www.rabodirect.ie

techguy

Hi Guys,
Does anybody have any knowledge on the new rabodirect.ie completely online banking service? It is supposed to have know fees and a high interest rate.
I am 18 in september but was thinking of opening an account since there it would be so easy to access. But what would the drawbacks be?
Any info at all appreciated..

Thanks,
Hakko

jay567

They are new to the irish market. 3% interest rate. seems to be the highest rate around at the moment.

techguy

I am going to open one now anyway just to see what it is like. I like the idea of the digi pass, the best effort i have seen so far in regards to security. Will the send you one out for free on activiation of your account?
Hakko

windowgazer

What exactly is a digipass? they don't explain it properly on their website.

ACC

Account is deposit only so unless you have over at least 10 grand I would try TSB.

parsi

Seems to me that it wouldn't be all that much use. It says its a secondary bank so you can't lodge directly to it. You still need your existing accounts to transfer money to rabobank and of course this will incurr fees....

The Digipass sounds like a SecurID keyfob (www.rsasecurity.com)

podgeen

ACC why do you say you need 10k to use it?

online transactions don't cost me anything so i can transferr into rabo for free.

okidoki987

According to the site, there is NO minimum.
3% is the highest of all the Banks/Building socs around but subject to DIRT, as all the others are.

GoneShootin

Wowbagger wrote:

ACC, you're a jerk, a complete asshole.

Bit harsh dont ya think. Mis-informed would be the worst that you could call him from the post.

/edit

and I see your banned - never mind then....

nahdoic

Northern Rock now offer 3.05%

defiantshrimp

nahdoic wrote:

Northern Rock now offer 3.05%

Yeah but i think their minimun balance is €1000 (a problem for students like myself) and the web site looks really dodgy.

RainyDay

parsi wrote:

You still need your existing accounts to transfer money to rabobank and of course this will incurr fees....

Not necessarily - there are several free banking offers in the market from NIB & PTSB - BOI will even pay the Govt stamp duty for you.

eth0_

defiantshrimp wrote:

Yeah but i think their minimun balance is €1000 (a problem for students like myself) and the web site looks really dodgy.

~Northern rock are most definitely not 'dodgy'. They are a reputable bank. They're not exactly aiming their services at low income people like students. Deposit accounts generally have a min balance of 1000 or 10,000...

D'Peoples Voice

hakko1872003 wrote:

Hi Guys,
Does anybody have any knowledge on the new rabodirect.ie completely online banking service?

Before you ever put money into a bank,check out two things,

who is it's regulator, be it IFSRA or a european Central Bank like the Dutch Central Bank. Every financial company MUST say who they are regulated by. If its a reputable central bank, fine!

what is it's credit rating according to Moodys of Fitch or Standard & Poors here is a good website , look at one of the middle columns, LTR.

Bank Ratings Table

IMHO NEVER EVER trust what you read in irish newspapers, only trust the rating agencies, that is not to say they are never wrong

Remember in descending credit rating
AAA = excellent, usually only governments get this rate, Rabo are in here.
then you have AA1, down to AA3, here you have AIB,Ulster Bank & BOI
then A1 down to A3, here you have Perm TSB
then BAA1 down to BAA3, no Irish bank thankfully
any bank below this rating, I would never put money in, but thats me!