Rabo Direct- question on interest rate + payments

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thespecialon

Registered User
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Just opening a Rabbo savings account-2 questions
Firstly is says rate of 4.75% until dec 2007 with Standard variable rates applying after that - what is the standard variable rate usually? or right now for example?

Also just wondering when do they pay interest on deposit every month,3 months, year?
 
thespecialon said:
Just opening a Rabbo savings account-2 questions
Firstly is says rate of 4.75% until dec 2007 with Standard variable rates applying after that - what is the standard variable rate usually? or right now for example?

Also just wondering when do they pay interest on deposit every month,3 months, year?
Click to expand...

Variable rate is 3.7% at the moment. Also, just in case you weren't aware the 4.75% only applies to the first €10,000 in your account. It's 3.7% on the rest. At the start they were increasing there rate at .20% for each .25% the ECB put the rates up by. Lately it's been .10% for every .25%.

3.7% is still ahead of ECB at 3.5% (although not from next month when ECB will be at 3.75%)

Current rates listed here [broken link removed]
 
thespecialon said:
Just opening a Rabbo savings account-2 questions
Firstly is says rate of 4.75% until dec 2007 with Standard variable rates applying after that - what is the standard variable rate usually? or right now for example?

Also just wondering when do they pay interest on deposit every month,3 months, year?
Click to expand...

Just out of curiosity, how long did it take to set up (once you had sent in supporting documentation)?

I've sent in details a while ago and am still awaiting response.

cheers
 
Like the OP, i am confused about their rates after 07 and wordings, not that i have €1million+ to invest with them anyway

This is what's stated on Rabo site
* RaboDirect offer a rate of 4.75%* (Variable. CAR) on balances up to €10,000.
** RaboDirect offer a rate of 3.70%** (Variable CAR) on balances from €10,000 up to €1 million. And a rate of 2.70% (Variable CAR) on balances over €1 million.
All rates effective from 01.01.07 to the 31.12.07.
Standard variable rates apply thereafter. DIRT deductible.

So, is the standard rate 3.70% or 2.70% or something else ???
 
River said:
Just out of curiosity, how long did it take to set up (once you had sent in supporting documentation)?

I've sent in details a while ago and am still awaiting response.

cheers
Click to expand...

Over the last number of weeks we have been experiencing an increased volume of customer applications. We have taken on additional staff to cope with these volumes and are working through a small backlog of accounts. It takes a short while for the staff to be trained on processes and systems but we're getting back on track now. Sincere apologies for the delay in opening your account.

Clarification of rates:
Example: say you want to save €18,000 in a RaboDirect Savings Account.
You would earn 4.75% on the first €10,000 and 3.70% on the remaining €8,000. If you did have a balance of €1m over more, you would receive 2.7% on the amount over €1m.

Regards,
RaboDirect
 
bacchus said:
Rabo was to clear back log by the week-end of the 10/11th February as you stated here .!!!
Click to expand...

We have halved the current backlog so we are making good progress. To be honest a major contributory factor is the number of customers who send us incomplete applications, ie, don't fulfill the Anti-Money Laundering regulations by sending in photocopies instead of orginals, documents that are out of date, not sending in the correct number of documents etc. This doubles our handing time of applications. We have taken on addtional staff and more temporary staff joined on Monday so we are confident of clearing the remaining backlog by next week.

We will be submitting a proposal to the Financial Regulator re AML guidelines as we feel that they are too restrictive, inhibit customer switching and are don't adequately accommodate businesses operating on a non face-to-face basis.

Regards,
RaboDirect
 
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