RaboDirect

Loupita

Hi there,

does anyone have the Rabodirect 3% Savings Account?
If so, what are your experiences with it?

D'Peoples Voice

Loupita wrote:

Hi there,

does anyone have the Rabodirect 3% Savings Account?
If so, what are your experiences with it?

Excellent, although the website still has room for improvement!

If I had a complaint, it would be that it seems to me that moving your money from your Rabodirect current to your Rabodirect savings account can take different lengths of time, somtimes its instant, other times it can take several hours.

Finally, I think they should guarantee the rate of 3% or above(if ECB rates increase) for a minimum period, say 3mths at a time. The rate is variable so this time next year it could be 1%, but that's the case with any deposit account so what can you do!!!!

Personally I was reluctant to move money from BofI to Rabodirect, because it's unfair on BofI, they can't compete with the Rabogroup, a truly massive Dutch(& pan-European) bank relative to BofI(who has to operate out of a country having only the same total population as the east midlands in England) I like to support the underdog, but in this case, the temptation was too much! Hence might explain why BofI's risk rating is so much lower than Rabogroup's, who's credit rating is on a par with our own Government!!!

nahdoic

My experience with rabodirect has been excellent.

And I love being able to transfer money to any account in Ireland without having to telephone a bank operator to ask them to add a new bank account to transfer funds to.

I don't know how you can feel sorry for Bank of Ireland with the obscene profits they make and their less than 1% interest or whatever they are offering now. I couldn't be bothered looking.

'understanding banking' - 'understanding how to rip you off'

Loupita

And how does the signing up for the savings account work?

BuffyBot

Yup - all the experiences I've had with RaboDirect have been positive so far.

shoegirl

D'Peoples Voice wrote:

Personally I was reluctant to move money from BofI to Rabodirect, because it's unfair on BofI, they can't compete with the Rabogroup, a truly massive Dutch(& pan-European) bank relative to BofI(who has to operate out of a country having only the same total population as the east midlands in England) I like to support the underdog, but in this case, the temptation was too much! Hence might explain why BofI's risk rating is so much lower than Rabogroup's, who's credit rating is on a par with our own Government!!!

Eh hello? BofI are a massive multinational operating in dozens of countries. They are not only one of the most profitable banks in europe, they thoroughly screw their customers in Ireland through not offering low cost or free current accounts. If you ever run into financial trouble, BoiI won't feel any guilt about screwing you in terms of surcharges are huge interest rates (they made about 500 euros more out of me the year I was in trouble than they did for any of the previous 3 years). They won't feel any guilt about closing down your overdraft facilities and shutting your account leaving you with nothing at all. So please don't give me that crap about poor little BOI. They have a massive customer base outside of Ireland, particularly in the high worth, corporate and investment sector, so they are perfectly well able to compete with the likes of Rabo - but won't won't because there are enough stupid people out there who are blind enough to feel guilty at NOT letting these parasites take you for every penny they can get. Why should they when they can continue to make more money out of people who won't move their money elsewhere?

Sorry to sound angry, but BOI were very happy to truly squeeze me when I could afford it least. I am delighted to see BOI and AIB get uncomfortable when foreign banks bring in the kind of services they have been denying us for the last 10 years.

eth0_

At least AIB have responded by bringing out a 3% online only savings plan.

Tazz T

No complaints here. I thought my first transaction was a little tricky but you soon get used to it.

Now if they'd just issue an ATM card...

As for BOI, to hell with them. They're a huge multinmational that have yet to learn what the word 'competitive' means.

D'Peoples Voice

Tazz T wrote:

No complaints here.

Another complaint I would have is that after DIRT (20%), the rate falls below that of the tax EXEMPT Savings Certificates/Bonds that you can get from the Post Office/National Treasury Management Agency. Of at least it did the last time I looked.
However I guess one of the main reasons for this is because the Savings Certificates/Bonds involve a lot more paperwork to open them, withdraw money from them, and the clever exit penalties they impose(lower interest rate) if you withdraw early.

blobert

You might want to try Northern Rock also, I use their Demand Online service: 3.05%

http://www.northernrock-ireland.ie/newsite/demandonlinehome.htm

betelgeuse

Tazz T wrote:

Now if they'd just issue an ATM card...

