Rabo Closing - Suggestions

dellas1979

Well, with the news Rabo is closing its doors to 90,000 customers, which bank would be best to save a lump sum with?

Have checked out the 35 day notice with KBC @ 0.5%. (doesnt have to be a notice account)

Anything else better out there?

Thanks

I don't think any bank is offering much more than 0.5% interest.

I can't say I'm surprised about Rabo closing though; the signs were already there. They closed their investment accounts last year and also stopped offering long term savings options. They moved from their main headquarters in Dublin to an office in the IFSC.

When I attempted to transfer funds into my own Rabo account a few months ago the transaction was reversed and funds returned to originating bank and I noticed for some time now when logging into your account one of the useful links listed was 'account closure'.

It is a shame as they used to have a good interest rate for savings.

cnocbui

Does anyone know of an alternative that like Rabo, doesn't have any limit on the amount you can transfer?

quinnd6

Could KBC go bust too?

dickface

quinnd6 wrote: »

Could KBC go bust too?

They posted very strong financial results recently (but Irish unit posted a loss due to provisions for tracker scandal)

28064212

quinnd6 wrote: »

Could KBC go bust too?

Rabo aren't going bust. They're choosing to close down a section of their business

Fanny Wank

quinnd6 wrote: »

Could KBC go bust too?

Any bank *could* go bust

Rabo aren't going bust, they're just withdrawing from the market

Ursummupet

What's the best alternative? Is it time to look at something other than a savings account?

368100

dickface wrote: »

They posted very strong financial results recently (but Irish unit posted a loss due to provisions for tracker scandal)

They didn't post a loss for the full year, maybe you need to look at the results again. Q4 was a loss but the first 3 quarters more than made up for it with a profit of about 170 million.

KBC is here to stay, last year the group made Ireland a core country and since then they've put significant investments into innovation which is developed in Ireland and rolled out to the rest of the group. They're also launching a new business banking offering soon.

JTMan

dellas1979 wrote: »

Have checked out the 35 day notice with KBC @ 0.5%. (doesnt have to be a notice account)

KBC pay 0.65% with their 35 Day Notice product.

KBC pay 2.50% with their Extra Regular Saver product. Well worth jumping through the hoops to get this great rate.

Konata

JTMan wrote: »

KBC pay 0.65% with their 35 Day Notice product.

KBC pay 2.50% with their Extra Regular Saver product. Well worth jumping through the hoops to get this great rate.

I closed my Rabo account a few weeks ago and moved everything to KBC (current account included to get the 2.5% saver rate) and am very happy. The staff made the move very simple and straightforward, would definitely recommend.

Atlantic Dawn

Any other providers here have a secure keygenerator for logging in?

dellas1979

JTMan wrote: »

KBC pay 0.65% with their 35 Day Notice product.

KBC pay 2.50% with their Extra Regular Saver product. Well worth jumping through the hoops to get this great rate.

Oh I didnt see this on their website...

Tails142

Yeah the Extra Regular Saver isnt very well advertised on their website, but I can confirm I had an extra current account with KBC and when the Rabo news came through I was able to open up the extra saver account through the app and it is shown as 2.5% interest, went through the account closure with Rabo and had my money in the KBC savings account by the next day.

Malari

Konata wrote: »

I closed my Rabo account a few weeks ago and moved everything to KBC (current account included to get the 2.5% saver rate) and am very happy. The staff made the move very simple and straightforward, would definitely recommend.

Do you have to have a minimum amount going in to the current account each month to avail of the rate, like you do for a mortgage? Or can you just set it up and have it sitting there?

dellas1979

Spoke to KBC this morning.

Asked them about the current account connected to a extra regular savings account (which has the 2.5%).

You can only lodge 10k lump sum into the extra regular savings account. Then you can logde between 100-1k per month.

They recommended me to lodge 10k in super saver, and then the rest into a deposit account.

Also, as long as you deposit e2,500 per month into the current account, you have no bank charges. There is no minimum to be maintained.

I have an AIB account (my main account) and am now thinking of moving all the KBC (savings in AIB, credit card, current account).

Ah I dunno. Seems like a lot of work too...

Konata

Malari wrote: »

Do you have to have a minimum amount going in to the current account each month to avail of the rate, like you do for a mortgage? Or can you just set it up and have it sitting there?

You need to have 2.5k a month going in, don't need to maintain a minimum.

miamee

dellas1979 wrote: »

Spoke to KBC this morning.

Asked them about the current account connected to a extra regular savings account (which has the 2.5%).

You can only lodge 10k lump sum into the extra regular savings account. Then you can logde between 100-1k per month.

