# RaboDirect Ireland will be closing in May



## 1dave123

"Online savings bank RaboDirect Ireland will be closing in May following a decision by its parent group to restructure its business model.

RaboDirect, which was established in Ireland in 2005, has over 90,000 customers in Ireland with over €3bn on deposit. 

According to a statement from the bank on Wednesday, it is waiving the notice period on notice saver accounts and will be paying the interest earned up to the point of account closure"


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## Lightning

That's huge news.

RaboDirect join a long list of deposit taker brand exits since the crisis:
Northern Rock
Irish Nationwide
Anglo Irish Bank
First Active
ACCBank
Nationwide UK (Ireland)
Halifax / Bank of Scotland (Ireland)
Danske Bank
Leeds Building Society (Ireland)
ICS
PostBank
Raisin (Opened EU wide and then exited 2 EU countries including Ireland)

Plus Investec Ireland are apparently about to be acquired by AIB.

90,000 savers finding new homes is huge. Big opportunity for KBC to try to get their hands on the customers.


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## Compass

Speaking as an ordinary punter, this is a surprise, though I see it was mooted here a year ago. Always found Rabo straightforward to deal with, easy to manage accounts etc.

Does nobody want Irish depositor's savings?? Seems that those of us who are prudent and save for a rainy day in this country are punished. Whilst those who are reckless and flathulach can throw themselves on the mercy of others and expect/ get writeoffs of their debts


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## Sarenco

Arrrgh!

I recently opened an account with Rabo to replace one I previously had with Nationwide UK.  Now I'm going to have to go through the whole palaver again with another bank.

More importantly, it now seems clear to me that the Government's deliberate attempt to reduce competition in the deposit market (to favour the State owned domestic banks) has been successful.



This will have significant long-term ramifications for our economy.

Meanwhile, FF and the media are obsessed with PTSB's perfectly legitimate loan book sale....


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## adox

Sorry to hear they are leaving. Although their rates went to near zero in the last few years I had a substantial chunk of money with them as they felt secure, were easy to deal with and easy to move money in and out of.

Guess I will have to look for a new home for my savings. A new account will have to be opened somewhere.


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## VanZan

Crikey! God knows where I'll put my money. I have a current account with AIB so I guess I'll open a savings account with them. All the interest rates are universally terrible anyway.


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## delfio

God be with the days when they were paying 5% interest on savings, don't think we will ever see those rates again.


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## Moneypit

Personally, really disappointed with this news as I liked Rabo - felt I could trust them and didn't get a sense of corruptness, not like in our main banks here.  Not sure where to put my savings now, really don't want to give it to the likes of PTSB, BOI, AIB or Ulster.


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## blastman

Similar feelings to Moneypit above, I liked Rabo even though the interest had fallen off a cliff in recent years.  The ease of access to the money when needed was really handy, not sure where I'm going to put my few bob now.  Credit Union seems like the best option...


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## inflation

At this stage interest rates are so low and once DIRT is factored in my current account is nearly as appealing as most instant access deposit accounts


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## lollipop

Just wondering if anyone has got the letter from Rabodirect on this? It says they have begun notifying customers. Will there be any charges to withdraw your savings? Wondering who to go to also!


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## grenzgebiet

Is there any reason why it wouldn't be possible for existing Rabo customers to open a savings account directly with Rabo Nederlands ?
Given that Rabo was on-line only anyhow, it shouldn't much matter as long as the bank is in the EU ?

https://www.rabobank.nl/particulier...&inttype=tegel-sparen&intsource=particulieren


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## Protocol

An EBS official mentioned to me that there are plenty of deposits, so they don't have to compete anymore.

Their best is 0.35% pa for lump-sums.


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## Steven Barrett

It's been on the cards. They closed their business accounts, pension fund access, investment arm. It was only a matter of time. 

Fewer and fewer banks in Ireland. We're too small for a bank to bother coming in and trying to compete. 


Steven
www.bluewaterfp.ie


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## cpt_boom

It's a shame alright - they were the first bank in Ireland to have a decent user-friendly online platform. 

The basing of the bank levy on DIRT has certainly hurt deposit competition.


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## Lightning

lollipop said:


> Just wondering if anyone has got the letter from Rabodirect on this? It says they have begun notifying customers. Will there be any charges to withdraw your savings?



