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RaboDirect for Mortgage Savings

  • 05-04-2016 9:50am
    #1
    LizardKing82
    Closed Accounts Posts: 50 ✭✭


    Hi all

    Myself and my partner are considering opening up a Rabodirect account in order to save for a house.

    However a friend recently told us that Rabodirect would not be suitable for Mortgage savings

    I just wanted to check with the users here whether they had any advice on this?

    Would we better off saving through a building society?


Comments

  • #2
    wench
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭wench


    I had some of my savings with Rabo when applying for my mortgage, and had no problems with it.
    Just provided a printout of the pdf statement with my application, and it was fine.


  • #3
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    LizardKing82 wrote: »
    Hi all

    Myself and my partner are considering opening up a Rabodirect account in order to save for a house.

    However a friend recently told us that Rabodirect would not be suitable for Mortgage savings

    I just wanted to check with the users here whether they had any advice on this?

    Would we better off saving through a building society?

    Why would they not be suitable?

    Once you have proof of savings, the lender won't really care if it's in a bank, credit union etc.


  • #4
    LizardKing82
    Closed Accounts Posts: 50 ✭✭LizardKing82


    Thats what i thought myself!

    Thanks for the replies


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


    They may have been referring to something like this offering from BOI
    https://personalbanking.bankofireland.com/save-and-invest/savings/regular-savings-accounts/mortgagesaver-account/exclusive-offer-for-first-time-buyers/


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    You can get better rates than Rabo. For example, KBC pay 4.00% on their regular saver product if you adhere to the T&C's.

    The BoI offer is a gimmick. BoI offer some of the highest mortgage rates on the market. Don't let the BoI savings product influence your mortgage provider decision.


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