# Rabodirect 6 Month Fixed Rate Saving Account



## Noor77 (10 Jun 2008)

I have  a couple of thousand on deposit with Rabodirect. Does anyone know if I can swap the amount over to their new 6-month fixed rate account?

Thanks


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## ClubMan (10 Jun 2008)

Of course. Why do you think that you can't? [broken link removed] are offering a better rate over 6 months - 5.35% versus _Rabo's _5.25%. Both gross _CAR_. Read the terms & conditions of both in case there are any significant differences. But maybe for the sale if 0.1% it's handier for you to stick with _Rabo_?


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## Noor77 (10 Jun 2008)

Thanks Clubman. I just thought that maybe it was only open to new Customers or something .... banks are very good at limiting their offers!!!


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## ClubMan (10 Jun 2008)

But _Rabo _are the _Straight Talking Bank™_ with _No Sneaky Stuff®_. But seriously...


> *RaboDirect Term Deposit Account*
> 
> *5.25%* for 6 months - guaranteed!*
> If you're looking for a guaranteed rate of interest you'll do well to open a RaboDirect Term Deposit Account. From Monday the 9th of June 2008, we'll be offering *5.25%*
> ...


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## Noor77 (10 Jun 2008)

Thanks Clubman! I'll get on to that )

By the way - speaking of straight talking banks.... has anyone rung the Postbank helpline? The answer machine says " Unfortunately we are one of those banks with a phone menu option ..."


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## supe (10 Jun 2008)

Hi.

Just a query in relation to Rabo's 6 month deposit account. I'm new to all this so forgive me if this is a silly question.

Say for example if i lodge €10,000 into a 6 month term deposit account does this mean at the end of the 6 months i have earned €420? (€525 less 20% DIRT).

thanks.


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## MugsGame (10 Jun 2008)

Half that, as 5.25% is per annum.


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## z109 (10 Jun 2008)

supe said:


> Hi.
> 
> Just a query in relation to Rabo's 6 month deposit account. I'm new to all this so forgive me if this is a silly question.
> 
> ...


5.25 is the AER (annual equivalent rate) so you will earn half that for a six month deposit.

edit: Doh - too slow!


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## Welfarite (10 Jun 2008)

Any help?

*RaboDirect Term Deposit Account**Term**Interest**
> €500
1 month4.34%
2 months4.51%
3 months4.75%
4 months4.78%
5 months4.81%
6 months: €500 - €200,0005.25%
6 months: €200,000+4.85%
7 months4.94%
8 months4.99%
9 months5.05%
10 months5.10%
11 months5.16%
1 year5.20%
2 years5.55%
3 years5.53%
4 years5.46%
5 years5.38%
* Term Deposits 1 - 11 months, Fixed, CAR. Term Deposits 1 - 5 years, Fixed, Gross Rate.


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## supe (10 Jun 2008)

Thats what I wasn't sure about. thanks for clearing it up for me.


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## RaboDirect (10 Jun 2008)

Noor77 said:


> I have a couple of thousand on deposit with Rabodirect. Does anyone know if I can swap the amount over to their new 6-month fixed rate account?
> 
> Thanks


 
Absolutely no issue with doing this. As an existing customer you can set up your own term deposit in the secure banking site. 

Please note that you would be entering into a contract for 6 months - if you require access to your funds sooner than this you would have to break your contract which would incur a break cost. The size of the break cost depends on how close the contract is to maturity.

RaboDirect


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## Noor77 (10 Jun 2008)

Could I put some of it in the fixed rate account and leave the rest where it is - in case I need to access some?

Thanks


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## Welfarite (10 Jun 2008)

Noor77 said:


> Could I put some of it in the fixed rate account and leave the rest where it is - in case I need to access some?
> 
> Thanks


 

Of course, the minimum you can put in is 500.


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## ClubMan (10 Jun 2008)

No offence but you could probably save yourself a lot of time by just reading the product descriptions and terms & conditions which are online.


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## Mit55 (10 Jun 2008)

I'm an existing customer and when I click on new term account, the only option I see is to transfer money between my savings a/c and my current a/c. 

How do get money into a term account? Does this need to be set up first?


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## RaboDirect (10 Jun 2008)

Mit55 said:


> I'm an existing customer and when I click on new term account, the only option I see is to transfer money between my savings a/c and my current a/c.
> 
> How do get money into a term account? Does this need to be set up first?