Letters have only started to be issued. There are no charges for withdrawing your savings.


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## MrEarl

SBarrett said:


> It's been on the cards. They closed their business accounts, pension fund access, investment arm. It was only a matter of time. ...



Agree 100%.

I'm still sorry to read the news as they were an institution that I also liked dealing with, but in no way am I surprised by the news.   I'm actually surprised that some others here, were surprised tbh.

Ireland is a very small market, but we make it even smaller each time something like this happens, and we all run off back to AIB or BoI.  There are deposit options available form a lot more than just those two institutions and while rates are low everywhere, people should remember that putting their business elsewhere, will help ensure that we continue to have some level of competition in the country.  If anything, the fact that deposit rates are so close to zero everywhere, means that there is no justification for not placing your deposit with an alternative to the "Big Two".




cpt_boom said:


> It's a shame alright - they were the first bank in Ireland to have a decent user-friendly online platform..



Yes, both Rabo and Danske offered excellent online banking services.  

To this day, I don't think that I've seen a better online offering from a Bank, then the one I had from Danske back in 2005 or thereabouts.


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## Duke of Marmalade

Rabo were good, though I didn't like their quirky telephone manner, made me wonder are these guys really secure?  State Savings I suppose.


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## dub_nerd

I consider this a minor disaster. Rabo is the only institution in the country with an AA (high grade) credit rating. BOI is BBB (lower medium grade) and AIB is BBB- (lower medium grade, one notch above "non investment grade / speculative"). Leaves me with a considerable dilemma.

I'd be less concerned if I thought our banks were credibly repairing their balance sheets and we hadn't spent the last five years doing our best to reinflate the housing bubble. And there's no option to go north of the border with their different currency and now Brexit. From a banking point of view, Ireland's starting to feel like a one horse town.

I have some close contacts in Maastricht. I might be knocking on the door of the local Rabobank there.


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## moneymakeover

Rabodirect *Online*

What's to stop opening an account direct in Netherlands?

We're all in EU?


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## moneymakeover

https://www.raisin.com

But they are not authorised by Irish central Bank

Can still open overseas?


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## ThatNewGuy

dub_nerd said:


> I consider this a minor disaster. Rabo is the only institution in the country with an AA (high grade) credit rating. BOI is BBB (lower medium grade) and AIB is BBB- (lower medium grade, one notch above "non investment grade / speculative"). Leaves me with a considerable dilemma.
> 
> I'd be less concerned if I thought our banks were credibly repairing their balance sheets and we hadn't spent the last five years doing our best to reinflate the housing bubble. And there's no option to go north of the border with their different currency and now Brexit. From a banking point of view, Ireland's starting to feel like a one horse town.
> 
> I have some close contacts in Maastricht. I might be knocking on the door of the local Rabobank there.



This to me is the most important point. With rates entirely insignificant across the board, the safety of the bank is entirely the most important factor (I would have put this first for long term deposits regardless but it's even more relevant now).

It's like looking over at the substitute team and choosing between the guy picking his nose or the one who forgot his runners.

No less ironic that the very week this happens, the government is trying its best to stop one of the substitutes from trying to sort itself out a bit. The size of the NPL book is probably now the factor I'll be assessing which bank to go with, which is a ridiculous metric to be forced to be used!


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## dub_nerd

moneymakeover said:


> Rabodirect *Online*
> 
> What's to stop opening an account direct in Netherlands?
> 
> We're all in EU?



The Rabodirect Online banks are a set of five (soon to be four) country-specific subsidiaries. Meanwhile:

_*Can I open a bank account at a Rabobank in the Netherlands?*

Dutch law obliges for Rabobank to establish the identity of every potential customer. Therefore it is mandatory to prove one’s identity in person at one of Rabobank’s offices in the Netherlands._


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## thos

I know the market is fairly uncompetitive for deposits at the moment, but any ideas whether this will prompt some response from remaining banks? In looking at the current Best Buys for deposits, I dont see any real value in the fixed term accounts, KBC 35-day seems about the best compromise for me. Is it worth waiting to see if any other products or rates will come forward?


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## odyssey06

dub_nerd said:


> The Rabodirect Online banks are a set of five (soon to be four) country-specific subsidiaries. Meanwhile:
> _*Can I open a bank account at a Rabobank in the Netherlands?*
> Dutch law obliges for Rabobank to establish the identity of every potential customer. Therefore it is mandatory to prove one’s identity in person at one of Rabobank’s offices in the Netherlands._



I see the EU are doing a great job with the common market for services, one of the so called pillars of the single market.


