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Rabo Direct Savings Question?

  • 03-04-2008 9:18am
    #1
    WillyWonka
    Registered Users, Registered Users 2 Posts: 564 ✭✭✭


    I've just set up a rabo direct account and was reading the fine print

    "Dutch Deposit Guarantee System

    The Dutch Deposit Guarantee System guarantees the interests of account holders, and applies to deposits in current and savings accounts. Under the Deposit Guarantee Scheme, if Rabobank is unable to meet its obligations to repay a customer's balance, the customer is guaranteed to be repaid 100% of the first €20,000 of his balance, with 90% of the customer's next €20,000 also being guaranteed. Accordingly, the customer has a 10% own risk on that part of his balance that is between €20,000 and €40,000. In the case of a joint account, the maximum amounts set out above apply to each joint account holder."    [/SIZE]

    So what I'm reading from this is that if you have more than 40k with them and they go under you are up a certain creek without a paddle?

    Is this the same for all banks?


Comments

  • #2
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,682 ✭✭✭✭TheDriver


    Most banks are very similar. In fact most only guarantee the first 20k AFAIK.


  • #3
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    The gvernment is curently reviewing this - In Ireland you only get 90% back, up to 20k. The Dutch protection is far better and a big plus if you are at all concerned. At the end of the day, Rabo are AAA rated - thats the best you can get and several steps up the ladder from AIB or BOI. There are only 3 banks in Europe with an AAA rating and two of them are owned by governments (sorry if that sounds like marketing)


  • #4
    WillyWonka
    Registered Users, Registered Users 2 Posts: 564 ✭✭✭WillyWonka


    homer911 wrote: »
    The gvernment is curently reviewing this - In Ireland you only get 90% back, up to 20k. The Dutch protection is far better and a big plus if you are at all concerned. At the end of the day, Rabo are AAA rated - thats the best you can get and several steps up the ladder from AIB or BOI. There are only 3 banks in Europe with an AAA rating and two of them are owned by governments (sorry if that sounds like marketing)
    That's great. Thanks for the info.


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