RaboDirect Cuts Deposit Interest Rates

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Pauliwalnuts

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RaboDirect has cut the rate on its demand personal savings account from 4.00pc to 3.45pc on balances from €1 to €1m. The move follows the most recent ECB rate reduction of 0.75pc although RaboDirect said it was not passing on the full decrease. They really have jumped from one end of the scale to the other.
 
Pauliwalnuts said:
They really have jumped from one end of the scale to the other.
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Big time - you can do a lot better than Rabo for on demand deposits on the market now. Their offer is no longer competitive.

It will be interesting to see if Anglo and NR keep their higher on demand deposit rates.
 
Mmm I love the ease of use of Rabo but with this latest cut I am seriously considering moving my cash when the term deposits mature in the new year.

I must read up and see what other options are out there. Rabos account is so flexible,its a doddle moving money in and out of it. Hopefully others are as user friendly.
 
Rabo haven't been at the races for a long time but that rate is truly pathetic. No wonder they don't have any comparisons on their site any more.

adox & others - Halifax Flexisaver is just as easy to use, and pays 5.15% - might cut too of course but hardly to such a derisory level as Rabo.
First Active E Savings is a similar account currently paying 4.75%
 
John J said:
Rabo haven't been at the races for a long time but that rate is truly pathetic. No wonder they don't have any comparisons on their site any more.

adox & others - Halifax Flexisaver is just as easy to use, and pays 5.15% - might cut too of course but hardly to such a derisory level as Rabo.
First Active E Savings is a similar account currently paying 4.75%
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Thanks John J. I had a look at Halifax and its 5.15% up to 10k, 4% after that. Still better than Rabo though and if the account is as flexible as Rabo then I may move there.

Im sulking a bit with First Active over their latest mortgage interest rate cut(have a variable rate with them) and so dont want to give them any more business. In fact I`m looking to move that business from them.
 
Adox I have a Halifax Flexi Save & also a Rabo account & the Flexi saver is probably even easier to use. Note the name Flexi. Also note that the 5.15% rate is for year one only as well as only being for the first 10k. Anglo have the best Premium Demand account at the moment @ 5.5% but they don't have online banking as far as I know so not nearly as flexible.
 
I am asking myself how long the likes of Halifax can hold their rate around 4%.
The only reason they don´t go down with their rates must be that they could not refinance on the interbank market.
The current 1 month euribor is currently at 2,99%, 12 month euribor 3,47%. For Rabo with their AAA rating it is probably much cheaper to refinace on the interbank market instead with customer deposits. So they would not bother to much loosing customers.

But one thing is for sure...a bank that is asking lower rates for mortgages than they give for deposit accounts will go bust sooner or later as it is a loss making enterprise.
 
adox said:
Mmm I love the ease of use of Rabo but with this latest cut I am seriously considering moving my cash when the term deposits mature in the new year.

I must read up and see what other options are out there. Rabos account is so flexible,its a doddle moving money in and out of it. Hopefully others are as user friendly.
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yes, I agree that it's so user-friendly for transferring funds in and out. My term deposit earning 5.25% has now expired and now I'm looking for a better offer too... Halifax or Anglo me thinks...
 
el diablo said:
yes, I agree that it's so user-friendly for transferring funds in and out. My term deposit earning 5.25% has now expired and now I'm looking for a better offer too... Halifax or Anglo me thinks...
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Halifax? Anglo or Investec will offer you the highest rates if you want 12 months fixed. Investec if you want 6 or 9 months fixed.
 
Exactly, which makes the Anglo offer the market leader over the Investec offer for 12 month TD. Investec are the market leader for 6 and 9 month TD's.
 
Just a quick update to my earlier posts in this thread. Both my term deposits have matured with Rabo so all my funds are now freed up.

I opened a Fexi saver account with Halifax today. I called in to their Swords branch and it was very easy and hassle free to set up, very friendly staff and it took no time.

I`m going to put some money in a fixed term deposit early next week and am considering going with Halifax again(5.6% over 12 months) although Anglo Irish are still @6% so I may opt for them.
 
adox said:
Just a quick update to my earlier posts in this thread. Both my term deposits have matured with Rabo so all my funds are now freed up.
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Great - switch away from Rabo's low rates.

adox said:
I opened a Fexi saver account with Halifax today. I called in to their Swords branch and it was very easy and hassle free to set up, very friendly staff and it took no time.
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Keep in mind that it is 5.15% up to 10,000 EUR and for year one only. Better off with Anglo.

adox said:
I`m going to put some money in a fixed term deposit early next week and am considering going with Halifax again(5.6% over 12 months) although Anglo Irish are still @6% so I may opt for them.
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Why choose the lower rate over state guaranteed Anglo?
 
fungus said:
Great - switch away from Rabo's low rates.



Keep in mind that it is 5.15% up to 10,000 EUR and for year one only. Better off with Anglo.
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Yeah I checked out the rates before opening the account. The main reason I went with Halifax is that they have online banking similar to Rabo, so moving money in and out is very easy,which is what I want. Anglo dont have this facility as far as I know.

fungus said:
Why choose the lower rate over state guaranteed Anglo?
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I still havent made up my mind on this one. I was going to go with Halifax purely for convenience.
 
Good decision .. Good to see you have locked at the right time before Thursdays cut and got a top 3 market interest rate.
 
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