Saving with RaboDirect

deandean

Anyone using Rabodirect as a savings account?

I am looking at them. The setup looks straightforward. All transactions are done online.

For a straightforward demand savings account, their offering seems better than any of the Irish banks.

One potential problem I see is, say if my bank was putting the screws on me and I needed to withdraw from savings account: the money from Rabo would have to come through my Irish bank account and it could be 'grabbed' :eek:

Any first-hand experience of using them? I've searched, there are threads from several years back but noting current.

Thanks.

homer911

Very easy to deal with

I dont understand how they are hooked into SEPA but recently I transferred a sum of money from them to my current account (PTSB) first thing in the morning, and my money was in the current account before close of business that same day

JTMan

deandean wrote: »

For a straightforward demand savings account, their offering seems better than any of the Irish banks.

Depends.

RaboDirect have an awful term deposit offering with very low rates. RaboDirect also do not offer regular saver accounts which suit many savers and offer up 4% elsewhere.

RaboDirect pay 1.75% up to 20,000 EUR with instant access. KBC and PTSB also pay 1.75% with instant access. PTSB up to 50,000 EUR and KBC up to 100,000 EUR.

RaboDirect pay 1.95% with 90 days notice which is a market leading variable non-regular saver rate.

I opened an account with them almost a year ago and found the whole process quite simple.
They even deposited EUR30.00 into the account once it had been set up (this was a special offer they had at the time
for opening an account)

Once the account was opened and I was able to log in I then set up a regular transfer each month from my AIB account.

They communicate with you mainly via email but they also have a phone number if you need to contact them.
If you have any queries about your account you can contact them through a secure mail feature once you are logged in
(can take up to 24hrs to recive a reply but can sometimes be more convenient then calling on the phone)

There are also no monthly fees for having an account with them either unlike other banks.

I have no complaints to report yet.

dellas1979

deandean wrote: »

the money from Rabo would have to come through my Irish bank account and it could be 'grabbed' :eek:

Ya what now?
I dont understand what this means. How could your money be "grabbed" (by who?) if the transaction details are correct?

Ive a savings account with them (very easy to open/deal with, albeit, their interest rate has gone down), and Ive transferred to and from my own AIB account, umm no "grabbing" involved.

I agree how could the money be 'grabbed' if the details are correct. I didn't understand this either.

BKtje

Grabbed by his bank I'm guessing if he's in the red or something.

deandean

Deleted User wrote: »

I agree how could the money be 'grabbed' if the details are correct. I didn't understand this either.

Say my overdraft limit is 1k, and I'm overdrawn to 2K, but I need 1k cash urgently from my savings account.

If I transfer the 1K from Rabo to my current account, I won't be able to get it out. That's what I mean by 'grabbed'.

dellas1979

deandean wrote: »

Say my overdraft limit is 1k, and I'm overdrawn to 2K, but I need 1k cash urgently from my savings account.

If I transfer the 1K from Rabo to my current account, I won't be able to get it out. That's what I mean by 'grabbed'.

Ok. But (to me) that doesnt seem like a very healthy way to bank.

Why would you put savings away (yet be overdrawn/pay interest on being over drawn). Does it work out less than what youd earn saving?

deandean

Well, up and running with the Rabo savings account. It takes about six working days for the first transaction to go through!!!!

My first transaction also took 5-6 working days but after that further transactions are completed much quicker.