Deposit Saving - in a nutshell-have i got this right?

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smarthinking

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I have 10,000 to save, and want to save it in a deposit account. The best deal at the moment seems to be: put 10,000 into the 5% rabo account, and drip 750 Euro per month into Halifax (7%) or AIB (7.1%). Halifax may be better as you can withdraw money etc.
In a nutshell, is the above the best option?
 
Ye Rabo would be the best to put €10k on deposit. You can withdraw from both but can only save max €300 with AIB. If you open a current account with Halifax you will earn 10% up to €2k as long as you put €1500 in every month.
 
A rabo account may not be a suitable "feeder" account for the other 2. i.e. I'm not sure if you can set up direct debits from it. In the case of AIB, it may even have to be an AIB current account (which in turn may only be free if your salary is being paid into it).
 
AIB current a/c is only free if you use internet banking and your laser card every quarter, you only require your salary (or any €1500 for that matter) if you want the high interest current a/c, I'm pretty sure you need an AIB a/c to have a regular savers a/c with them. Halifax give free banking on everyday transactions, you don't need an account with them to set up their savers a/c. I have a AIB high interest a/c with my wages paid into it and a AIB regular saver a/c. I intend opening a Halifax a/c on Monday which I will move money in and out from either my Rabodirect a/c or AIB a/c monthly so €1500 goes in to qualify for 10% interest! You can only do Rabo transfers and Rabo money movers to one current a/c as far as I know, or maybe its just if you can prove that that a/c is in your name i.e send them in your statement, does anyone have their Rabodirect a/c working with 2 external current accounts?
 
In my experience with Rabo, it is not correct that you can only transfer to one current a/c. I have transferred to both AIB and ANGLo from Rabo. I did not have to produce any evidence on my Anglo account, just gave the bank code and my account number. I did have to produce a bank statement when opening my Rabo account, but this is a requirement with any financial institution to comply with government regulations I believe.
Mary
 
aishling said:
You can only do Rabo transfers and Rabo money movers to one current a/c as far as I know, or maybe its just if you can prove that that a/c is in your name i.e send them in your statement, does anyone have their Rabodirect a/c working with 2 external current accounts?
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Not correct. I've transferred money from my Rabo to several current accounts that aren't mine (friends & family).
 
RaboDirect customers can transfer funds to any third party domestic bank account. International payments are not allowed at this time.
You do not need to pre-register the account first. All transactions are electronically signed with your Digipass.
If you transfer funds before 12pm on a working day they should be in the beneficiary account the following day.

The Rabo Money Mover is a separate facility. This can be used to transfer money INTO your RaboDirect account from a specified external account, eg, your main bank current account.
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smarthinking said:
I have 10,000 to save, and want to save it in a deposit account. The best deal at the moment seems to be: put 10,000 into the 5% rabo account, and drip 750 Euro per month into Halifax (7%) or AIB (7.1%). Halifax may be better as you can withdraw money etc.
In a nutshell, is the above the best option?
Click to expand...
 
Aisling you can send a cheque or a bankers draft directly to Rabo direct. In relation to the AIB savings account you do need to open a current or feeder account. But you can do this by opening a feeder account which you do not get laser card etc for and which attracts no fees. Then a direct debit is set up from this account. The AIB current account is a different type of account but if you already have an AIB current account then you would use this rather than open a feeder account.
 
aishling said:
Can you transfer money into a Rabo a/c without using money mover?
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In addition to sending us cheques or bank drafts, you can also lodge money to your RaboDirect account via your primary bank's telephone or internet banking service. But be aware that many banks place daily limits on the amount you can transfer electronically which is why we introduced the Rabo Money Mover.
 
smarthinking said:
Halifax may be better as you can withdraw money etc.
In a nutshell, is the above the best option?
Click to expand...

Have you read the conditions - any money you withdraw that is lodged after the latest anniversary of your account opening date doesn't qualify for the bonus rate so effectively you get 2.5% or something for that amount i.e. save 750 for eleven months you get the reduced rate only. As Clubman says "always read the T&C".
 
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