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## PMan

lollipop said:


> Just wondering if anyone has got the letter from Rabodirect on this? It says they have begun notifying customers. Will there be any charges to withdraw your savings? Wondering who to go to also!


Letter arrived here this morning, with notification and instructions on how to close account.


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## dub_nerd

odyssey06 said:


> I see the EU are doing a great job with the common market for services, one of the so called pillars of the single market.


Well, I guess there was always going to be friction in that regard on a continent with a dozen major languages. Nevertheless, through the miracle of Google Translate and navigating my way to a Rabo NL online chat window with a very helpful lady, here's the (almost) complete transcript for anyone interested. It's a bit disjointed due to the asynchronous nature of the conversation but I'm sure the gist of it can be pieced together.

_Welkom bij de Rabobank

In deze chat vragen wij u nooit naar beveiligingscodes zoals de inlogcode, signeercode of uw pincode. Wij kunnen deze chat vastleggen voor controle- en coachingsdoeleinden.
_
Goedemorgen, welkom bij de Rabobank. Mijn naam is Ilona. Waarmee kan ik u helpen?

Hi, I wonder is it possible to converse in English?

That is possible

Thank you very much. I am investigating the possibility of setting up a Rabo bank account in the Netherlands. I am currently a Rabo customer in Ireland.... but Rabo are closing their operation here. So I guess the first question is ... will a Rabo in the NL take a customer from Ireland. I realise it would be necessary to meet in NL to set it up but that would not be a problem.

Can you tell me what the reason is that you wish to open an account in the Netherlands?

I am looking for bank with the highest credit rating. Currently in Ireland that is Rabobank. But Rabo have announced that this is about to close. The other banks in Ireland have no better than BBB credit rating. (I am only looking for savings/deposit services, not general banking)

Unfortunately, that is not possible. You must, however, actively use your account for payments, for example

There is no savings only option? I don't mind having a current account too, and even paying for it, but I am unlikely to use it very much.

We do open accounts for customers who live abroad. These customers use their payment account to receive money from the Netherlands and the payment account is then actively used.

You mean a payment account in their local country from which to send and receive funds? Yes, that would be no problem as it is what I already do with Rabo in Ireland. Transfers are to and from my Bank of Ireland payment account. (Am I understanding this correctly?)

No I mean that customers who previously lived in the Netherlands emigrated abroad. These customers receive money (benefit) from the Netherlands. They actively use their Dutch bank account for payments abroad.

Oh, I understand. So is the scenario I am outlining not possible? -- for an Irish citizen to open a deposit account with Rabo NL and move funds online to and from an Irish current account.

It is only possible if you, in addition to a savings account, actively use the payment account.
May I have your telephone number where you can be reached.

Sure: +353-86-xxxxxxx

Then I will check for you what the possibilities are for you.
And can you give me your name please?

Regarding the payment account -- is there a certain minimum level of activity, i.e. some number of transactions per month?


Apologies: My name is dub_nerd.

Thank you mister nerd.

There is no standard for the number of transitions you have to do on a payment account

By the way, I'm not sure which web pages I navigated -- are you with Rabo in Maastricht or general Rabo NL?

I will consult with one of my colleagues and come back to you here

Should I wait here online, or for a phone call? (Either is no problem)

We are one national service for Rabobank customers throughout the Netherlands

Ok

I will contact you by telephone.

Thank you very much for your help. (I suspect you might good other enquiries from Ireland -- Rabo has 90,000 customers here who are all being closed down on May 19th)

Unfortunately, we are not aware that the offices will close in Ireland.
we are also not in contact with colleagues who work at offices outside the Netherlands

Yes, I understand the Rabodirect banks are separate subsidiaries.

Can you give us an indication what amount you may wish to place with us.

It will be between xxx and xxx. Currently in Rabo Ireland it is xxx

Thank you very much for your response. You will hear from me as soon as possible.

Thanks very much indeed for the help Ilona. I will look out for your call.

One last question
Can you tell me what your assets consist of or how this came about?
I have to ask you this question by law and regulations.


