AIB Regular Saver Account

mmalaka

Friends;

Is there any higher rate than this??

It seems that most of the posts recommend rabodirect account; what is the difference between these two accounts? i.e. the rate on AIB Regular Saver account is higher??

Regards

BuffyBot

AIB regular saver is higher, but as it's name suggests you have to make regular payments into it, and there are other terms and conditions attached.

Rabodirect requires no regular payments - you can lodge and withdraw as much or as little as you like, whenever you like without penality.

Sonnenblumen

BuffyBot wrote:

AIB regular saver is higher, but as it's name suggests you have to make regular payments into it, and there are other terms and conditions attached.

Rabodirect requires no regular payments - you can lodge and withdraw as much or as little as you like, whenever you like without penality.

AIB is Irish, has good high street presence as well as online but is regulated by IFRSA.AFAIK Rabo is only online but more significantly is regulated by the Dutch equivalent to IFRSA.

I'd prefer AIB not only for above.

RaboDirect

Rabobank, like many other Irish and European banks, operates branches across Europe, including Ireland, under the bank passport procedures set out in the EU Banking Directives.

"RaboDirect" is the brand name of the internet bank operated by the Irish branch of Rabobank. The Irish branch of Rabobank is part of the same Dutch legal entity, Rabobank. Under the EU Banking Directives the primary regulator of Rabobank, including its Irish branch, is the Dutch Central Bank. Under this legislation the Netherlands is the primary regulator, the "home state" and Ireland is the "host state". Ireland as host state has through the Irish Financial Regulator acknowledged the establishment of the Irish branch, as it is obliged to do under the EU Banking Directives.

Thus Rabobank's Irish branch is regulated by the Dutch Central Bank. In addition, the conduct of the business of Rabobank's Irish branch is supervised in Ireland on a secondary basis by the Financial Regulator because Rabobank's Irish branch must comply with Irish law when carrying on business in Ireland.

So in other words, RaboDirect customers are offered no less consumer protection due to the fact that we are regulated by the Dutch Central Bank. Rabobank is AAA rated and was again voted "The World's Safest Privately Owned Bank" in 2006 (we are a cooperative bank). And in terms of size we are bigger than AIB and Bank of Ireland put together.

Regards,
RaboDirect

tHE vAGGABOND

if you want to advertise your bank take out a set of banner add's

BuffyBot

In fairness, they aren't advertising, just correcting misinformation that was posted by one other poster - no harm in that at all.

BostonB

This is probably useful.

http://www.askaboutmoney.com/showthread.php?t=20747

Sonnenblumen

BuffyBot wrote:

In fairness, they aren't advertising, just correcting misinformation that was posted by one other poster - no harm in that at all.

You might be referring to my earlier post, no deliberate effort to misinform anyone, but there is a difference but AIB which is a plc and not a private bank, there is a history of privatre banks going under not just in Ireland but in other EU markets and beyond. Big isn't necessarily best, Big banks like private can go up and down. The PR person for Rabo conceeds that Rabo in Ireland is regulated by the Dutch and on a "secondary" basis (whatever that means??) by IFSRA. What is the difference because I believe there is otherwise they would not need to qualify the radio/TV ads etc.

I think most people would need a tracking device to find a High Street Rabo bank, yes there a few but only. Anyways I've no professional connection with any fin org but AIB are a top bank offering good products and great service. They also make more use of colour and graphics and won international awards for corporate identity. What does/has Rabo do/done for Ireland?

mmalaka

BostonB wrote:

This is probably useful.

http://www.askaboutmoney.com/showthread.php?t=20747

Thanks that was very useful

Rock Climber

Sonnenblumen wrote:

I think most people would need a tracking device to find a High Street Rabo bank, yes there a few but only.

Ah now in fairness didn't they buy ACC bank and aren't there loads of them around.

Anyways I've no professional connection with any fin org but AIB are a top bank offering good products and great service. They also make more use of colour and graphics and won international awards for corporate identity.

And that is of what use to anyone exactly without competition? Fact of the matter is, that they and others have shaken up the big two and the big two don't like it.Thats a win win for the consumer.

What does/has Rabo do/done for Ireland?

Like it or not , competition.

mmalaka

what is "At least ECB + 1.50% until 31st Jan 2008" or "At least ECB + 2.50% until 1st January 2008" mean??

RaboDirect

The previous post was not an attempt at advertising and RaboDirect staff (not our PR agency) post entries on forums. We regularly post on Ask About Money forum generally to clarify questions that people have and are often asked to do so by other contributors.

Rabobank is a Dutch bank that was established to provide finance to farmers over 100 years ago. The bank is now one of the largest financial institutions in the Netherlands. We also have branches in 35 countries mainly in the wholesale banking market.

Yes, we are a private bank - we are not quoted on any stock exchange. We are actually a cooperative bank so we're not driven by the demands of shareholders which can be a good thing for consumers.

We are a AAA rated bank unlike any other Irish bank. This is the highest credit worthiness rating that a bank can possibly have.

In Ireland, Rabobank has the following operations:
- A wholesale bank in Dublin's ISFC (since 1994)
- RaboDirect which is located in the IFSC
- Owns ACCBank which serves the SME sector
- Owns 37% of Eureko which is the parent company of Friends First

You can if you wish read loads of stuff about the bank on http://www.rabobank.com/content/about_us/

Regulatory status - we could give you loads of legal spiel about our regulatory status but that would bore you to death. We have a banking licence like the other banks, are regulated by the Dutch Central bank but we must also abide by the Irish Regulator's rules of business and codes of conduct.

