5000 saving

drdre · 18-05-2007 6:40pm #1

I have 5k and want to save it.Could you guys let me know who is the best rabo or northern rock.What are your experiences.I would like an option so i can take out the money if i need to in a couple of months

Any comments are welcome as i just have it lying in the credit union.

Marathon_Man · 19-05-2007 8:09pm

Rabo pay the higher rate at the moment.

Have an account with both and never had problems.

drdre · 19-05-2007 8:15pm

Marathon_Man wrote:

Rabo pay the higher rate at the moment.

Have an account with both and never had problems.

So if i invest 5k will i get 5% interest.Do i have to pa any taxes once i take the money out etc.Also it says theres no restrictions for taking money out but has anyone had a problem as i might want to take it out in 6 months.

Sarn · 19-05-2007 8:27pm

You'll have to pay DIRT on your interest like every other bank account (which is deducted at source). I haven't dealt with Rabo but the only delay would be the usual 3-4 days wait for the money to be transferred to your main account (assuming you go for the demand account).

BendiBus · 19-05-2007 8:38pm

I'm also with Rabo. No problems whatsoever. Transferring money in & out is easy and usually takes a couple of working days.

drdre · 19-05-2007 10:51pm

Thanks guys.Can i transfer money directly from my BOI account to my Rabo Savings account or do i need to open their current account.Thanks

Time Magazine · 19-05-2007 11:09pm

Drdre, be sure to check out about any time-limits on interest rates; i.e. note that Rabo's 5% is temporary.

drdre · 19-05-2007 11:24pm

Ibid wrote:

Drdre, be sure to check out about any time-limits on interest rates; i.e. note that Rabo's 5% is temporary.

What do you mean by temporary?

Time Magazine · 19-05-2007 11:57pm

You'd really, really want to start reading up on terms and conditions before you put your money, drdre.

It's not that hard to find. Go to www.rabodirect.ie. Click the big orange box in the centre of the screen that says "5% on Savings" It says, just beneath the bit about 5.0% interest rates that the latest offer is "Effective from 12/03/2007 to 31/12/2007. Standard variable rates will apply thereafter." In other words, the 5.0% may well drop at the end of the year.

Now, this is not a criticism of Rabo. It appears to be an introductory offer and (I haven't read the full details but) I imagine you can withdraw your cash as of January 1st, 2008 and scarper if the interest rate isn't to your liking.

But seriously, at least read some of the small print before you give €5,000 to anyone. In these few quarters post-SSIA, there'll likely be a few offers that aren't as hot as they look.

drdre · 20-05-2007 12:06am

Ibid wrote:

You'd really, really want to start reading up on terms and conditions before you put your money, drdre.

I read those dates before thats why i was thinking of taking the money out in 6 months.

Time Magazine · 20-05-2007 12:23am

drdre wrote:

I read those dates before thats why i was thinking of taking the money out in 6 months.

Good stuff.

drdre · 20-05-2007 10:31am

Ibid wrote:

Good stuff.

Thanks for your help.Once my exams finish next week im going to open a savings account.

information · 20-05-2007 10:42am

drdre wrote:

Thanks for your help.Once my exams finish next week im going to open a savings account.

It takes max 5 minutes to do it online,
print the form and post it,
you will need a copy of your passport and originals of other docs.

heres €20 http://www.rabodirect.ie/dublinchamber/

drdre · 20-05-2007 11:27am

information wrote:

It takes max 5 minutes to do it online,
print the form and post it,
you will need a copy of your passport and originals of other docs.

heres €20 http://www.rabodirect.ie/dublinchamber/

Thanks alot.Also i have a code for 20 euro can i use this code and get toal of 40 euro

. Has anyone tried that before.

Jesus Wept · 20-05-2007 3:42pm

information wrote:

It takes max 5 minutes to do it online,
print the form and post it,
you will need a copy of your passport and originals of other docs.

heres €20 http://www.rabodirect.ie/dublinchamber/

ahhh, why didn't I know of that when I signed up, I did a search and entered a barnados code so the charity got something!

It's almost 2 weeks since I sent off my forms to Rabo, does it normally take this long?

...I'll give them a call tomorrow.

gary the great · 31-05-2007 5:10pm

I have my SSIA in an EBS optimize (they just put it in there when the SSIA expired). I also have a rabodirect account already.

How do I physically go about gettting the money from my EBS optimize account (which I have no online access to) into the Rabo account?

And another thing,Im currently doing some work in the UK and thus being paid sterling into a Lyods TSB accoutn I have set up over there. If i do a DD each month from there into my Raboaccount will I get stung with exchange rates etc?

Blackjack · 31-05-2007 6:35pm

gary the great wrote:

I have my SSIA in an EBS optimize (they just put it in there when the SSIA expired). I also have a rabodirect account already.

How do I physically go about gettting the money from my EBS optimize account (which I have no online access to) into the Rabo account?

And another thing,Im currently doing some work in the UK and thus being paid sterling into a Lyods TSB accoutn I have set up over there. If i do a DD each month from there into my Raboaccount will I get stung with exchange rates etc?

You will probably need to write/fax your EBS branch to get the cash moved.

Cross Border Direct Debits are possible, but I have a feeling that Lloyds won't offer you this.

I opened an account with BOI in the UK, and regularly trasnfer money between the 2, usually by posting a cheque. The rates are reasonable, and the funds are credited pretty quickly. The amounts have been sizeable enough though, so that may account for it. Smaller amounts may attract higher charges/spreads.

5000 saving

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