Oh, sorry Ilona, was on another window.
These are personal savings ... originally from xxx
There is an audit trail between bank accounts here which can be established. In other words, I've never deposited a sack of banknotes or anything like that.

I can understand that it is quite a personal question. I want to thank you for answering this

No problem at all. I've nothing to hide 

thank you again for your openness
I will get started with it and you will hear me as soon as possible
(my excuse if my sentence structure is not entirely correct)

_Uw gesprek is beëindigd. Voordat u het venster sluit, kunt u hier aangeven hoe u deze chat heeft ervaren.
Wat vindt u van de mogelijkheid om te kunnen chatten met de Rabobank?
Hartelijk dank voor uw reactie. U kunt het chatvenster sluiten._


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## Jazz01

dub_nerd  - thanks for that.. If you wouldn't mind, please let us know how the phone call goes and if you are successful in opening an account.


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## galway_blow_in

ive about a hundred quid with rabbo , i had half a million with them for a brief period at one stage in 2011 , good bank to deal with albeit a limited service


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## grenzgebiet

Excellent work, Mr Nerd.
Will be very interested in the outcome.
I'm surprised Rabo isn't offering its existing customers the option of transferring allegiance to Rabo NL automatically - after all, they will already have all the data they need from existing customers.

Otherwise - Maybe at least  Aer Lingus will benefit from this fiasco, they do a return Dublin - Amsterdam for €34.99 each way in March if Rabo insist on a personal appearance in the Nederlands !

Please keep us updated.


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## MrEarl

dub_nerd said:


> ....
> 
> Apologies: My name is dub_nerd.
> 
> Thank you mister nerd.
> _
> ....._




PSML   



grenzgebiet said:


> ....
> 
> ....Maybe at least  Aer Lingus will benefit from this fiasco, they do a return Dublin - Amsterdam for €34.99 each way in March if Rabo insist on a personal appearance in the Nederlands ! .....



Not a chance,

With the sort of money we are all talking about, I'm expecting the Rabo corporate jet to come pick us up, and obviously drop us back home afterwards  





Both my paperwork and Mrs. Earl's paperwork arrived in the post this morning.  I've not read it, but think it fair to say that I know the bones of it already.



.


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## dub_nerd

MrEarl said:


> With the sort of money we are all talking about, I'm expecting the Rabo corporate jet to come pick us up, and obviously drop us back home afterwards  .



Don't hold your breath. Bear in mind that Rabo have effectively already told the Irish customer base "we don't need no steenkin' €3 bn". And it can't have been that expensive for them with just 31 employees and interest rates near zero. Plus the _average_ Irish deposit is over €30k if I've done my numbers right. They must have already decided they don't want a bunch of foreigners for customers. Which is why I'm not holding my breath ... but I wouldn't mind slinking in the door before it slams shut when they realise there's a bunch more Irish gurriers in the queue.

Btw, I'm not sure there _is_ a corporate jet. I hope not. Isn't that why Rabo are so solid despite the GFC -- they catered mostly for Dutch farmers instead of property moguls.



MrEarl said:


> Both my paperwork and Mrs. Earl's paperwork arrived in the post this morning.  I've not read it, but think it fair to say that I know the bones of it already.



Mine too. It contains nothing that I didn't already read on the website.


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## cpt_boom

dub_nerd said:


> I consider this a minor disaster. Rabo is the only institution in the country with an AA (high grade) credit rating. BOI is BBB (lower medium grade) and AIB is BBB- (lower medium grade, one notch above "non investment grade / speculative"). Leaves me with a considerable dilemma.



Keytrade in Belgium (used to at least) accept Irish customer applications remotely. I just use the trading account. Savings rates are between 0.05% to 0.2%. They are now owned by Crédit Mutuel ARKEA, which has an A rating. However, this is just in line with the rating for the Irish state so the main benefit would be diversification.


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## Jazz01

dub_nerd said:


> realise there's a bunch more Irish gurriers in the queue


Hope you not talking about the posters on AAM


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## dub_nerd

Well, credit to Rabobank NL for being pleasant and efficient, but it's no dice. They got back to me to say that they can't open a bank account for me because a Dutch social security number is required, so one would have to be resident there for a few months at least. Seems to be as blunt and as final as that. So as odyssey06 said above, there is no common market for banking services.

