Grow as you go saving account from Postbank - 4.3%

Not as good as it might first sound....
You need min of 10K to get an interest rate of 4% . (Anything less only gets you 1%). You need a balance of 250k to get the max rate of 4.3% (max bal €1,000,000.) (AER )
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Not to be confused with Postbank's 'Solid Saver' account. Why Postbank have launched this 'Praemium Saver grow as you go' account now puzzles me - the rates are very unattractive as Irishlinks pointed out above. Solid Saver is currently 4% on all amounts but drops back to 3.3% on 12/01/08.
 
Can someone tell me if postbank have a record of dropping their interest rates after gainging new customers or launching a product? I want to avoid the hassle of continously changing a/cs to get a decent interst rate.

At the moment, this looks like a good option to place a 20k lump sum, that we plan on adding to (assuming interest rate does not drop). I'd be interested in other people's thoughts on the a/c or for that matter other recommendations?

Thanks

M
 
Why are you so intent on Postbank? Their rates certainly are not the most attractive. Look at the best buys forum or www.itsyourmoney.ie for the best rates. Personally if I had 20k to invest at the moment i would open an account with Northern Rock. At 5% on demand and a guarantee from British Treasury, under present conditions, to me is the safest.
 
Oldtimer

Thanks for the reply.

I had looked at www.itsyourmoney.ie and the only 2 higher rates for on demand were an introductory rate with Anglo or Northern Rock. I wanted to avoid introductory rates and given Northern Rocks recent troubles I was dubious of them. To be honest I didn't realise there is a British Treasury guarantee.

I know Postbank is a joint venture with that Belgium crowd... but still to be honest there was a trust issue at play. Postbank all around seemed to be a decent option, with a quiet high if not the highest on demand rate.

Thanks

M
 
MalRB said:
I had looked at www.itsyourmoney.ie and the only 2 higher rates for on demand were an introductory rate with Anglo or Northern Rock.
Click to expand...
Unless I am mistaken there are more than 2 higher rates on offer for lump sums of €10K+ in the Financial Best Buys forum list of lump sum deposit accounts. If you are willing to take marginally less interest in order to go with Postbank (which is not the same as An Post proper state guaranteed savings, remember) then so be it but it makes little sense to me and perhaps others when you can easily get a higher rate elsewhere.
 
Postbank rates have now dropped drastically and not at all attractive. Solid saver now 2% and praemium saver rates down to 2.70%, rising to 3.25% for higher amounts. 'Best Buys' need adjustments.
 
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