RaboDirect Launches 5.25 Percent Deposit Rate for Six Month Term

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RaboDirect, Ireland's Online Savings and Investment Bank, have launched a new market leading rate of 5.25% CAR on six month Term Deposits

RaboDirect (http://www.rabodirect.ie), part of the Rabobank Group and Ireland's only AAA rated online savings and investment bank, today announced a new market leading six month Term Deposit rate of 5.25% CAR (Compound Annual Rate). This rate is available to both new and existing RaboDirect customers and applies to personal six month Term Deposit Accounts opened between the 9th June and 31st July 2008.

The minimum deposit amount is just €500 with a guaranteed level of interest for the term duration. New customers can avail of this offer by opening a RaboDirect Savings Account online and then choosing the Term Deposit option from within their secure online banking account, while existing customers can simply click on this option within their secure banking account. The account is not subject to bank charges and can be extended automatically as required. A maximum deposit amount of €200,000 applies.

Commenting on the offer, Greg McAweeney, General Manager at RaboDirect said, "Given current stock market volatility, the prevailing sentiment right now is that 'cash is king'. Many people are sitting on lump sums assessing their investment options. We're offering people the ultimate safety of an AAA rated six month term account that offers the highest rate in the market. We see it as a safe haven for money during volatile times and with a minimum deposit of just €500, this account is very accessible."

RaboDirect customers can choose from a range of fixed term deposit rates which include one, three and six month rates and one to five year terms. Term Deposit Accounts are subject to Deposit Interest Retention Tax (DIRT).

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Martin O'leary
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