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The increase will be accompanied by an increase in RaboDirect’s standard rate from 3.70% to 3.75%* on savings in excess of €10,000. The increased rates will benefit both new and existing RaboDirect savings account customers and will be of particular appeal to SSIA lump sum savers. RaboDirect’s savings account is an instant access account with no minimum term, nor minimum deposit, fees or withdrawal penalties or bank charges.
Commenting on the increase, Greg McAweeney, General Manager, RaboDirect said, “RaboDirect offers a straightforward deal to lump sum savers who want to make their money work harder. Our offer is simple – if you want to earn 5.0%* without restrictions, we can give it on balances up to €10,000 through our on demand savings account. You can withdraw some or all of your money at any time without penalties, fees or drop in rate. This is in contrast to other savings products targeting savers which impose severe restrictions in terms of access, number of withdrawals and amounts that can be deposited in a given period.”
“For SSIA Savers with lump sums maturing in 2007, there are limited options for customers to ensure their money continues to work hard for them. While some regular saver products can appear enticing on the surface, the restrictions and lengthy terms and conditions they impose are clearly not in the best interests of the customer,” adds Mr McAweeney.
RaboDirect v Northern Rock
Interest earned on €10,000, €15,000 and €20,000 from 12th March 2007 to 31st December 2007 for both Northern Rock and RaboDirect:
* Rates effective from 12.03.07 to 31.12.07 – 5.0%* on balances up to €10,000, 3.75% on balances from €10,000 to €1 million. Variable CAR. DIRT Deductible. Standard variable rate applies thereafter.
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