I was thinking of moving my money over to RaboDirect and closing my BoI account. If I was to do this, how would I access cash?

Tazz T

You can't. You need another account with a branch or ATM card.

JJ

The only complaint I'd have about Rabo is the extensive application process you have to go through to open an account but I know it's a necessary evil to have all that security when you're running an online bank.

The wif and I are also in the process of moving most of our savings from BOI to Rabo. I don't feel the least bit guilty about it. I used to have a current account with BOI and I was being charged 30 to 40 euros in fees every quarter. I was happy to move to a no fees PTSB account earlier this year. I also switched to PTSB's Visa Ice credit card which has a fantastic APR.

BuffyBot

I see Rabodirect have upped their rate to 3.2% also.

vector

My credit union returns about 2.5% per annum (its not guaranteed but in reality it is the average return) and I can withdraw money at any time, so I don't see the attraction of these "special" accounts.

RainyDay

vector wrote:

My credit union returns about 2.5% per annum (its not guaranteed but in reality it is the average return) and I can withdraw money at any time, so I don't see the attraction of these "special" accounts.

Both Rabo & Northern Rock offer immediate withdrawals also.

CCOVICH

vector wrote:

My credit union returns about 2.5% per annum (its not guaranteed but in reality it is the average return) and I can withdraw money at any time, so I don't see the attraction of these "special" accounts.

Higher rate of interest???????

Omnipresence

Logged onto my Rabo account today to see my 3% interest applied...

Very nice....

Sure the user interface on the web is a little... clunky... but who cares...

I moved everything (current/savings/credit etc) from BofI last year due to persistent overcharging/incompetence/etc and must say I am extreemly happy with TSB (Free Banking) and Rabo (High Interest)

-Alan

BuffyBot

Yeah the Rabo interface isn't exactly the best, but it works and that's the main thing

JJ

aloleary wrote:

Logged onto my Rabo account today to see my 3% interest applied...

Very nice....

Sure the user interface on the web is a little... clunky... but who cares...

I moved everything (current/savings/credit etc) from BofI last year due to persistent overcharging/incompetence/etc and must say I am extreemly happy with TSB (Free Banking) and Rabo (High Interest)

-Alan

I see I ain't the only one who moved their money to both PTSB and Rabo. The wif and I haven't moved all the savings to Rabo so we didn't get much interest but it was more than double what we last got with BOI. We're still going to keep the BOI for some of the savings 'cause the wif would like to have some of our money in a bank you can walk into, she's weird like that sometimes.

Omnipresence

;-)

Yeah hate BofI... would never deal with them again...

Finding it hard to get rid of my credit card with them... last budget introduced measure whereby you dont get charged government duty twice (40EUR) for moving from one credit card to another...

If i move now from BofI they have told me that I will be charged immediatly to cover the last year... so that if i move to another provider now I will get hit with 40EUR from them too in the normal month of April...

Grr... anyways come april i will happily sever all ties with this bank

Convince your wife to move !!

-A

JJ

Really? Dammit, they didn't tell me that. I was following most of the news about the new budget too. I closed my old BOI credit card a few weeks ago and had to pay the €40 tax.

My wif's current account is with Ulster Bank actually. She's been with them for ages. It was me who decided a while back that we should get a savings account and we went with BOI 'cause I used to have a current account with them. We have the Rabo account where we'll keep most of our savings but she'd like to keep some money in our old savings account 'cause it has a bank card and it's a bank you can walk into. I keep trying to get her to use online banking with UB but she's not really technologically inclined.

JJ

I was just looking at this:

http://www.revenue.ie/leaflets/financial.htm

and it says that if you close a credit card account after 1st January 2006, you won't have to pay the €40.

Tazz T

You have to pay the tax when you close your account. If you open a new account during the year, you have to get a letter from your old provider saying that you paid it.

It'a a real hassle. MBNA have simply ignored my requests for this letter.

Omnipresence

yup this is the grief i am experiencing now with changing cards even though the budget made sure you should only pay one 40eur fee

techguy

Hi,
Is there a charge every time you move money in or out of a Rabo account? I have been told that it's €30-€40 a transaction?

