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Moving savings from CU to Rabobank?

  • 11-11-2010 3:02pm
    #1
    Test For Echo
    Registered Users Posts: 1,223 ✭✭✭


    Hi,

    I had been saving for a deposit on a home with the intention of buying in 2007. Mercifully, I didn't find the 'right place' and have about 27,000 in savings in the Credit Union that is earning absolutely no interest.

    Doesn’t look like I’ll be buying anywhere soon, so where’s a good, simple & secure place to stash about 20k that I could withdraw quickly if I needed to?

    I’m thinking Rabobank, but how exactly do I go about getting savings from the CU to them?

    Any advice on Rabobank, or anywhere else, would be welcome.


    Cheers,

    T4E


Comments

  • #2
    Random
    Closed Accounts Posts: 19,082 ✭✭✭✭Random


    Ask cu to make cheque payable to you / rabo. Lodge to rabo account by post?


  • #3
    JTMan
    Registered Users Posts: 5,535 ✭✭✭JTMan


    Rabo most likely will accept a cheque. Ring them to confirm.


  • #4
    Lucious Sweet
    Registered Users Posts: 1,528 ✭✭✭Lucious Sweet


    I'm also thinking of moving savings to Rabo but from Anglo.
    Question is do Rabo operate under Irish or Dutch Laws?
    i.e. Will my money be safe in Rabo if Ireland goes under?


  • #5
    J-blk
    Registered Users Posts: 3,906 ✭✭✭J-blk


    Rabo has something called a "Money Mover" function - basically you set up an external account linked to your Rabo savings account and you can then transfer money in/out online. I've had a Rabo account for a few years now and if I remember correctly you could set up an initial "Money Mover" when setting up the account in the first place, they'll just need some additional documentation. I assume this would all work with a CU account too? My main account is with Ulster Bank and I transfer money back and forth all the time this way - usually takes around 2 working days for a transfer to go through.

    AFAIK, deposits in Rabo are guaranteed by the Dutch government and have nothing do with the Irish deposit protection guarantee.


  • #6
    Test For Echo
    Registered Users Posts: 1,223 ✭✭✭Test For Echo


    Fungus wrote: »
    Rabo most likely will accept a cheque

    Simple as? That would be handy... :)
    moz wrote: »
    Will my money be safe in Rabo if Ireland goes under?

    Good question.

    Apart from getting no dividends for the past few years from the Credit Union, I'm also concerned what might happen to them, should when things get even worse.


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  • #7
    homer911
    Registered Users Posts: 5,112 ✭✭✭homer911


    Rabo will accept a cheque - no problem

    RaboDirect is a branch office of the Dutch Bank, so Dutch law applies I imagine, not that it matters as they are so highly rated and continued to make good profits through the recession


  • #8
    oldyouth
    Closed Accounts Posts: 4,754 ✭✭✭oldyouth


    I have money in Rabo and I believe it is more secure than the Irish bank guarantee scheme.


  • #9
    Blackjack
    Registered Users Posts: 3,592 ✭✭✭Blackjack


    Folks, your money is safe in Irish banks.
    Ireland will not be allowed to default, and the Deposit protection scheme covering amounts up with 100K is not going to change.
    More news on this next week I'm sure of that.

    to the OP - Anglo Premium Demand offers a decent rate of interest (3.1% AFAIK). A phone call to them and they pay the money to a designated account (e.g. your Current account), usually there within 3 working days or less.


  • #10
    Quaderno
    Registered Users Posts: 815 ✭✭✭Quaderno


    If you need to be able to withdraw money quickly then Ulster Bank seems to be worth a look as well:
    http://www.itsyourmoney.ie/costcomparisons/cs_group_lump_sum_deposit.htm#25


  • #11
    Test For Echo
    Registered Users Posts: 1,223 ✭✭✭Test For Echo


    Blackjack wrote: »
    Folks, your money is safe in Irish banks.

    to the OP - Anglo Premium Demand

    As in Anglo Irish Bank?? I'm not being smart (I do appreciate the replies) but I must be missing something there. I would've thought that's the last place on Earth to put money!

    I'm not convinced that anywhere in Ireland is safe at the moment...


