Rabodirect 6 Month Fixed Rate Saving Account

[GeneralZod]

To rephrase what I think is Zod's question, can someone hold multiple separate term deposit accounts concurrently, perhaps opened at different times?

Yes. That was the question. Asked because I'll be emptying out a few other accounts to put into this and it will take a while to put them all through.
Thanks for answer Rabo.

 

[Noor77]

Just to let you know - I have managed to set up the term account without any problems.

Thanks

Noor

 

[Lossy]

I have just today set up 3 x term accounts, from my savings account, for 2,3 and 6 months respectively (Don't like locking all my money away for 6 months ). It couldn't have been easier.

 

[annR]

Half that, as 5.25% is per annum.

So what's the point in opening one of these term accounts if it's going to earn less than the normal Rabo deposit account?

 

[ShaneMc]

So what's the point in opening one of these term accounts if it's going to earn less than the normal Rabo deposit account?

The rate on this is 5.25% per annum and the rate on the savings account is 4.3% per annum. So for 6 months on this you will get 2.625% and for 6 months on the savings account you get 2.15%

 

[ClubMan]

So what's the point in opening one of these term accounts if it's going to earn less than the normal Rabo deposit account?

Your comparison is not valid. You have to compare like with like - see this post for example.

 

[adox]

If I move a lump sum from my regular Rabo savings account to this new fixed term account, will I still get the interest earned in the first 6 months of this year from the original savings account?

Interest is calculated at the end of the calender year, so for example if I had a balance of 10k in my regular savings and moved 8k to the fixed term in July will I still get 6 months interest on a balance of 10k, even though my balance on the account at the end of the year will show 2k?


Thanks.

 

[declanh]

adox,
Rabo's "Savings FAQ" says:
You receive interest from the same day as the clearing processing date money is deposited. If you withdraw money, you receive interest right up until your money leaves your account.

 

[adox]

adox,
Rabo's "Savings FAQ" says:
You receive interest from the same day as the clearing processing date money is deposited. If you withdraw money, you receive interest right up until your money leaves your account.

Thanks a lot Declan.

I did try looking on their site but obviously not hard enough.


Thanks again for the help.