# Rabodirect savings account



## States (14 May 2007)

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.


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## jrewing (14 May 2007)

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.


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## States (14 May 2007)

Thanks jrewing for your help.


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## ClubMan (23 Aug 2007)

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...


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!


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## cerberos (23 Aug 2007)

18 or over


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## ClubMan (23 Aug 2007)

cerberos said:


> 18 or over


Eh? Our nipper is under 2 and an account was opened in his name (with me as guardian/account operator) no problem.


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## LDFerguson (23 Aug 2007)

> ...our two year old is a proud _RaboDirect_ account holder but with daddy's money!


 
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.


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## aircobra19 (27 Aug 2007)

cerberos said:


> 18 or over



More info would be helpful.


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## RaboDirect (27 Aug 2007)

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]


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## aircobra19 (27 Aug 2007)

Thanks for that RaboD. 

For everyone: Whats the advantage in opening an account in the minors name rather than your own.


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## ClubMan (27 Aug 2007)

aircobra19 said:


> For everyone: Whats the advantage in opening an account in the minors name rather than your own.


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.


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## tt225 (11 Apr 2008)

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


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## messyleo (11 Apr 2008)

Where did you see that tt? The rates according to the website are:
[broken link removed]


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## Welfarite (11 Apr 2008)

And here


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## TSThomas (11 Apr 2008)

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


No, they're not  The Rabodirect website lists both 2007 & 2008 Interest rates, you're looking at the 2007 column.


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## Gautama (29 Jan 2009)

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.


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## peterwilson (21 Apr 2009)

Is there rate 3% or 2.25% as in the Best Buys?
Thanks


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## Lightning (21 Apr 2009)

What an old thread 



peterwilson said:


> Is there rate 3% or 2.25% as in the Best Buys?
> Thanks



The rate is 2.25%. 

See http://www.rabodirect.ie/


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## PaulyB63 (2 May 2009)

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??


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## Lightning (2 May 2009)

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??



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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