Almost unbelievably, when it comes to stashing my life's savings, the choice is now between a small handful of banks that are rated from ropy to _very_ ropy. With a guaranteed bail-in the next time they manage to over-extend themselves on Ireland's favourite blood sport of paying too much for housing.


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## RSMike

dub_nerd said:


> Almost unbelievably, when it comes to stashing my life's savings, the choice is now between a small handful of banks that are rated from ropy to _very_ ropy. With a guaranteed bail-in the next time they manage to over-extend themselves on Ireland's favourite blood sport of paying too much for housing.



Looking to me like State Savings is best option


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## JohnJay

Well, I closed my account online today. Very simple process, click on the button, put in the IBAN of the account you are transferring to and hit a few digits on the digi-thingy. I didnt have very much left in this account, but what funds are left will be transferred to my PTSB Current AC. 

Ive had an account with them for a number of years. Always very easy to deal with and am sorry to see them go. 

Now I have to decide what I will do with the 22 cents interest I earned today. I'm off them for lent, so buying 22 penny sweets not an option.


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## Lightning

moneymakeover said:


> https://www.raisin.com
> 
> But they are not authorised by Irish central Bank
> 
> Can still open overseas?



Raisin no longer accept new customer applications from Irish residents.


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## LoveTrees

Farewell Rabo, in 13 years of outstanding customer service just 1 (small) disappointment when a transfer got bounced back because Sort Code was changed imho without adequate clear prenotification on such change. I will miss your straight talking!


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## Lightning

Memories indeed. Rabo once interacted on this forum, the CEO himself did, for quite some time back in the day. In a Sunday Business Post article, Rabo once complemented Askaboutmoney. 

Rabo were very popular here at one stage especially when money started exiting Irish banks around 2009.


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## Gordon Gekko

The departure of Rabo and the imminent departure of Investec are sad to see for those of us who held deposits there.

Less competition and more dominance for the Irish banks can’t be good for the customer.


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## Sarenco

Gordon Gekko said:


> Less competition and more dominance for the Irish banks can’t be good for the customer.


Absolutely agree.

It will be interesting to see if any of our newspapers report on the fact that both Nationwide UK and RaboDirect told the Department of Finance that their methodology for calculating the bank levy was jeopardising their operations here.

I'm not holding my breath...


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## LoveTrees

Sarenco said:


> It will be interesting to see if any of our newspapers report on the fact that both Nationwide UK and RaboDirect told the Department of Finance that their methodology for calculating the bank levy was jeopardising their operations here.



I'm in shock.  Would KBC be next after all the efforts they are doing on advertising???


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## Drakon

delfio said:


> God be with the days when they were paying 5% interest on savings, don't think we will ever see those rates again.


When I was moving house a few years ago I found a letter from Anglo, from back in 2008.  They were paying 8%!


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## Drakon

lollipop said:


> Just wondering if anyone has got the letter from Rabodirect on this? It says they have begun notifying customers. Will there be any charges to withdraw your savings? Wondering who to go to also!


Got a letter yesterday.


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## Drakon

I just closed my account.  I'd forgotten my customer number and could find no record of it, so I spent 15+ minutes on hold when I phoned then to find out.
I knew that I'd almost nothing in the account but wasn't sure exactly how little.  
€0.01

Anyway, as someone previously mentioned, just click on Account Closure and it's straightforward.

I think that was the third saving account I had with them.  Wasn't there a €20 sign up bonus back in the day, for first time customers?  Then there was a €20 Irish Times sign up bonus, even for non first time customers.  I think on the third occasion I was attracted by their interest rates; there was no bonus.

Can't remember when I opened that first account but it seems I had used my hotmail email rather than my gmail, so I'm guessing it was 2004.  14 years, farewell RaboDirect.


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## Drakon

CiaranT said:


> That's huge news.
> 
> RaboDirect join a long list of deposit taker brand exits since the crisis:
> Northern Rock
> Irish Nationwide
> Anglo Irish Bank
> First Active
> Nationwide UK (Ireland)
> Halifax / Bank of Scotland (Ireland)
> Danske Bank
> Leeds Building Society (Ireland)
> ICS
> PostBank
> Raisin (Opened EU wide and then exited 2 EU countries including Ireland)
> 
> Plus Investec Ireland are apparently about to be acquired by AIB.
> 
> 90,000 savers finding new homes is huge. Big opportunity for KBC to try to get their hands on the customers.