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  • #12
    Blackjack
    Registered Users Posts: 3,592 ✭✭✭Blackjack


    Test For Echo wrote: »
    As in Anglo Irish Bank?? I'm not being smart (I do appreciate the replies) but I must be missing something there. I would've thought that's the last place on Earth to put money!

    I'm not convinced that anywhere in Ireland is safe at the moment...

    Not messing, but its as safe if not safer than any of the other Irish Banks at the moment.

    Trust me, what I've said about Ireland not being allowed to Default is bang on the money. Your money is safe under the Deposit protection scheme.

    And yes, my money is where my mouth is.


  • #13
    talla
    Registered Users Posts: 1,609 ✭✭✭talla


    Blackjack wrote: »
    Not messing, but its as safe if not safer than any of the other Irish Banks at the moment.

    Trust me, what I've said about Ireland not being allowed to Default is bang on the money. Your money is safe under the Deposit protection scheme.

    And yes, my money is where my mouth is.

    I agree, its as safe as AIB, BOI etc. but....
    This may be making an over simplistic interpretation of the scheme but if the banks go bust, government steps in. However given the fact that the government have no additional funds at present and can't go to the markets, where would the government get the money to cover your deposit?


  • #14
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    talla wrote: »
    I agree, its as safe as AIB, BOI etc. but....
    This may be making an over simplistic interpretation of the scheme but if the banks go bust, government steps in. However given the fact that the government have no additional funds at present and can't go to the markets, where would the government get the money to cover your deposit?
    EU/IMF etc. There's always money. It's the conditions that go with the money are the problem.

    Irish banks are 100% safe. The media have a lot to answer for this. For the last 2 years they have continuously reported on the state of the economy/banks etc like a red-top would report about Paris Hilton. There is a huge percentage of people in this country who, despite suffering (greatly) from the recession, actually know very little about it, other than generic mob ramblings.

    There is no reason to believe that the money you have deposited in the Irish banks isn't 100% safe (in fact, it is probably safer than a lot of other countries).


  • #15
    Blackjack
    Registered Users Posts: 3,592 ✭✭✭Blackjack


    What Dotsman said.


  • #16
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    J-blk wrote: »
    Rabo has something called a "Money Mover" function - basically you set up an external account linked to your Rabo savings account and you can then transfer money in/out online. I've had a Rabo account for a few years now and if I remember correctly you could set up an initial "Money Mover" when setting up the account in the first place, they'll just need some additional documentation. I assume this would all work with a CU account too? My main account is with Ulster Bank and I transfer money back and forth all the time this way - usually takes around 2 working days for a transfer to go through.

    AFAIK, deposits in Rabo are guaranteed by the Dutch government and have nothing do with the Irish deposit protection guarantee.

    Useless if you have a credit union account.


  • #17
    Bif
    Registered Users Posts: 757 ✭✭✭Bif


    dotsman wrote: »
    EU/IMF etc. There's always money. It's the conditions that go with the money are the problem.

    Irish banks are 100% safe. The media have a lot to answer for this. For the last 2 years they have continuously reported on the state of the economy/banks etc like a red-top would report about Paris Hilton. There is a huge percentage of people in this country who, despite suffering (greatly) from the recession, actually know very little about it, other than generic mob ramblings.

    There is no reason to believe that the money you have deposited in the Irish banks isn't 100% safe (in fact, it is probably safer than a lot of other countries).

    I sincerely hope that you are correct for all our sakes but where is the proof that Irish banks are 100% safe? Has (is) any been bank 100% safe?


  • #18
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    Bif wrote: »
    I sincerely hope that you are correct for all our sakes but where is the proof that Irish banks are 100% safe? Has (is) any been bank 100% safe?
    Ok, to be pedantic - you're right, there is no such thing as 100% safe so I'll reword. "They are safe as realistically possible and there is no reason, whatsoever, to believe that they are not.


  • #19
    CoalBucket
    Closed Accounts Posts: 971 ✭✭✭CoalBucket


    I am in a similar position to the op with a few bob in the cu. I was also thinkin abou anglo but i had a look at a few of the banks. Anglo have the best interest rate of all but like so many other people, no matter how irrational, i just wouldn't put money into that bank. BOI have a good rate at the moment if you want relatively quick access to funds. PTSB also have good rates for short to medium term savings. Its a matter of looking around and finding out how long you can leave it sit in there and how much notice you want to withdraw it.


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