 
In the secure site left hand menu choose: 'Term Deposits'.
Then click on 'New Term Deposit'. This should bring you to a screen that asks you to input the amount of your term deposit. 
The next box asks you which account you intend funding the term deposit from, ie, you need to have funds in your RaboDirect Savings Account. You cannot fund your term deposit directly from an external account. 

Example: set up a €10,000 term deposit for 6 months. 
Amount: 10,000
From account: choose your RaboDirect Savings account from the drop down list

To account: choose your RaboDirect Savings account. This will be the account that the term deposit money will be sent to when the term expires.

Pay interest to account: choose your savings account. This will be the account that the interest (less DIRT) will be paid to. 

Renewal characteristics: this option allows you to automatically renew the term deposit on maturation or not. 

If you need any more assistance please feel free to contact the Customer Contact Centre and they will walk you through the steps if you need any help. 

RaboDirect


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## GeneralZod (10 Jun 2008)

Can I make a series of term deposits so that a few will be held in parallel with the terms expiring on different dates?


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## RaboDirect (10 Jun 2008)

GeneralZod said:


> Can I make a series of term deposits so that a few will be held in parallel with the terms expiring on different dates?



If you create a term deposit today it will be expire in 6 months time. You cannot forward date a term deposit. So you would need to create a term deposit over the next few weeks to have them expire on future dates. 
We do offer terms for greater than 6 months, eg, [broken link removed]

RaboDirect


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## MugsGame (10 Jun 2008)

To rephrase what I think is Zod's question, can someone hold multiple separate term deposit accounts concurrently, perhaps opened at different times?


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## RaboDirect (10 Jun 2008)

MugsGame said:


> To rephrase what I think is Zod's question, can someone hold multiple separate term deposit accounts concurrently, perhaps opened at different times?



yes


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## GeneralZod (10 Jun 2008)

MugsGame said:


> To rephrase what I think is Zod's question, can someone hold multiple separate term deposit accounts concurrently, perhaps opened at different times?



Yes. That was the question. Asked because I'll be emptying out a few other accounts to put into this and it will take a while to put them all through.
Thanks for answer Rabo.


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## Noor77 (11 Jun 2008)

Just to let you know - I have managed to set up the term account without any problems.

Thanks

Noor


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## Lossy (11 Jun 2008)

I have just today set up *3 x* term accounts, from my savings account, for 2,3 and 6 months respectively (Don't like locking all my money away for 6 months  ). It couldn't have been easier.


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## annR (2 Jul 2008)

MugsGame said:


> Half that, as 5.25% is per annum.



So what's the point in opening one of these term accounts if it's going to earn less than the normal Rabo deposit account?


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## ShaneMc (2 Jul 2008)

annR said:


> So what's the point in opening one of these term accounts if it's going to earn less than the normal Rabo deposit account?


 
The rate on this is 5.25% per annum and the rate on the savings account is 4.3% per annum. So for 6 months on this you will get 2.625% and for 6 months on the savings account you get 2.15%


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## ClubMan (2 Jul 2008)

annR said:


> So what's the point in opening one of these term accounts if it's going to earn less than the normal Rabo deposit account?


Your comparison is not valid. You have to compare like with like - see this post for example.


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## adox (7 Jul 2008)

If I move  a lump sum from my regular Rabo savings account to this new fixed term account, will I still get the interest earned in the first 6 months of this year from the original savings account?

Interest is calculated at the end of the calender year, so for example if I had a balance of 10k in my regular savings and moved 8k to the fixed term in July will I still get 6 months interest on a balance of 10k, even though my balance on the account at the end of the year will show 2k?


Thanks.


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## declanh (7 Jul 2008)

adox,
   Rabo's "Savings FAQ" says:
 You receive interest from the same day as the clearing processing *date money is deposited*. If you withdraw money, you receive interest right up until your money leaves your account.


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## adox (7 Jul 2008)

declanh said:


> adox,
> Rabo's "Savings FAQ" says:
> You receive interest from the same day as the clearing processing *date money is deposited*. If you withdraw money, you receive interest right up until your money leaves your account.




Thanks a lot Declan.

I did try looking on their site but obviously not hard enough.


Thanks again for the help.


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