Wow, that's some list.  ICS, PostBank and Raisin are the only ones that I haven't had an account with.  I was a rate tart back in the day!


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## messyleo

Tossing up between KBC and AIB - can't help feeling I might be here again in a couple of years if I go with KBC - the foreign banks seem to be being driven out of the market  Diversification is more of a priority over rate for me - hence sticking with Rabo until now. Sad to see them go


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## LoveTrees

Actually I am starting to believe this is another effect of the big crisis of 10 years ago: unless a Bank diversifies a lot the offerings it's hard that money will stay into accounts at such low interests for too long. We could see that Stock Exchanges capitalisations surged in the last few years also because banks are not considered anymore such safe heavens for liquid money. The change on behaviours of the crisis of 10 years ago is really evident in my opinion... I found it symbolic that when I opened a new regular saver's account with PTSB they asked me to sign the "awareness form" on the 100K Eur guarantee again...

Also their dutch competitors Degiro came to Ireland with such low fees... It's hard even for small savers like me not to resist the temptation of trying to follow Warren Buffett's steps nowadays. Or am I missing something?


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## Lightning

gravitygirl said:


> Can't help feeling I might be here again in a couple of years if I go with KBC - the foreign banks seem to be being driven out of the market



At the moment at least there is no indication that KBC will exit. Investec are likely to be the next exit.


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## Lightning

KBC have started an advertising campaign encouraging RaboDirect savers to move. KBC are clearly trying to capitalise on the fact that 90,000 savers are looking for a new home.


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## galway_blow_in

Drakon said:


> When I was moving house a few years ago I found a letter from Anglo, from back in 2008.  They were paying 8%!



my mother had a sizeable sum  with anglo around that time , im pretty sure it was 5% tops ?

could be mistaken however , i know she had money in some post office savings scheme as well  at the time of the IMF bailout  which returned close to 4%


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## Duke of Marmalade

I think I remember getting 7% on Irish Nationwide.  I know Brendan thinks that the likes of me should not have been bailed out.  That might have been a bit of breach of faith on the part of the State, after all they were telling me that they were regulating IN.  What should have happened and what would have been fair would have been to pass legislation which clawed back all "super interest " on bailed out deposits.


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## Gervan

I recently closed an account with ABN Amro in Schiphol, which I had been able to open without visiting the Netherlands. My reason for closure was the dreadful interest rates, but if people are looking for a bank with good credit rating they might be interested. I found the bank easy to deal with.


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## messyleo

CiaranT said:


> KBC have started an advertising campaign encouraging RaboDirect savers to move. KBC are clearly trying to capitalise on the fact that 90,000 savers are looking for a new home.



Interesting - are they pushing any particular product? The 35 day notice looks the best rate but it's variable so I can't help thinking they might drop the rate in a couple of months.


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## Lightning

gravitygirl said:


> Interesting - are they pushing any particular product? The 35 day notice looks the best rate but it's variable so I can't help thinking they might drop the rate in a couple of months.



KBC are simply pushing the fact that they have "competitive rates" and encouraging people to switch now rather than May. 

Yeah, a good guess would be that the 35 day notice rate will decline in the near future. It is paying way above the variable lump sum market.


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## Dinarius

Do all these bank withdrawals from the Irish banking market say anything about our economy?

Are they simply a reflection of the difficulty of competing in this tiny market, or are they an indication of something more?

D.


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## Sarenco

Dinarius said:


> Are they simply a reflection of the difficulty of competing in this tiny market, or are they an indication of something more?


Well, in my humble opinion, it's in no small part a reflection of the Government's policy to drive competition out of the deposit market -


Sarenco said:


> More importantly, it now seems clear to me that the Government's deliberate attempt to reduce competition in the deposit market (to favour the State owned domestic banks) has been successful.


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## Drakon

galway_blow_in said:


> my mother had a sizeable sum  with anglo around that time , im pretty sure it was 5% tops ?


Definitely 8%. I’m sure if you went back 10years in the AAM Best Buy archives you’d find it quoted


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## Drakon

Drakon said:


> I just closed my account.  ...
> €0.01



This was lodged to my back account on Monday.


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## Freelance

With regret I closed my Rabo account on Sunday at 3:00pm using the online procedure and the money was in my Ulster Bank Deposit Account by lunchtime Monday. These two probably have the online platforms in the Irish Market.

