RaboDirect Announce 2008 Rates

Ireland's only AAA rated deposit taker, RaboDirect, has announced rates effective from 1 January 2008 for demand and term savings accounts and is also removing the tiered structure for demand accounts.  Balances from €1 to €1 million will now uniformly attract a variable rate of 4.30% which is 0.30% higher than the current ECB rate.  Demand account balances in excess of €1 million will atrract a variable rate of 3.95%. 

Previously, demand account sums in excess of €10,000 attracted a variable rate of 5.0%.  As always, RaboDirect have no lodgement or withdrawal restrictions or complicated rate structures that lack transparancy.  For term accounts RaboDirect is also offering 4.35% for 1 month and 4.50% for 3 months with a minimum deposit of only €500 and no upper limit.  Accounts are not subject to bank charges and term deposits can be rolled over automatically as required.

Commenting, Greg McAweeney, General Manager, RaboDirect said "The aim is to provide for the needs of both lump sum savers looking for instant access through a demand account as well as those who want to benefit from competitive term rates.  RaboDirect continues to provide some of the highest and most transparent savings rates.  We removed the tiered rate structure to simplify our offering and provide better value to sum savers.  Savers can therefore choose to put a lump sum on deposit to which they can have instant access and put a further sum into a term account if they don't require their funds immediately and benefit from an even higher rate of interest.  RaboDirect customers also benefit from the peace of mind that comes with placing their money in Ireland's only AAA rated bank.  We have over 50,000 customers and look forward to welcoming many more customers from the plethora of low interest deposit accounts of the traditional banks".

RaboDirect, Europe's largest online bank is part of Rabobank which has maintained it's AAA rating for over 25 years.