They recommended me to lodge 10k in super saver, and then the rest into a deposit account.

Also, as long as you deposit e2,500 per month into the current account, you have no bank charges. There is no minimum to be maintained.

I have an AIB account (my main account) and am now thinking of moving all the KBC (savings in AIB, credit card, current account).

Ah I dunno. Seems like a lot of work too...

Just on the no bank charges, one fee I was caught out with on KBC was the Non Euro transaction fee. Every time you use the card for a non euro transaction, you are charged a percentage of the transaction, minimum €0.43, maximum €11.43. I've been caught with this a few times after being up north and using the card for every transaction like I would here rather than withdrawing cash. Looks like withdrawing cash would be less expensive depending on how many transactions you are likely to be making.

Non - Euro Transactions Rate%
Cash Withdrawal Fee 3.50% (min €3.17,max €11.43)
POS Transaction 1.75%(min €0.46, max €11.43)

From their Fees & Charges page here.

Maybe it's common but I've never had it with other bank cards (BoI, Ulster Bank).

368100

miamee wrote: »

Just on the no bank charges, one fee I was caught out with on KBC was the Non Euro transaction fee. Every time you use the card for a non euro transaction, you are charged a percentage of the transaction, minimum €0.43, maximum €11.43. I've been caught with this a few times after being up north and using the card for every transaction like I would here rather than withdrawing cash. Looks like withdrawing cash would be less expensive depending on how many transactions you are likely to be making.


From their Fees & Charges page here.

Maybe it's common but I've never had it with other bank cards (BoI, Ulster Bank).

Boi charge this too, 2% of tranaction min €3.17, max €11.43. Not charged if using a boi atm in the north. I think Boi bundle it into the transaction which is why you mightnt see it but they are supposed to show it seperately like KBC does as its a CBI directive on transparency of fees and charges.

Aib and Ub charge 1.75%, Aib max is €11, UB max is €6. Not sure how they show the charges.

JTMan

miamee wrote: »

Just on the no bank charges, one fee I was caught out with on KBC was the Non Euro transaction fee. Every time you use the card for a non euro transaction, you are charged a percentage of the transaction, minimum €0.43, maximum €11.43. I've been caught with this a few times after being up north and using the card for every transaction like I would here rather than withdrawing cash. Looks like withdrawing cash would be less expensive depending on how many transactions you are likely to be making.


From their Fees & Charges page here.

Maybe it's common but I've never had it with other bank cards (BoI, Ulster Bank).

Common with Irish banks but the FX fees can be avoided by using a Revolut card.

robo

Also looking for somewhere to move my Rabo Bank pennies too, think I'll jump on the KBC bandwagon as I have their current account also.
Regarding the comment above about hassle of moving your current account from fee paying AIB or BOI to KBC...yeh it involves planning and a bit of work as I had no access to cash for a few days but they talk you through this and make sure its after your monthly salary has come in etc. Its worth the saving, my annual banking fees were about 120 a year, now 2 years on almost and they are nothing.
As said earlier about the FX fees...a revolut card will sort that, used it in Canada last year and UK...very handy and cheap, even with your Amazon shopping at home!

unkel

Thanks a million folks, just off the phone to KBC (24h freephone number for setting up new accounts - impressive!) and will switch from Ulster Bank to KBC now (and transfer my rabodirect pennies)

the watchman

Just closed my account and thrown what little was left in there into Mintos P2P. No interest in banks anymore. My Mintos account doing very well over 3 years at a steady 12.5%. very nice.!

JohnK

So is the consensus here still KBC? I still have to do something with my Rabo money - not looking to use it for anything but would like to be able to access it as needed.

august12

JohnK wrote:

So is the consensus here still KBC? I still have to do something with my Rabo money - not looking to use it for anything but would like to be able to access it as needed.

Same here, haven't switched yet, I have a good current account option with PTSB but looking for a temporary lump sum account which are quite pathetic at present.

robo

Just a heads up when transferring your lump sum - if you try to transfer to another savings account, there maybe a cap on the amount you can transfer in one go on the new savings account (non Rabo) and you won't see on your online account for Rabo if the money bounced back as you have closed the account (but still have access) - so make sure to transfer to a current account or savings account without a limit. It happened to me, so I had to give another account to transfer my savings to.

SomeGuyCalledMi

Bringing up an old thread here but thought I would give people a heads up.

Seems that funds you bought in Rabo and transferred to Cantor Fitz are subject to the 8 year deemed disposal rule and 41% tax.

So if your funds are 8 years old or older it's time to pay 41% of the growth to the revenue. I should have paid some of mine last year so let's see how that goes.

Has anyone else paid their 8 years deemed disposal tax a little late?