Rabobank attracts €50m in deposits

DUTCH bank Rabobank’s new direct savings operation has attracted €50 million in deposits since it launched in Ireland last month.

The bank said yesterday that 1,300 customers had signed up to the Rabodirect.ie internet-based offering, which pays a variable rate of 3% interest on savings. This means the average balance is almost €40,000, although there is no minimum amount required.

Rabodirect general manager Greg McAweeney said: “We have had a very enthusiastic response to our deposit rate and quite clearly the figures confirm that people want better rates and a better deal in terms of access to their money.”