Omnipresence

No way .. none at all... jaysus not that i've seen anyway...!!

And I've been using Rabo for a good while now with lots of transactions so I'd say I'd notice that

-Alan

CCOVICH

hakko1872003 wrote:

Hi,
Is there a charge every time you move money in or out of a Rabo account? I have been told that it's €30-€40 a transaction?

They may charge for same day transfers (Northern Rock charge €25 for same day transfers, regular transfers are free).

JJ

hakko1872003 wrote:

Hi,
Is there a charge every time you move money in or out of a Rabo account? I have been told that it's €30-€40 a transaction?

30 to 40 euros a transaction? Where'd you hear that? Most certainly not...I've had a Rabo account for a few months now and all I've been charged with is DIRT.

Mothman

Been with Rabo for quite a few months and have had no issues.

Have also been helpful. I had huge issues with my local AIB branch trying to transfer money to my rabo account. I actually rang up the rabo helpline while at the AIB counter and passed the phone to the AIB staff I was dealing with.....long story, I won't bore.

A number of things which I'm finding useful. I can set up transactions to happen in the future. I'm setting up a few standing orders. (can't do direct debits)
And I can extract money out of my AIB current acc via Rabomover. (I don't have to log onto AIB at all) There is no limit to the amount that can be transfered.

Mothman

JJ wrote:

30 to 40 euros a transaction? Where'd you hear that? Most certainly not...I've had a Rabo account for a few months now and all I've been charged with is DIRT.

I concur, no charges

MrPudding

JJ wrote:

30 to 40 euros a transaction? Where'd you hear that? Most certainly not...I've had a Rabo account for a few months now and all I've been charged with is DIRT.

It is €25 for a same day transfer. Says so on the website.

MrP

Mothman

MrPudding wrote:

It is €25 for a same day transfer. Says so on the website.

MrP

That's an option with any bank at that charge. I've never used the same day transfer, but would be worth it on a very large sum to leave it in for the extra couple days. Transactions out of Rabo usually only take couple business days anyway.

Something to note though is transactions between 2 different rabo accounts are not immediate. My brother transfered money to me on Fri, and despite it being in my acc on Sat evening, it's got following Monday's date on the transaction.

Mod_Man

Moved to Rabo November last year and got more interest(a lot more) in 2 months with Rabo than I've got for the last 4 years with PTSB..

Also, signed up through Pigsback.com and got €15 credited to my Rabo account, plus 2000 piggypoints (~€20)

No banking fees or minimum terms

No complaints about BOI, I've never had to pay any charges (graduate account, was supposed to last 2 years and I've had it for 8) And got a great rate on a motor loan (about 2% cheaper than other banks at the time)

cltt97

By the way, Bank of Scotland now offer a savings account with 3.75%, so that's the best around at the moment.

Mothman

cltt97 wrote:

By the way, Bank of Scotland now offer a savings account with 3.75%, so that's the best around at the moment.

A very different type of account, but may suit some. See this thread for more info.

I've opened up an account.

DadaKopf

Eh, stupid question, but... I want to open a Rabo account because I'm annoyed with BoI. To set up a Rabo account, do I go to BoI and request them to move the account to Rabo and Rabo and BoI work together to do that? Or do I set up the Rabo account separately and then get BoI to transfer?

Mod_Man

DadaKopf wrote:

Eh, stupid question, but... I want to open a Rabo account because I'm annoyed with BoI. To set up a Rabo account, do I go to BoI and request them to move the account to Rabo and Rabo and BoI work together to do that? Or do I set up the Rabo account separately and then get BoI to transfer?

This link should tell you everything you need to know..

http://www.rabodirect.ie/newcustomer/default.asp

Rabo Direct is an online bank and it does not have any Branches or ATM facilities, so you need to have a seperate current account to transfare funds in and out of.

Permanent TSB offer a switcher product that allows you to move your current account across, where they take care of direct debits etc...
http://www.permanenttsb.ie/personal-banking/switch-current-account.asp

Mothman

The other thing worth noting is that you do setup a *current* acc as well as savings acc in rabo. And while you can put money directly into the savings acc, any money being transfered out has go out via the current acc.

