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Have you checked CCOVICH's excellent survey of for details of the best deposit rates on offer?
Can you please explain what you mean by this? It makes no sense to me.These regular savers make a big song and dance of your money and you wonder what all the noise was for at the end of it.
Yes - I did some sums that are quoted here that I think are correct that illustrates this point.6.6% looks good on the surface. Then you realise that there is a cap on how much you can invest each month. Then it quickly becomes apparent that the interest rate of 6.6% is only paid on one installment, while the rest is proportional -i.e. 11/12, 10/12, etc. The end result being not much in real money at all.
Did you read the link that I posted above? Even though the figures compre the the Halifax Regular Saver with the NR Fixed Rate Bond the comparison with the NR Demand Online would be something similar since the variable rate is similar at the moment.If you put 750 away a month in NR vs Halifax, what would be the winner?
Originally Posted by bos4
I'd put the 7500 in Rabodirect and forget about the regular saving thingies. These regular savers make a big song and dance of your money and you wonder what all the noise was for at the end of it.
I have been utterly confused by these various "Savings & Deposit" accounts' interest rates and am only beginning to get a grasp - thanks to the above posts. An interest rate of over 6% looks fantastic but then as it's spread over twelve months it's not really what it seems - or am I wrong? It seems to me there must be a lot of creative fiction writers working for the Banks to help them attract new customers! All perfectly legal of course and explicitedly stated in their Ts & Cs - before anyone hops on that!Originally Posted by Andy Doof
........On the last 800 odd you only get 6.6%/12. That's why the deposit account wins.
This suggests there would be no loss of interest incurred by premature closure of this account or am I wrong about this?From Anglo Irish Terms & Conditions
4.1 If you need to make a withdrawal, you can close your Account and the balance will be transferred to our Easy Access Deposit Account.
4.2 If you close your Account we will pay interest up to the date of closure at the applicable rate for the Regular Saver Account.
I'm also wondering if the Anglo Irish 2 year Regular Saving Plan at 6%, (apparently only if the max of €1,000/month is saved) is actually guaranteed for two years as is suggested on their site? If it is true then could this be one of the best offerings (even for one year) and would it be better than leaving €12,000 on deposit in N.Rock for a year?
Just regarding the general idea that these accounts are not that great because the rate only fully applies to the first lodgement, how about the 18 month guarantee with the BoI product? This appears to be ECB + 2.75% (though I've yet to see any updated terms & conditions), At that rate by the time you saved 7 months at the max, you'll have a lump sum of €7000 getting the full rate for a year plus a reasonable return on amounts contributed in the months immediately after that. That still looks attractive.
Of course, I'm still not sure on the ECB + 2.75%. Has anyone got their hands on the updated terms and conditions yet and can confirm it's true?
Yes I just opened a BOI account at 6.25% currently and tracking ECB+2.75% for 18months so this should improve further over time. These accounts are supposed to be for people depositing SSIAs and this rate applies to new, additional savings. Having said that I only realised that afer I opened my account and I didn't deposit my SSIA with them!
In short I am expecting to receive the 6.25% on €1000 pm but since I haven't seen the ful T&C's I might be wrong but this is what I was told in the branch! Anyone know any better? The rate seems the best going at the moment - too good to be true!
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