 3 months then x% of xx (x3%) balance after another 3 months..way better for your bank balance..

where are u getting these rates Techguy....this implies an annual rate of about 9-13% ..let us all know so that we can all get this brilliant rate:D

techguy

osrry I made a mistake, never mind it..