New Rabo savings rate of 4.75%

[Sarsfield]

I still think I was probably correct in my earlier post, but have to agree it's not at all clear.

Balances from €10,000 up to €1 million will get a variable rate of 3.70%** on their savings

A rigid interpretation of that says a balance of 10,001 will earn 3.7%. But I'm sure they can't have meant that.

 

[ClubMan]

A rigid interpretation of that says a balance of 10,001 will earn 3.7%. But I'm sure they can't have meant that.

I wouldn't be so sure until Rabo can give clarity one way or another!

 

[RaboDirect]

Clarification as requested:
Existing and new customers will earn a variable rate of 4.75% on demand on the first €10,000, ie, €475 before DIRT.
Thereafter, balances from €10,001 up to €1 million will earn a variable 3.70% on demand. Balances in excess of €1 million attract a variable rate of 2.70% on demand.

This is a tiered rate structure.
For example: a customer has a balance of €15,000:
The first €10,000 earns 4.75%
The remaining €5,000 earns 3.70%.

This tiered rate structure will be in place from Jan 1 - Dec 31 2007. The rates are variable. We don't flag in advance what we will do with our rates due to commercial sensitivities. However, RaboDirect has been a very strong competitor since it launched in Ireland and will continue to be so.

I trust this clarifies the matter.

Regards,
RaboDirect

 

[DrMoriarty]

RaboDirect, someone in your marketing dept. should really get around to updating the (presumably expensive?) banner ad at the top right of the Irish Independent ... which still boasts a juicy !

 

[bacchus]

Existing and new customers will earn a variable rate of 4.75% on demand on the first €10,000, ie, €475 before DIRT.
Thereafter, balances from €10,001 up to €1 million will earn a variable 3.70% on demand. Balances in excess of €1 million attract a variable rate of 2.70% on demand.

so the more i save, the less i get ....