We tell it like it is!

We’re not going to tell you we have the highest rate in the market because the truth is, we don’t. What we do offer is an on demand savings product that’s really clear. You get a flat rate from €1. You can deposit lump sums. You really do have instant access to your money. The rate doesn’t drop if your balance falls below a certain level.  There are no penalties for withdrawals and your money is with one of the safest banks in the world, Rabobank. 

There are higher rates out there for sure. But sometimes some of these higher rates, not all, aren’t what they seem. You’re clued in and we know you shop around so at the end of the day, it’s entirely up to you as to where you save your money. 

But we just wanted to highlight a few of the things you should look out for when evaluating the best place for your savings. And maybe now you’ll understand why we talk about the ‘sneaky stuff’ so much!

Watch out for the sneaky stuff!

You’ll want access without penalty

It’s important, particularly these days, that you can get at your cash whenever, without penalty. Some competitors restrict access entirely, drop the interest rate if more than a certain number of withdrawals are made or fail to pay bonus interest if you withdraw your money within a certain time period. How annoying. Particularly if they promote these products as instant access!

What about lump sum deposits? 

You may be lured in by the higher headline rates, but make sure you’re clear about what amount the rate applies to. Some of the higher rates can often be associated with monthly savings products. Because the maximum amount you can save monthly is €300, for example, you can’t deposit a lump sum. Plus the interest earned will be less because you are restricted by the amount you can save per month.

I need how much to start?

Again, with some savings accounts you’d need to be Rockerfella before you get anywhere near the rate on offer. Ok maybe a slight exaggeration.  €20,000 is often the minimum balance required to start off.  But make sure the product suits you and the savings you may already have available to you. And if you need to access your money quickly, make sure it’s not locked away in a fixed term account.

How safe is my money?

Check out the credit rating of the institution that you’re putting your money into and under which jurisdiction and guarantee scheme they fall. It’s important that you have a very balanced view of the bank you're dealing with.

Maintaining Balances

Some products require you to maintain a certain balance in your savings account in order to secure the rate on offer. And if it falls below that amount, you might only receive a rate of 0.10% for example. Nasty.

Fees and Charges

Nobody wants to have to pay banking fees and charges these days. Are they having a laugh? So make sure you read the small print on the charges associated with the savings account you have chosen. Mind you, you will have to do a bit of digging in their terms and conditions to find them or even have to pop into a bank branch to pick up a copy of their leaflet. And then, of course, be able to make sense of that.