Placing Self Build stage payments in Rabodirect A/C

S

Salmon

Registered User
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Hi All,

I hope this is in the correct place. Please feel free to move it if its not! Anyway heres the story, Im building a new house at the moment and the funds are released in a series of 6 stage payments. I will be paying for some things over a period of time and dont think i'll need access to the funds all at once. I will however be paying interest on the full amount of the stage payments issued to date. I was thinking of placing the funds in a rabodirect account each time they are issued in order to earn interest and offset some of the mortgage interest i will be charged. Can anyone see any problem with this idea? Will it give me access to my money within 2-3 days for paying house building bills?

Thanks in advance for any advice!
 
If you place your funds in a RaboDirect Savings Account you will have full access to your funds, ie, on demand. All transactions are conducted online. There are no penalties for withdrawal. You can transfer your funds to any third party domestic Irish bank account. There is no need to pre-register the third party account and no limits on outbound transactions. For example, if you transfer funds on Monday before 12 noon it will in your 3rd party account on Tuesday.

From Jan 1 the following rates apply:
€0 - €10,000: 4.75%
€10,001 - €1,000,000: 3.70%
€1,000,000+ : 2.70%.

The above variable rates are on demand and valid from Jan 1 - Dec 31 2007. Interest is subject to DIRT. Rates are Compound Annual Rate (CAR).

Hope the above is of some assistance to you.

Kind regards,
RaboDirect
 
I presume this is an official posting by Rabodirect. The site staff do seem pretty good at weeding out unwanted posts!

But my question is... How come Rabodirect have not made this information on new rates available to existing customers. There has been no notice that rates will be increased from 3.7% (present rate)

Please explain.
 
RaboDirect staff members only post using this log-in name. An official rate announcement will be published on Tuesday December 19.

Regards,
RaboDirect
 
Will customers earn 4.75% on the first 10 grand and 3.7% above and beyond that or 3.7% on the lot if you exceed the 10 grand limit.
Seems ludicrous to "penalise" people for being better customers.
 
Thanks RaboDirect for the info -- I've updated the Best Buys.

The increased headline rate is probably aimed at maturing ACC SSIA money. Strange that the rate for amounts over €10,000 is unchanged -- even NIB offer 4% on amounts over €20,000. As for the "penalty" on amounts over €1m, even Irish Nationwide offer 4% on on €250,000 to €2m maximum. I wonder if these accounts will make it into RaboDirect's own comparison table?
 
RaboDirect said:
RaboDirect staff members only post using this log-in name. An official rate announcement will be published on Tuesday December 19.

Regards,
RaboDirect
Click to expand...


Have RaboDirect posted any announcement? I don't see any update on their front page or in their press release section.
 
RaboDirect said:
For example, if you transfer funds on Monday before 12 noon it will in your 3rd party account on Tuesday.
Click to expand...

...Not in my experience. It took almost 2 days to go from my Rabo-Direct account to my BOI account.

I would commend them their security requirements needed by the user to access the website though.
 
It took almost 2 days to go from my Rabo-Direct account to my BOI account
Click to expand...

I've experienced similar delays recently between AIB and Rabo, whether using Rabo or AIB to initiate the transaction. The delay wasn't excessive given Irish banking, but Rabo's literature raised my expectations. Plus AIB transfers to other banks (e.g. Anglo, NIB) now show up next day (provided they are made before 1pm) so I'm not sure what's going on between them and Rabo.
 
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