# Rabo Cut Instant Access Rate



## Lightning (5 Jul 2012)

This probably deserves it's own thread, given the amount of prior discussion of Rabo rates. 

Rabo have cut their top tier instant access rate from 3.10% to 2.75% up to 20,000 EUR.
Rabo have cut their lower tier instant access rate from 2.40% to 2.15% above 20,000 EUR.

A drop of between 0.45% and 0.50%. Applies from 5 September 2012.

Today, the ECB cut the key rate by 0.25%. 

More in the best buy thread.


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## Alexmartin (15 Jul 2012)

cashier said:


> I guess they are respondng to the ECB cut, they were wuick off the mark in doing this.  A few short years ago Rabo were paying 5% on deposits, one of  the best in the market.  I think for an internet only bank they could be doing  alot better for theri depositors, I left them a year or so ago.



Time to say goodbye to Rabobank for me now.


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## 22+allin (15 Jul 2012)

+ 1 Don't all pull your money out before I take mine, please PAT


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## bugler (16 Jul 2012)

I have stayed with Rabo for a few years now even with their rates lagging behind competitors, but this might be the final straw for me also. I was quite pleased when their 'up to €20,000' rate went to 3.10%, but a drop to 2.75% is too much to ignore (I've gone very sensitive to the rates lately). Will probably look at KBC.


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## TomPetty (16 Jul 2012)

Thats a bummer - I had just opened several accounts for family members based on the new higher rate. I will be exiting now too - This rate is too low ..


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## newirishman (17 Jul 2012)

Just checked - The change will only apply from September 12.


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## Lightning (17 Jul 2012)

Yes, as per the best buy thread, 5 September 2012 is the start date for the new rates.


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## Alexmartin (17 Jul 2012)

No time like the present to move though 
No point leaving them til September to find out they have ticked off their customers.  They'll start doing an Ulsterbank and think that their customers will stay no matter how they treat them.


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## newirishman (17 Jul 2012)

CiaranT said:


> Yes, as per the best buy thread, 5 September 2012 is the start date for the new rates.



What I meant to say is that the start date for the new rates is September 12th, 2012, not the 5th.


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## Lightning (18 Jul 2012)

newirishman said:


> What I meant to say is that the start date for the new rates is September 12th, 2012, not the 5th.



Where do you see 12 September 2012?

The [broken link removed] states 5 September 2012.



> Up to 3.10% Variable. Gross/AER* Online Savings On-Demand
> 
> Start saving now for the things you dream of. With the RaboDirect Savings Account you'll get a variable rate of 3.10% Gross/AER* for amounts from €0 to €20,000. A standard variable rate of 2.4% Gross/AER* applies on remaining amounts above €20,000.
> And remember, we don't eat into your online savings with sneaky stuff. How d'ya like them apples!.
> ...


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## newirishman (18 Jul 2012)

I am  looking at their [broken link removed]as well

But your right - your link brings up a page stating Sept 5th. Not sure how you got there in the first place though.

Anyway, I guess a week up or down doesn't make a huge difference ( somewhere in the region of 1.36 Euro difference in gross interest on 20K?)
------------------


*Great Rate*

*3.10% Variable. Gross/AER** on your first €20,000, and *2.40% Variable. Gross/AER** on anything above that. This rate applies to both new and existing customers. We believe that's fair. 

You should know that from September 12th 2012, a variable rate of 2.75%  Gross/AER* will apply on the first €20,000 deposited, a variable rate of  2.15% Gross/AER* will apply to the remaining deposit above €20,000 euro  up to €10 million, and a subsequent variable rate of 0.50% Gross/AER*  will apply to amounts above €10 million.


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## Lightning (18 Jul 2012)

Yeah, it seems some pages on the Rabo website state 5 September 2012 and some state 12 September 2012. As you said, it does not matter much.


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## Manuel (27 Aug 2012)

I have 8,000 Euro that I want to put in a separate account to my current account, as I want to use it solely for some home improvements, and I want to be able to monitor its use, if you know what I mean ...

Looking at the 'Best Buy Instant Access & Notice Deposit Accounts' thread, it still seems to me that Rabo is the best option for me, despite this rate drop, as it has:

- instant access
- online banking

This means whenever I need money for the work done I can just transfer it over to my current account. 

Seems to make sense to me anyway, unless someone can recommend an alternative using my main criteria above ... actually I can't see how often the interest is paid ... will check their website.

/M.


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## Gervan (27 Aug 2012)

Annual, in January, if I'm remembering right. Which would mean you lose out if the Dirt rate goes up before then.
If you are with AIB their online 7 day notice might suit you.


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## Lightning (27 Aug 2012)

Rabo will apply the 2012 DIRT rate to the 31 December 2012 interest.


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## Gervan (27 Aug 2012)

Yes, so if the Dirt rate increases before the interest is paid the depositor loses out.


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## Lightning (27 Aug 2012)

The tax year as at pay date of the interest is what matters.


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## Gervan (27 Aug 2012)

From Rabo Termas and conditions:



> 2.10 Interest is credited to your RaboDirect Savings Account annually. It is credited in January in respect of the previous calendar year.





> The tax year as at pay date of the interest is what matters.



That's what I'm saying too, CiaranT.


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## Berni (27 Aug 2012)

The interest is credited on the 31 Dec, and will appear in the online account on the 2 or 3rd of january.

rabo made a mistake themselves with the rates for 2010 - they deducted DIRT at the new rate of 27% instead of 25%. A couple of days later they reversed the transactions and correctly deducted the 25%

From the email they sent at the time


> Okay. So the truth is?.we messed up. We applied the new 2011 rate of  DIRT tax, 27%, on all personal on demand savings accounts, sole trader  accounts and term deposit accounts maturing on the 31st of December 2010  when we should have applied the 2010 rate of 25%.


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