Rabodirect 10k rate limit

homer911

I've noticed that once you open a Rabodirect account, its possible to open additional accounts once you log on. Anyone know if the 10k limit for the current 5% rate applies per customer or per account? I've checked their T&Cs but cant see any reference to this

Idleater

The interest rate is applied to the summation of all your accounts that a rate is applicable for (your "current" account does not have an applicable rate).

Your interest certificate (or your interest to date) shows you how much interest you will get over all your accounts.

With this in mind, I suspect that the rate is overall rather than per account.

L.

RaboDirect

You can open 2 additional savings accounts once your account has been activated. You will receive 5.0% variable interest on the sum of the balances in your savings accounts, ie, if you have 10k, in account 1, 10k in account 2, and 10k in account 3 you will receive 5.0% interest on the first 10k of the total amount. After that, you will receive 3.75% variable on the remaining balances.

In addition, you can also open Term Deposit accounts in the secure online banking site and the rates on these accounts are separate.

Hope this clarifies the query.

homer911

Got any humble pie? Seems I set this limit myself some considerable time ago!