How will Raisin fare in a falling interest rate environment?
- Thread starter MoolaMgr
- Start date
Same as always, offering slightly better rates than AIB et al
Raisin functioned fine when the ECB deposit rate was negative. Raisin continued to offer better term deposit rates than Irish banks.
Hence, Raisin will function fine with lower rates. But obviously the lower rates get the less some customers will be willing to lock their money away.
Hence, Raisin will function fine with lower rates. But obviously the lower rates get the less some customers will be willing to lock their money away.
Brendan Burgess
Founder
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- 54,575
If one bank is offering 4% and the other 0.4% , some with switch.
But if the difference is only 1%, most people won't bother.
But if the difference is only 1%, most people won't bother.
The differences right now between Raisin and a "regular" bank are still significant - e.g.:
Raisin (HoistSparen) 3.12% versus BOI 1%
Raisin (A&G Banco) 3.3% versus AIB 1.5% (6 months)
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Best Buy - Term Deposits (Fixed Lump Sum Savings)
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If the raisin rates are flagged as going down with a bank from 2nd of Jan, does this mean the account needs to be opened and all the money fully transferred before 2nd of Jan? Or is it okay to open it and then transfer the money on the 2nd and 3rd of Jan? Does anyone know?
Fairly sure that both the account needs to be opened and the transfer occurred before the rate change date.
Sometimes the account opening process can take a few days. And there is a bank holiday to factor in too.
Hence, it is tight at this stage to get the old rates before 2 January rate changes.
Sometimes the account opening process can take a few days. And there is a bank holiday to factor in too.
Hence, it is tight at this stage to get the old rates before 2 January rate changes.
The difference between AIB’s 2-year rate and the best 2-year rate on Raisin is now only 0.12%.
I’m sure many would conclude that the hassle of opening and managing another account, making tax returns, etc., is simply not worth it for that modest difference in rates.
I’m sure many would conclude that the hassle of opening and managing another account, making tax returns, etc., is simply not worth it for that modest difference in rates.
Can you open the AIB account without another feeder (e.g. current or deposit) AIB account?
Already have raisin accounts so don't need to set it up and will be doing a tax return for the other raisin accounts anyway. It's a few clicks with raisin vs taking an hour or so off work to go in branch and do it with AIB
Already have raisin accounts so don't need to set it up and will be doing a tax return for the other raisin accounts anyway. It's a few clicks with raisin vs taking an hour or so off work to go in branch and do it with AIB
This suggests that you need an AIB account from which to pay into the fixed term/rate deposit account?
charlie007
Registered User
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- 307
I opened a BOI SuperSaver account last May and had no other BOI accounts.
It's fed by my AIB Current Account.
Yes. There is a AIB regular saver, that you can set up with a Current account. €1000 per month from 'personal deposit account'. Maximum of 4 such accounts. App access
There is also a BOI account, that does not require a Current account. It can be set up over the phone. €2500 per month maximum. 2 of such accounts per person. No app access, just phone.
Flybytheseat
Registered User
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I think I'll stick with my three AIB regular saver accounts (each spaced 4 months apart) which pay 3% interest. Allows me to put all my day to day spending on my AIB credit card and avail of up to 6 weeks interest free while earning deposit account interest. I can instantly transfer from the AIB regular saver accounts to my current account if I see a direct debit, standing order or credit card payment about to hit so I keep my current account balance well below €1K. Far less hassle than dealing with foreign banks / Raisin & Revenue for a paltry .1% interest premium not to mention the 6 weeks free credit I get with my AIB credit cards.
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