I'm at a loss as to where to put this money. I'm just about OK with it being housed in "BBB" rated outfits, but nothing about AIB or BOI (both of whom I dealt with in the past) would inspire me to try them, and my previous experiences with KBC were a very frustrating mix of administrative and systems errors and convoluted and misleading rules and charging structures - probably the worst and most convoluted banking experience I had. I am maxed out on Government savings (Bonds, Certs and Prize Bonds). Am I missing anything ?


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## Duke of Marmalade

Freelance said:


> I am maxed out on Government savings (Bonds, Certs and Prize Bonds). Am I missing anything ?


4 year National Solidarity Bond?  Do you have a joint or single max?


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## dub_nerd

Freelance said:


> I'm at a loss as to where to put this money. I'm just about OK with it being housed in "BBB" rated outfits, but nothing about AIB or BOI (both of whom I dealt with in the past) would inspire me to try them, and my previous experiences with KBC were a very frustrating mix of administrative and systems errors and convoluted and misleading rules and charging structures - probably the worst and most convoluted banking experience I had.


Similar situation here. I'm not that interested in government savings at the current rates. My primary concerns are security, ease of access and administrative simplicity. Basically, I want what Rabo offered -- an excellent credit rating and simple online access with multi-factor security, making it possible and safe to move sizable chunks around when I need to. I'm still at a loss as to what to do. One possibility is a euro account with one of the larger UK banks, though that doesn't give me a warm fuzzy feeling either.


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## messyleo

Similar situation with myself, am loathe to go over the deposit guarantee with any institution including state savings, so might have to explore aib or kbc. Once it is under the deposit guarantee of 100k surely it should be safe? AIB rates are horrendous though 0.2% I think!


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## Lightning

gravitygirl said:


> am loathe to go over the deposit guarantee with any institution including state savings



The Deposit Guarantee Scheme does not apply to investments with State Savings. State Savings investments are placed in Irish sovereign debt which is guaranteed by the state with no limit.



gravitygirl said:


> AIB rates are horrendous though 0.2% I think!



AIB pay 0.05% for most variable accounts. 1 year term deposits pay up to 0.30%.


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## TomOC

I was the same and had endless bank accounts open about 10 years ago.  I just had a look in files here. About 9 years ago Anglo were paying the 8% on a regular saver account.  (I remember seeing a quote from the Anglo tapes about them increasing the deposit rates to get in any funds.) Irish nationwide were paying 7.6.  And I saw a 1 year 6.5% lump sum fixed I had with Investec.  All of those were losing only 20% in DIRT. Oh the days....


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## Patrickf

Well Freelance I was not as fortunate when closing my Rabo accounts. Did so on Thursday last. Checked with Rabo on Monday (long wait on phone) to be told that the accounts were closed but the money has not transferred to my nominated account in EBS and this is Tuesday, 27th Feb. Checked my EBS account on line and no extra funds there. I'm getting worried!. No answer from Rabo today to any call I made. Sent email this evening. Have transferred Rabo funds internall and externally in the past. They have not updated their website or there voicemail patter both give the impression that they are still open for new business. Any advice welcome on how I might establish where my money is out there in cyber space!
Patlar.


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## Lightning

Might be a delay in the wire due to a backlog of payments due to the closure.


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## Patrickf

Thanks Ciaran T.


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## newirishman

Closed my account yesterday afternoon, and the transfer arrived in my UB account this morning. 
Patrickf you can always log back into the Rabo account and check the details of the transfer, to ensure you have the right IBAN.


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## Patrickf

Hi Newirishman,
Tried to log into my Rabo account on Monday, 25th Feb. Would not allow me. Contacted Rabo on Monday and spoke with staff member who confirmed that the accounts (2) were closed and once closed accounts cannot be accessed. No funds have arrived in my nominated EBS account and I closed the account last Thursday, 22nd February. I'm getting worried as I had a considerably amount of money on deposit with them. EBS confirmed that no money had transferred to my nominated account. Rabo are not answering the phones since last Monday. They say, 'leave a message and we will get back to you'. I've done this, sent and email and to date (Wednesday, 28th Feb. 15.00) no replies. Any more suggestions  would be welcome Newirishman as I've never had to face a problem like this before.
Regards,
Patrickf


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## Lightning

The money will, almost certainly, be located. 

