# Which Regular saver account should I open?



## julia (12 Mar 2007)

I want to continue saving my SSIA money and I cannot decide which is the best institution to use.
I have read the 'best buys' section, I have looked at the websites, I have even phoned the relevant banks, but still I don't know what to do.

I have 250 euro to save and may be able to increase that some months. I can leave it for max 2yrs but also I don't want to be penalised if I miss a payment (as that can happen). I also want to be able to transfer money easily into my existing AIB account.

Is there anyone who could tell me which one to choose between
AIB Regular saver account
Anglo Irish
Northern Rock
Halifax
Rabobank
I would really appreciate some help as I am not great with financial matters and I am trying to make the best decision for myself and my family.

Thanks Julia


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## KalEl (12 Mar 2007)

The accounts with Rabobank and Northern Rock are deposit accounts. Rabo are best for up to 10K...4.75% at the moment before any ECB rate change is passed on. NR are better for any amounts over the 10K.
Obviously you've checked the best buys section so you know the rates.
I went for the Bank of Ireland regular saving product. The rate is not as good but it has less restriction on accessing the money which would seem to suit you?


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## RaboDirect (12 Mar 2007)

The following rates apply to the RaboDirect Savings Account effective 12 March:

All rates are variable CAR, before DIRT
€1 - 10,000: 5.0%
€10,001 - €1,000,000: 3.75%
> €1,000,000: 2.75%

Regards,
RaboDirect


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## KalEl (12 Mar 2007)

RaboDirect said:


> The following rates apply to the RaboDirect Savings Account effective 12 March:
> 
> All rates are variable CAR, before DIRT
> €1 - 10,000: 5.0%
> ...


 
Well done on the 5% but why the paltry .05% increase on balances of 10K-1M?


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## CCOVICH (12 Mar 2007)

Based on the info the OP has provided, the Anglo Irish or AIB option would appear to be the best.

The Halifax account is a bit too restrictive.
The Anglo account is flexible.
The OP already has an AIB account, which is handy for the AIB option.


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## julia (12 Mar 2007)

Thanks for your help


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## long_boy (12 Mar 2007)

I think the BOI is the best, it doesn't get the same attention as the 7% guys but it's the only one that has such a generous guarentee on its rate - ECB+2.75%! Despite what their site still says (6.25%) this equates to 6.5% and will track the ECB +2.75% until July 2008 which is a longer period than most of the other trackers.

It may not offer the ease of transfers as you have to visit the branch to do this but withdrawals aren't an issue otherwise


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## MugsGame (12 Mar 2007)

Market forces should ensure that accounts without a similar guarantee will stay competitive. I believe BoI's site is correct and gives their current rate (The current ECB increase does not take effect until the 14th March.). Their website also says the rate is guaranteed only for the first 18 months. Where do you see July 2008 mentioned? (Not nit-picking -- if the BoI web-site is wrong, I need to correct the Best Buys.).


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## long_boy (13 Mar 2007)

I'm not so sure about the market forces keeping them competitive, they've all put their rates up very high (when compared to ECB) now to get the SSIA money but it's hard to see them maintaing that I would have thought. Yes, you're right about the 18months - I was thinking 07/08 cause I started mine in Jan 07, so this is better again. Didn't realise the ECB rate only came into effect tomorrow though


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## CGorman (13 Mar 2007)

I opened a Halifax account to save €150 a month a few weeks ago. Was very very impressed with their customer service and the staff were exceedingly helpful. I'm saving for about 2 years too and don't find the product that restrictive at all. 

As for market forces, I would imagine that of all the banks, Halifax would be the most likely to try and keep their rate high, given that they are new to the market and are very keen to win business from the incumbants.

Additionally, now that I have an account with Halifax, it is relatively easy for me to gain access to their other products and its particularly advantagous if I go to seek a loan from them down the line (I feel that on the whole their range of products are, and will remain, more attractive than BOI/AIB/PTSB over the next few years).


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## tyvi (13 Mar 2007)

just wondering what "variable CAR" is? how does it differ from AER?


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## Seagull (13 Mar 2007)

AIB are currently offering a regular savings account at ECB +2.5%. That rate is guaranteed until the end of the year.


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## Nemesis (13 Mar 2007)

Halifax might have caught most attention by having the highest rate for some time but I was less than impressed with their decision not to extend the higher rate to existing regular saver customers last October. I understand there was a lump sum component to that account but they could still have offered the higher rate to those existing customers on their future regular contributions. It doesn't inspire confidence that they'll keep the best rate once all those people with maturing SSIAs have signed up for their new saving account and moved on to think about other things. Add to that, their concern with making distinctions between the interest and the bonus rate of interest and associated conditions, it just turns me off.

Of course, they could prove me wrong and keep the best rate going forward but that's just not the impression they've left with me. The other banks' offerings seem more attractive at the moment.


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## CGorman (13 Mar 2007)

Nemesis said:


> Add to that, their concern with making distinctions between the interest and the bonus rate of interest and associated conditions, it just turns me off.



I would note that both AIB and [broken link removed] go to equal lenghts as Halifax to make the bonus element distinct.


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## Nemesis (13 Mar 2007)

CGorman said:


> I would note that both AIB and [broken link removed] go to equal lenghts as Halifax to make the bonus element distinct.



Where precisely do AIB or BOI make a distinction between one rate and another bonus rate? The BOI link you posted refers to a lower rate for a maturing SSIA balance but all new savings get ECB + 2.75% for 18 months. It's very clear and there's absolutely no petty distinctions made between one rate and a different bonus rate. Similarly, I see no distinct bonus element mentioned in the terms and conditions for the AIB regular saver account either. So I really don't see how you can say they go to equal lengths on this. Halifax appears quite unique among the regular saver accounts when it comes to such a distinction.


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