RaboDirect Savings Rate Change

Monday 19th January 2009: RaboDirect, part of the Rabobank Group and Ireland's only AAA rated deposit taker, today announced that, effective 20th of January 2009 , the rate for its on demand personal savings account will be reduced from 3.45% to 3.00% on all balances from €1 with no upper limit. This follows the most recent ECB rate reduction of 0.50% although RaboDirect is not passing on the full decrease. Its savings rate remains 100 basis points above the ECB rate. For business customers, RaboDirect is now also offering a 3.00% rate on balances from €1.

Commenting, Roel van Veggel, General Manager, RaboDirect, said, "Although some of our competitors appear to be offering higher headline rates, they don't always allow for the flexibility which the RaboDirect Savings Accounts offer.  We cater for lump sum deposits and provide customers with instant access to their money without penalty. There are no fees or charges and the same rate of interest applies no matter how much you have to save. In addition, in the context of the current climate, RaboDirect not only provides a reasonable savings rate option but more importantly we are offering customers peace of mind and security as Ireland's safest bank against a backdrop of national and global turbulence throughout the financial sector."

RaboDirect is part of the Rabobank group which has the same AAA rating as the Irish Government. Rabobank Group is the world's largest privately owned bank. It was recently voted "the world's safest private bank" for the 10th year running by Global Finance Magazine. Measured by its core capital, Rabobank is one of the world's top twenty largest financial institutions. RaboDirect is regulated by the Dutch Central Bank and complies with the Financial Regulator's rules of business and codes of conduct in Ireland. 

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RaboDirect is part of the AAA rated Dutch co-operative Rabobank Group.