RaboDirect announces that it is closing down Irish Ops

optogirl

RaboDirect pulling out of Ireland (corporate/business accounts not affected)

http://www.thejournal.ie/rabodirect-closed-down-3863489-Feb2018/?utm_source=facebook_short

rochestown

I liked this bank - it was a nice secure place to put savings and get a little return. What would now be the best alternative? Thanks...

mjv2ydratu679c

rochestown wrote: »

I liked this bank - it was a nice secure place to put savings and get a little return. What would now be the best alternative? Thanks...

At this stage interest rates are so low probably your mattress

pinkypinky

Not a lot of choice out there. Going to transfer to my credit union for now.

geo88

What I really liked about them was that logins and any transactions had to be done through the use of an offline token. Any other banks that offer that functionality currently in Ireland?

ct5amr2ig1nfhp

Not surprised at all. Was on the cards since they closed their investments products.

Wheety

They haven't offered decent rates in a few years. I'm getting 2.5% with a KBC regular saver account.

I remember getting 5% with Rabo when they first came here.

Benildus

Wheety wrote: »

They haven't offered decent rates in a few years. I'm getting 2.5% with a KBC regular saver account.

I remember getting 5% with Rabo when they first came here.

I'll probably go to KBC as well

Really liked Rabo and used them from the start from both deposits and the investment product.

a5y

It annoys me that the one bank that I actually had some trust in is pulling out and the choice is now between trusting my money with the rejects or a credit union.

And some credit unions are ran by wannabe bankers. Which makes them imposter charlatans. You only ever find who which ones once they finally create a masterpiece of incompetence.

Seriously considering replying to that nice Nigerian prince who emails me every once-in-a-while right about now.

Harry Palmr

Used to use it for savings but with rates so low I just keep it all in a current account! I suspect people like me are why they are pulling out.

Rock Steady Edy

Dallas Crashing Strangeness wrote: »

Not surprised at all. Was on the cards since they closed their investments products.

Agreed. With their product offering limited to savings with very poor rates, there was only one way this was going to go. I was withdrawing savings from here on a monthly basis (I think it was getting 0.05%pa) and building it up elsewhere. I don't think I got enough for a pint in interest last year.

Glad I locked into market beating Regular Savers with EBS at 3% a few months ago, though these had dropped to 1.75% last time I checked.

Outkast_IRE

Think i will just go over to a BOI demand deposit account - the no interest rate doesnt bother me just need something easy to access

blastman

Benildus wrote: »

I'll probably go to KBC as well

Really liked Rabo and used them from the start from both deposits and the investment product.

Think you need to have a KBC current account to open one of these, grand if you have one already, but the charges on a new account would eat into benefits gained from the higher interest rate.

I liked the Rabo savings account, even though the interest has fallen off a cliff in recent years. The accessibility was great if you needed to get some cash quickly. Not sure where to put the money now, I'll probably just lob it into the credit union as well.

Wheety

blastman wrote: »

Think you need to have a KBC current account to open one of these, grand if you have one already, but the charges on a new account would eat into benefits gained from the higher interest rate.

I liked the Rabo savings account, even though the interest has fallen off a cliff in recent years. The accessibility was great if you needed to get some cash quickly. Not sure where to put the money now, I'll probably just lob it into the credit union as well.

To avoid charges and get that 2.5% you need to have an Extra Current account. You then need to have €2,500 a month going into the account. You don't need to maintain that balance, just have it hitting the account. I have my salary going in. They support Google Pay.

If you have the above you can open an Extra Regular Saver account. You get a 2% bonus (regular saver is only 0.5%). You can only make 1 payment a month and it must be by standing order. You can put up to €10k in the first month in one payment. Maximum balance is €40k.