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Nationwide UK to leave Irish Market

Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    How long before we lose RaboDirect?


  • #3
    benjamin d
    Registered Users, Registered Users 2 Posts: 921 ✭✭✭benjamin d


    chasm wrote: »
    Ah well, I have been meaning to switch for ages anyway!
    https://www.irishtimes.com/business/personal-finance/savers-to-suffer-as-nationwide-uk-to-leave-irish-market-1.3043355?mode=amp

    To where have you been meaning to switch?


  • #4
    chasm
    Registered Users, Registered Users 2 Posts: 2,124 ✭✭✭chasm


    benjamin d wrote: »
    To where have you been meaning to switch?

    I had not decided on that yet, as they all seem to offer equally lousy rates - so I just kept putting it off - so at least now I will have to stop procrastinating lol


  • #5
    benjamin d
    Registered Users, Registered Users 2 Posts: 921 ✭✭✭benjamin d


    chasm wrote: »
    I had not decided on that yet, as they all seem to offer equally lousy rates - so I just kept putting it off - so at least now I will have to stop procrastinating lol

    That's just it, it's as well under the mattress as in any saver account these days. Luckily I have a 'dormant' KBC regular saver that they never closed and a KBC easy access account with some cash in it so I can just transfer directly and not think about it.

    It seems KBC is the only show in town now, so cue their rate dropping immediately!


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    homer911 wrote: »
    How long before we lose RaboDirect?

    RaboBank have shut ACCBank, reduced RaboDirect rates to crap, closed RaboDirect loan product, closed RaboDirect fund product and RaboDirect now look like a bank in wind down.

    RaboBank claim that RaboDirect are here to stay but in age where banks have excess deposits it is hard to see why RaboBank need RaboDirect Ireland.


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  • #7
    benjamin d
    Registered Users, Registered Users 2 Posts: 921 ✭✭✭benjamin d


    Nationwide has sent out closure letters for their accounts. I found it very odd that in both their instructions to close the account and the accompanying FAQs leaflet they don't mention paying any interest owed when the balance is withdrawn. They do state that if you let the deadline pass any interest will be added and the account closed automatically. Does this mean that if I voluntarily close my accounts I forego my owed interest? If I select to withdraw X amount will they automatically deposit X + interest to my chosen account?


  • #8
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Agreed that their leaflet is far from clear on interest.

    If you have a fixed account, you will get maturity interest paid up-front when you close your account. Hence, you may as well close now.

    If you have a variable account, you will get accrued interest paid.


  • #9
    benjamin d
    Registered Users, Registered Users 2 Posts: 921 ✭✭✭benjamin d


    I have a regular saver and an easy access account, and according to the original terms of those accounts I would stand to be penalised for early withdrawal. They don't clarify that I wouldn't be in the latest letters. So I could be giving away my interest if I withdraw early. It's very suspicious that they wouldn't have that most important aspect of the whole thing front and centre in the letter.


  • #10
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    You will not be penalised. I have done a withdrawal from a fixed account this month with no penalties. Ring Nationwide UK (Ireland) on their freephone number if you want a confirmation.


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