Graduate Advice Needed: Setting up a RaboDirect savings account

[cavanlad1982]

Hi,
I am a recent college graduate with no great banking knowledge. I am in full time employment now for 2 months. I have heard a lot about this RaboDirect savings account. I've a few questions about it.

Is it trustworthy? ie. do they look like drastically dropping the interest rate anytime soon?
How many lodgements can you have per year on top of the direct debit from your current account?
Is the money easy to withdraw? Are we talking weeks here?
Is there a minimum amount required before you can open a savings account with Rabo?
Are there any hidden clauses?

Sorry if these are stupid questions but I guess I have to start somewhere.

Thanks

 

[elcato]

Hi CavanLad - A good start would be to check this post where radobank has been discussed previously. If you select 'Search' and enter RadoBank you will get lots of posts which could have answered your questions already for you.

 

[ClubMan]

For what it's worth Northern Rock are offering the best demand deposit rate at 3.05% gross CAR at the moment although their terms & conditions may be different to RaboDirect's. See the best buys list.

 

[CCOVICH]

It may also be easier to start saving online with AIB, who have recently started offering 3% as long as you commit to lodging at least €20 per month, and there is also a yearly bonus as long as you don't make more than a certain number of withdrawls (max 1 per year I think). But you have to have a current account AFAIK, and with this comes quarterly charges etc. However, given that you are a graduate, you may qualify for free banking for a period of time.