Rabodirect no longer competitive?

[Feeder]

Hi,

I've been throwing money at Rabo since they first came on the Irish market, I've now got over 60K in there which I am no longer adding to (started a regular saver into Anglo Irish Bank).

Having looked at the 'best buy' section for the last while I notice that Rabo now has a relatively low rate (3.75%) compared to the competition. I am wondering if it would be worth my while transferring the lump sum into one of the other deposit accounts or should I just start drip feeding the money into a couple of regular saver accounts?

(I don't know when I will need the money....no plans to buy a house in the short term anyway!)

Any thoughts/comments would be appreciated.

Cheers

 

[ClubMan]

Having looked at the 'best buy' section for the last while I notice that Rabo now has a relatively low rate (3.75%) compared to the competition.

Not quite correct - 5% on up to €10K and 3.75% on any amount over that.

I am wondering if it would be worth my while transferring the lump sum into one of the other deposit accounts or should I just start drip feeding the money into a couple of regular saver accounts?

You can probably get a better rate on your money by spreading it across several high rate deposit account institutions (e.g. FA, NR, Rabo etc.) and opening multiple accounts where necessary/applicable. Regular saver accounts may be appropriate too but be careful about the terms & conditions as some are more restrictive (on access, changing lodgements , rate guarantees etc.) than others (e.g. EBS seems to be the most flexible).

Perhaps you should be looking at diversifying into investments other than just deposit savings?