Rabodirect savings account

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Have just opened a Rabodirect savings account where I've invested €50K.

I notice that I'll get 5% interest on the first 10K and only 3.75% on the
rest.

Does anyone know if I can opened 5 savings accounts with 10K in each to get the full 5%?

Am I right in thinking it a bit strange that the more money you saving, the lower the interest rate?
Thanks in advance for any help.
 
The structure of the Rabo a/c (i.e. that top rate applies to 10k only) was very clear in their literature and in other threads here.

You will not be able to open other accounts in your name, however you may be able to open a joint a/c with your other half, and get him/her to open a single account too...

Failing that, you could the Eur 40k into Northern Rock, who offer 4.3% up to Eur 3 mill.
 
jrewing said:
You will not be able to open other accounts in your name, however you may be able to open a joint a/c with your other half, and get him/her to open a single account too...
Click to expand...
And in your kids' names if applicable - our two year old is a proud RaboDirect account holder but with daddy's money! :)

Update: sincere apologies to the person whose post I just deleted. I meant to delete my own which was saying the same thing but checked the wrong one! :eek:
 
...our two year old is a proud RaboDirect account holder but with daddy's money!
Click to expand...

I'm going to set a reminder for myself to contact ClubBaby in sixteen years' time to tell them that there's a wodge of cash in an account in Rabo that they can access to fund whatever wild excesses teenagers get up to in 2023. :D
 
You can open a RaboDirect savings (or investment) account for a minor, ie, a person under 18 years of age. The adult controls the account, ie, receives the Digipass and conducts all transfers. To open an account for a minor you must supply the standard proof of identity and address documents for the adult plus a copy of the minor's birth cert or passport. This link provides a demo of how to open an account and documentation required [broken link removed]
 
Thanks for that RaboD.

For everyone: Whats the advantage in opening an account in the minors name rather than your own.
 
aircobra19 said:
For everyone: Whats the advantage in opening an account in the minors name rather than your own.
Click to expand...
One advantage is that you can have one in your name and one in the child's name allowing you to save 2 x €10K at 5% gross CAR instead of just one sum of €10K. I'm not aware of any other significant advantage.
 
I know this is bumping an old thread, but the "best value lump sum deposits (euro)" thread is locked. That thread links here for discussion of the Rabodirect savings accounts.

The rate quoted in the "best value" thread is:
4.30% on €1 to €1m
3.95% on over €1m

In fact the current interest rates are (since 12/3/08):
5.0% on €1 to €10k
3.75% on €10k to €1m
2.75% on over €1m
 
tt225 said:
In fact the current interest rates are (since 12/3/08):
5.0% on €1 to €10k
3.75% on €10k to €1m
2.75% on over €1m
Click to expand...
No, they're not :) The Rabodirect website lists both 2007 & 2008 Interest rates, you're looking at the 2007 column.
 
If you open this account using the Irish Times promotion, you get €20.

www.irishtimes.com/savings

Ok, €20 is not much, and 3% is low interest, and the Dodgypass is a pain in the This post will be deleted if not edited to remove bad language, but Rabo are AAA which is something in the current climate.
 
Am I missing something here??

I just had a look in my Rabo account and there's the offer of a term deposit rate if you lock the money in for a period of 1 month through to 5 years.....

The one month rate is 0.7% and the 5 year rate is 3.9% with variations in between.

What I'm wondering is where is the advantage if the rate they offer on standard savings is 2.25%?????

Again... Am I missing something??
 
PaulyB63 said:
The one month rate is 0.7% and the 5 year rate is 3.9% with variations in between.

What I'm wondering is where is the advantage if the rate they offer on standard savings is 2.25%?????

Again... Am I missing something??
Click to expand...

The only advantage is that the term deposit rate is fixed while their on demand rate is variable.

0.70% for a 1 month term deposit is not worth touching.
 
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