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Banking Maximizing Interest

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  • 27-04-2008 12:34am
    #1
    Sqaull20
    Registered Users Posts: 2,044 ✭✭✭


    Currently have an account with Bank Of Ireland with a decent amount in it, what I am hoping to do on monday ( day off ) is to open a few accounts at different banks to earn, maximum money for my money...

    Plan so far is to

    1:Is to open account with Rabo Direct and use 95% of the cash from Bank of Ireland account and earn 4.3% interest on it...

    http://www.rabodirect.ie/savings-ireland/default.aspx

    2: Switch from Bank Of Ireland to Halifax and earn 10% interest on my wages payed in every month

    http://www.halifax.ie/index.jsp?pID=94&nID=520

    All going well that would be nearly 15% interest on my wages and savings per year...

    Can someone help me do better?

    Is their much hassle switching credit cards over too?

    Thanks


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    #2
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    Your maths needs a bit of work. 4.3% on one sum and 10% on another certainly doesn't give 15% on the lot.


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    #3
    Fremen
    Registered Users Posts: 2,481 ✭✭✭Fremen


    Step 1: Open 1,000 accounts
    Step 2: Earn 5% interest on each
    Steo 3: 5,000% interest! Profit!


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    #4
    Sqaull20
    Registered Users Posts: 2,044 ✭✭✭Sqaull20


    Sean_K wrote: »
    Your maths needs a bit of work. 4.3% on one sum and 10% on another certainly doesn't give 15% on the lot.

    Its late :D

    I did say nearly


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    #5
    Sqaull20
    Registered Users Posts: 2,044 ✭✭✭Sqaull20


    Fremen wrote: »
    Step 1: Open 1,000 accounts
    Step 2: Earn 5% interest on each
    Steo 3: 5,000% interest! Profit!

    Or 1 account with 5% :p


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    #6
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    I think you need to sit down and think about this one again!

    First, redo the math as it is a way off.

    Second - Forget Rabo. Biggest bunch of liars when it comes to telling you how great their interest rate is. It's ****e! AIB, First Active and Halifax all pay a way more (>5%).

    That bar chart they show is laughable (and I would have thought illegal as it is grossly misleading advertising). Stay away from these bunch of crooks.


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    #7
    eclectichoney
    Closed Accounts Posts: 4,291 ✭✭✭eclectichoney


    Op it's around 7% as an unweighted average but obviously you would need to weight it to get a meaningful average return. Not to mention knocking 20% off (not 20 percentage points though! :P) for DIRT

    Bear in mind the Halifax current account is only up to €2000 i think, so that would be a max of €200 a year (less DIRT of course)


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    #8
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Sqaull20 wrote: »
    Currently have an account with Bank Of Ireland with a decent amount in it, what I am hoping to do on monday ( day off ) is to open a few accounts at different banks to earn, maximum money for my money...

    Plan so far is to

    1:Is to open account with Rabo Direct and use 95% of the cash from Bank of Ireland account and earn 4.3% interest on it...

    http://www.rabodirect.ie/savings-ireland/default.aspx

    2: Switch from Bank Of Ireland to Halifax and earn 10% interest on my wages payed in every month

    http://www.halifax.ie/index.jsp?pID=94&nID=520

    All going well that would be nearly 15% interest on my wages and savings per year...

    Can someone help me do better?

    Is their much hassle switching credit cards over too?

    Thanks

    Easysaver - http://www.bankofireland.ie/personal/savings_and_investment/savings/easysaver/index.html and Credit Interest - http://www.bankofireland.ie/personal/day_to_day/current_account/standard_account/index.html#creditinterest TBH

    Forget about the Halifax. If you're going to join a bank join a proper one. As well, remember your credit history doesn't come with you so think long and hard about moving banks if you must.


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    #9
    escobar
    Closed Accounts Posts: 283 ✭✭escobar


    There's a cap of 2000 on the Halifax current account giving you 200 less dirt. Not exactly gonna buy you your yacht... Rabo is probably the best but with alot of European banks are in financial trouble I'd check into their financial state . You wouldn't want a rerun of the Northern Rock scenario.....


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    #10
    eclectichoney
    Closed Accounts Posts: 4,291 ✭✭✭eclectichoney


    escobar wrote: »
    There's a cap of 2000 on the Halifax current account giving you 200 less dirt. Not exactly gonna buy you your yacht... Rabo is probably the best but with alot of European banks are in financial trouble I'd check into their financial state . You wouldn't want a rerun of the Northern Rock scenario.....

    Rabo are the only AAA bank in Ireland! The rate isn't the best but the security is higher than average so I guess it's a trade off.


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    #11
    collie77
    Closed Accounts Posts: 9 ✭collie77


    Step 1. Open Bank Account
    Step 2. ?
    Step 3. Profit.


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    #12
    Thomas_S_Hunterson
    Closed Accounts Posts: 6,151 ✭✭✭Thomas_S_Hunterson


    eclectichoney wrote: »
    Rabo are the only AAA bank in Ireland! The rate isn't the best but the security is higher than average so I guess it's a trade off.

    Yea, at the heart of it, I suppose, the reasons some banks can afford to pay more interest is because they are making riskier more profitable investments, so it's that eternal trade-off.


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