Rabobank 3%

Trampas

Has anyone opened up a Rabobank account which offers 3%??

Is there anything hidden in the deal or it is exactly what it says on the tin i.e. 3% return on investment

BuffyBot

3% (subject to DIRT) - no minimum time required, no notice required for withdrawals - so yeah, it's pretty much as it seems.

hussey

I have a northern rock account and have had no trouble at all with them
http://www.northernrock-ireland.ie/newsite/demandonlinehome.asp

and they are 3.05%!!!!1

fintan

The thing about northern rock is you need to maintain a minimum balance of 1,000 euro with rabobank there is no minimum balance.

Thats why I chose rabo

Trampas

Thanks about Northern Bank but you only get the 3.05% if you leave it in for a year and 2.8 if on a monthly bases

hussey

no no - 3.05 is for end of year interest - you don't have to leave it in for a year to get this

if you shove in 6000 for 6 months you would still get 3.05% per annum on the 6000 (pro rata) which is roughly 6000 @ 1.525%

the 2.8 is when you want to collect the interest on a monthly basis

SteM

fintan wrote:

The thing about northern rock is you need to maintain a minimum balance of 1,000 euro with rabobank there is no minimum balance.

Thats why I chose rabo

Yeah, that's why I went with them too. Hopefully their entry into the Irish market will open a few eyes to the cr@p rate of interest savers in this country are generally paid.

De Rebel

SteM wrote:

Hopefully their entry into the Irish market will open a few eyes to the cr@p rate of interest savers in this country are generally paid.

Very unlikely. Northern Rock (and to an extent Anglo Irish) have had similar rates available for the last 5 years and it hasn't exactly shaken up the market.

dahamsta

I wouldn't - couldn't - invest in Northern Rock because of the minimum deposit. I will be investing in Rabo because they don't have one. I'm sure I'm not the only one. It might not be a major shakeup, but any kind of forward progress is good in the Irish market imho. The market does seem to be opening up a little.

adam

garred

hussey wrote:

no no - 3.05 is for end of year interest - you don't have to leave it in for a year to get this

if you shove in 6000 for 6 months you would still get 3.05% per annum on the 6000 (pro rata) which is roughly 6000 @ 1.525%

the 2.8 is when you want to collect the interest on a monthly basis

Sorry, I'm a bit slow. So if you open an account with the minimum 1000 required and after 6 months put in an extra 6000, at the end of the year you get 3.05% on your 7000?

hussey

Garred : No
interest doesn't work like that
depends on the bank, but some interest would be calculated, daily or a weekly etc (I even heard some places by the minutes)

but say for this example interest in calculated monthly

you would get 1000x(1.0305/12) for month one (Call this M1)
then get M1x(1.0305/12) for month two (M2)
...
...
...
Then (6000+M5)x(1.0305/12) after month 6 (as you put an extra 6k in)

after the year is up you will recieve all the interest
(once a year) - ie your balance would be 1000for 6 months, 7000 for 6 months
then 7000 + interest at the end of year

or you can decide to recieve the extra bit of cash at the end of each month, you would get interest added there and then!

don't forget you don't actually get 3.05% interest - you get taxed on this

garred

Ahhh right, cheers Hussey. Think I'll open one, have a savings account with AIB only getting 1% or something like that.

nlgbbbblth

interest is calculated on the daily balance

defiantshrimp

I finally got around to sending off the stuff to set up an account with Rabo yesterday. I'm getting a free "Dodgeball" DVD from them just for setting an account up!

errigal

I just sent off the details to open an account yesterday. Hadn't seen anything about a free DVD. Where did you see this - I might give them a call.

hussey

open it with pigsback (just send pigsback your details) and you get 15euro, and 1500 piggy points

http://www.pigsback.com/offers/178692043/default.asp

DadaKopf

Hey.

One quick question about the RaboDirect savings account. I couldn't find information about it on the website, and they never returned my emails.

With RD's savings account, can you use it like a deposit account? As in, are you obliged to put in X amount of money each week/month, or can you store lump sums in it?

See, right now, I'm building up my CV, but amn't in gainful employment (earning €150 a week), but have to get an inheritance in somewhere quickly so it doesn't lose money.

Was considering putting it into RD, but I want to check whether I can just dump it in there to benefit from the 3+% interest rates.

deRanged

yeah, you can just store lump sums if you want.

Psychedelik

Rabodirect recently upped the interest rate to 3.2%, which works out at 2.56% taking account of DIRT. DIRT should really be scrapped at this stage. Anyone agree? I mean with the other kinds of tax evasion going on in this country ...

AIB offer 3% interest on the online savings account. You have to lodge at least €20 per month into it though. Not a bad option either.

MrWenger1982

Sorry if this is a stupid question but is there absolutely any disadvantage to taking out a RaboDirect savings account as opposed to just leaving money in my current account and taking it as I please. I am saving up for a car but I will be taking it out pretty soon. Should I still set up a RaboDirect account?

D'Peoples Voice

MrWenger1982 wrote:

Sorry if this is a stupid question but is there absolutely any disadvantage to taking out a RaboDirect savings account as opposed to just leaving money in my current account and taking it as I please. I am saving up for a car but I will be taking it out pretty soon. Should I still set up a RaboDirect account?

Well I put my money into rabodirect purposely because I'm buying a car shortly.
2 reasons in particular:

interest of 3.2%(gross) is calculated daily on my few grand, altho not debited to my account until end of year, grant it

it's easier to pay the car delaership using electronic fund transfer transfer from my rabodirect to his bank account because of online banking rather than using cheques

By the way, most reputable car dealerships will accept electronic fund transfer, if they don't just decline giving them any business. I had one car dealer over last weekend refusing to give out his bank details, like what did he think I was going to do with his sort code and account number? If a car dealer is that backward in their banking, it says everything about how they run their other services!