Interest on Rabo Fixed Term Deposit

M

maxwl

Registered User
Messages
22
Hi.
I just thought I'd ask here first before asking Rabo about my query.

I put €25,000 into a 5.25% Rabo fixed term deposit back in June and this has now matured. A couple of days ago, at the end of the term, they put the €25,000 back into my Rabo savings account along with €539.34 interest.

Acording to my calculations the interest should amount to approx. €656.25 which is the principle * 5.25% / 2. Is this too simplistic and am I missing something? I don't believe they have deducted DIRT at this point as there is no mention of tax and I assume this will be deducted from my deposit account overall on 31 December.

Thanks for any help

Edit
Upon closer examination of my account I see that the DIRT has in fact been deducted. Thanks
 
If your interest received after DIRT figure is correct then it looks like they overpaid you. :)

You should have got €525 interest after DIRT.

€525 = [€25,000 * 5.25% / 2] * 0.8

About two weeks ago I had a Rabo 6 month term account at 5.25% gross mature and it paid out exactly the right amount.
 
I also had one and took amoun was right and that they took off the dirt. Would anyone know if the interest rate is at the same rate if I took out a new one now?
 
sue_flaherty said:
Would anyone know if the interest rate is at the same rate if I took out a new one now?
Click to expand...

Not if you go with Rabo. Rabo are no longer competitive with interest rates.

Are you looking for a 6 month term deposit? I think the best rate for 6 months is now 5.35% with Anglo Irish. ( Investec seem to have closed their offer)
 
GeneralZod said:
If your interest received after DIRT figure is correct then it looks like they overpaid you. :)

You should have got €525 interest after DIRT.

€525 = [€25,000 * 5.25% / 2] * 0.8

About two weeks ago I had a Rabo 6 month term account at 5.25% gross mature and it paid out exactly the right amount.
Click to expand...

Maybe they have overpaid. I won't complain.
The gross interest is €674.18. DIRT is €134.84 which gives €539.34.

This figure seems to equate to 188 days which is a few days over 6 months.

Thanks again
 
had been a bit wary of anglo irish before - but now they have been bailed out would take it that they there is nothing to worry about now. will check out rates in new year
 
sue_flaherty said:
had been a bit wary of anglo irish before - but now they have been bailed out would take it that they there is nothing to worry about now.
Click to expand...

Your 6 month term deposit is 100% state guaranteed.

will check out rates in new year
Click to expand...

Don't wait too long. A lot of banks are likely to cut rates in early January after their year ends and after another expected ECB cut.
 
maxwl said:
Maybe they have overpaid. I won't complain.
The gross interest is €674.18. DIRT is €134.84 which gives €539.34.

This figure seems to equate to 188 days which is a few days over 6 months.
Click to expand...

The Rabo on-line access has a "Matured Term Deposit details" list that should show the exact start and maturity dates.
 
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