The objective of this post to clarify our credentials.

Regards,
RaboDirect

Sonnenblumen

Accepting the bona fides of Rabo's credentials, it is interesting thast you emphasise the Private ownership of the bank and the freedom of having no shraeholders. In direct contrast almost every Irish (and many UK also)financial institution have democratically decided to demutualise and become new entities to offer innovative market products, exert better performance and results from resources, to maximise margin and ukltimately deliver better shareholder value.

Aside from this more 'onerous' business model, many presumably influenced by the old addage 'giving a little back' retain an active role in sponsoring/developing local communities and related cultural events.

Perhaps Rabo PR can outline some it's most recent cultural successes in Ireland?

BuffyBot

In direct contrast almost every Irish (and many UK also)financial institution have democratically decided to demutualise and become new entities to offer innovative market products, exert better performance and results from resources, to maximise margin and ukltimately deliver better shareholder value.

It now seems your just clutching at random straws. First, not all UK institutions "democratically" demutualised. Some were carpetbagged into it.

One could easily argue that products such as Rabodirect are "innovative market products" (certainly before they came a long, very few public Irish banks were offering a comparable product - and I'm not sure, as of yet, any of them are). Thats quite good as a starting point in terms of "what they've done for Ireland"

Nationwide in the UK is mutual and has a reputation for doing "innovative" things - the UK's first Debit card, fighting against ATM charges, higher savings rates, lower overdraft rates, no commision on non sterling credit/debit card transactions etc..

Your earlier post about "colours" and "graphics" is another case in point, never mind "cultural successes".

BendiBus

Hmm, Rabobanks AAA rating or Sonnenblumens pretty AIB colours & graphics. And Rabo is only regulated in that unstable 3rd world country called the Netherlands.

Now who will I trust with my money??? :rolleyes:

OfflerCrocGod

Sonnenblumen wrote:

Perhaps Rabo PR can outline some it's most recent cultural successes in Ireland?

Oh dear God!



/rushes to close down Rabo accounts.

Supercell

Sonnenblumen wrote:

Perhaps Rabo PR can outline some it's most recent cultural successes in Ireland?

No, but seriously!!!!!!!????

Interesting criteria as to what bank to go with!!, its your money I guess.

mmalaka

AIB Regular saver account does not allow depositing initial amount higher than the max monthly amount 300 Euro

I am looking for an account to deposit a lump sum and do a monthly saving

flogen

mmalaka wrote:

AIB Regular saver account does not allow depositing initial amount higher than the max monthly amount 300 Euro

I am looking for an account to deposit a lump sum and do a monthly saving

From what I understand Rabo would allow that - I know AIB have a lump sum savings account - so if you're looking to put in a lump sum now and put smaller payments in monthly (and really wanted to give AIB your service) you could do both.... I assume that's possible anyway!

Idleater

mmalaka wrote:

AIB Regular saver account does not allow depositing initial amount higher than the max monthly amount 300 Euro

I am looking for an account to deposit a lump sum and do a monthly saving

What is stopping you opening one account in one institution with your lump sum, and one account in another institution with your monthly contributions?

For what it is worth, AIB do (rather did) have this "high" interest rate deposit account for SSIA lumpsums. It is closed now (apparently) but I'm sure there will be more for the SSIA April glut.

L.

stepbar

Sonnenblumen wrote:

Accepting the bona fides of Rabo's credentials, it is interesting thast you emphasise the Private ownership of the bank and the freedom of having no shraeholders. In direct contrast almost every Irish (and many UK also)financial institution have democratically decided to demutualise and become new entities to offer innovative market products, exert better performance and results from resources, to maximise margin and ukltimately deliver better shareholder value.

Aside from this more 'onerous' business model, many presumably influenced by the old addage 'giving a little back' retain an active role in sponsoring/developing local communities and related cultural events.

Perhaps Rabo PR can outline some it's most recent cultural successes in Ireland?

Well said. At least the Irish banks give sponsorship and financial support to the local community.

Sonnenblumen

mmalaka wrote:

AIB Regular saver account does not allow depositing initial amount higher than the max monthly amount 300 Euro

I am looking for an account to deposit a lump sum and do a monthly saving

Perhaps it would have been more useful to have include this key point in the OP. Anyways, I'm fresh out of white canes, perhaps if you pop into a local AIB branch, I'm sure the staff will be delighted to explain the new SIP and VIP savings products. Assuming of course you have in the first instance a lump to invest?

101 km/h

stepbar wrote:

Well said. At least the Irish banks give sponsorship and financial support to the local community.

yeah - safe in that knowledge, I'll think I'll go stick my cash in some irish account earning 0.0000001%. :rolleyes:

I think the vast majority of us invest money to maximise returns, not for some wishy washy notion of "financial support" which probably equates to an excuse for vast charges and rip-offs.

I can then decide if I want to do something charitable with the proceeds of my investment!

The likes of rabo, halifax, northern rock etc are to be welcomed in the irish market. Look at the reaction to the ECB rate increase - within hours, four institutions had announced they were increasing their savings rates.
Would that have happened a few years ago?

Sonnenblumen

Good homework should reveal that there are several options on competitive rates whether these be deposit earning or interest charging (loans). There's nothing difficult to find out, but Irish banks are doing more than simply being competitive, they are also 'giving something back' to the communities in which they do business and hopefully all benefit.

Probably outside the mindset of someone focused exclusively on best rates but nonetheless a factor for others especially with broader banking needs.

Nothing 'wishy washy' about these points.

I hope you enjoy the hole in the cheese!!;)