JJ

Mod_Man wrote:

Permanent TSB offer a switcher product that allows you to move your current account across, where they take care of direct debits etc...
http://www.permanenttsb.ie/personal-banking/switch-current-account.asp

I did the switch account with PTSB and it's great having an account with no fees but the switching process didn't really go all that smoothly. When they transferred the money from my old account to my new account, they took out more money than was actually in my old account. There was a bit of miscommunication about the actual switching day and it turned out they transferred the money on the day I paid my rent. They obviously saw what was in my account at the beginning of the day and waited till the end of the day after I paid my rent. I was a few hundred euros into overdraft territory and it would be a few days before the money appeared in my new account.

Also, they say that they transfer all your direct debits but I found this was not the case. I had to set up all my DDs all over again with my new PTSB account. When I rang ESB, the person I talked to said I wasn't the only PTSB customer who rang up recently. Anyhoo, besides all that, the new account's been great.

MrPudding

Mothman wrote:

That's an option with any bank at that charge. I've never used the same day transfer, but would be worth it on a very large sum to leave it in for the extra couple days. Transactions out of Rabo usually only take couple business days anyway.

Something to note though is transactions between 2 different rabo accounts are not immediate. My brother transfered money to me on Fri, and despite it being in my acc on Sat evening, it's got following Monday's date on the transaction.

Actually, my bad. It is not Rabo but Northern Rock with the €25 for same day transfer.

MrP

techguy

Sorry for bumping up this thread but since its along the same lines no point on starting a new thread..

I have just opened up my account and have €40 in it which I put in using Rabo Money Mover. It took a good while for the money to be put in. I am just wondering if I register my rabo current account with banking 365 can I put the money into rabo using the transfer option on my 365 page and this will be lodged to rabo within 2-3 days. And will there be charges from BOI for this?

Is the reason that money mover takes so long because that it is just convienient for people who dont have online accounts with their other banks?

I hope I have made myself clear..

Thanks,

Hakko

BuffyBot

As far as I know, you should be able to transfer money in from a BOI to your Rabo account just by giving BOI the sort code and account number.

vector

If your RABO "account" has an sort code and indicidual 8 digit account number, then you can lodge money into it, just like any other account in ireland.

However, if you RABO acccount has a shared 8 digit account number and is identified therefrom using a reference narrative then I would not recommend lodging money manually.

I don't have a RABO account myself and am speaking from experience with BOI mortgages.

techguy

There is a sort code and account number.. I will register the account with 365 and move a few euro to see what happens. are the charges debited from the BOI account straight away or is it at the end of the year?

Mothman

2 reasons why I use money mover.
No limit on amount - whereas I could only transfer €5,000 a day with AIB. Granted the upper limit is not an issue with most of us, but it was with me for a while.
The other is, that although you have to pick a date 2 days in advance, you are getting interest on it from that date, even if the transfer is not actually completed then (it took about a week one time). Using AIB or BOI to transfer will take 2 if not 3 days to clear anyway, so is not quicker.

I would think that the transfer by money mover would still be treated as a withdrawal so no saving in charges.

When you transfer, make sure you transfer it directly into savings account.

techguy

Sure i'll give the other way a shot for the craic.

Why should I transfer it directly into the savings account, is it because I will get the 3.25% straight away..

Mothman

hakko1872003 wrote:

Sure i'll give the other way a shot for the craic.

Why should I transfer it directly into the savings account, is it because I will get the 3.25% straight away..

It takes time to set up the money mover. You have to send in the latest statement of your current acc.

As for putting it in the savings acc, you will get the 3.2% as soon as it is cleared (usually about 2 days). You get nothing if it is in the current acc.

It'd just be a major annoyance to find after some days or even weeks that the funds was left in current acc..

D'Peoples Voice

Any word of an increase in rates since the ECB made their move yesterday to up rates by 0.25%.
I know Northern Rock has up their rates to 2.45%

techguy

I have set up a direct debit from by BOI account once a week. What if I have insufficient funds in the account at the time that rabo want to withdraw? will they just dismiss that transaction and wait for the next week? How exactly does it work?

Thanks

RainyDay

D'Peoples Voice wrote:

I know Northern Rock has up their rates to 2.45%

You mean 3.45% surely! Pity the meanies didn't pass on the full .25% ECB increase.