Ask Rabo for the IBAN that they transferred it to. Check the IBAN for typos. 

Thereafter ask Rabo for the SEPA reference details. Give these details to EBS if the IBAN is correct. 

You can also ask Rabo to recall the payment.


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## Patrickf

Thanks CiaranT for suggestions. Cannot do much until Monday, 5th March due to weather. Rabo have not got back to me since Monday, 26th February despite I leaving voice messages and sending an email.
Regards,
Patrickf.


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## adox

Anyone considering prize bonds as an alternative? I’ve never had them but am thinking of spending a 5 figure sum on them with some of my Rabo money which I have yet to move. 

With the interest rates so low everywhere it just seems a viable alternative(and a bit of fun at 5he same time).


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## Gary_M

Patrickf said:


> Thanks CiaranT for suggestions. Cannot do much until Monday, 5th March due to weather. Rabo have not got back to me since Monday, 26th February despite I leaving voice messages and sending an email.
> Regards,
> Patrickf.



Have you had any resolution to this Patrickf?

I'm in the same boat myself, closed my account and requested transfer of funds to a nominated account but it's almost 2 weeks now and still no sign of the funds, Rabo online access has been removed since I closed the accounts, sent email last week but no reply, and can't get them on the phone either due to wait times. I know the weather will have delayed things but it's coming up on 2 weeks and I've no idea where my money is and nor can I access it.


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## MrEarl

adox said:


> Anyone considering prize bonds as an alternative?.....



With prize bonds, there is really just one question to ask yourself ... _Do you feel lucky ?_

- Forget the stats when it comes to prize bonds and payouts, it's all down to luck.

Personally, I've decided to buy a few value shares with some of my ex Rabo funds. There's an obvious capital risk, but I'm willing to take on a bit of risk for return over the next 1-2 years.


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## dub_nerd

MrEarl said:


> - Forget the stats when it comes to prize bonds and payouts, it's all down to luck.



Luck _is_ statistical !


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## pudds

Can we bin the digipass, after we have closed our account, not much point in sending it back, or is there?


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## Dinarius

I may be missing a trick here, but regarding the closing of RABO accounts and money not transferring out....

Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?

D.


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## Gary_M

Dinarius said:


> I may be missing a trick here, but regarding the closing of RABO accounts and money not transferring out....
> 
> Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?
> 
> D.



Yes, in hindsight I wish I'd done it this way. I followed the Rabo instructions which closes your account and transfers your funds as one process.


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## dub_nerd

Dinarius said:


> Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?



That was my plan too, but it turns out you can't as far as I can see. That information about them "waiving the notice withdrawal period" on notice accounts only applies to account closure. I've been trying to move money from my notice accounts to my savings account, with a view to transferring the whole lot _en masse_ out of Rabo before finally using the account closure option. But you can't -- the notice withdrawal period still stands unless you are closing the account.


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## Sue Ellen

Dinarius said:


> I may be missing a trick here, but regarding the closing of RABO accounts and money not transferring out....
> 
> Wouldn't it be better to transfer everything (or everything minus €1, if you can't have a zero balance in a RABO account) and only then closing the account?
> 
> D.



I would consider it best to:

1.  Do a test transfer of a small amount now.

2.  Don't rush with closing the account as your funds are most likely safer there than anywhere else. 
     Depends of course on the rate you are receiving elsewhere.

3.  Once the test transfer worked alright then go ahead and move most of the funds possibly leaving a small amount.

4.  Close the account completely when it suits you.


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## messyleo

The problem with this strategy is, if you have a 90 day notice account, the test transfer won't be in your account before Rabo shut down in May as they only waive the notice period when you actually close the account. Are they still taking deposits? If so you could transfer in a few euro to the demand account and then transfer it out as a test perhaps. However, I encountered no problems transferring a large sum out, so once there are no typos there should not be a problem, bar those few that only accept transfers in from another "home" bank account


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## MysticX

Maybe the massive outflow of cash (corresponding) is slowing things down? Most banks aren't set up to handle a massive withdrawal from their deposit base all at once after all they must have the bulk of the cash doing something instead of keeping it on standby for withdrawals?

Could anyone report back on their success closing either on demand or notice accounts? 
I'm curious if it's just the latter been delayed as it means that despite officially waiving the notice period that it still isn't been treated as an on demand withdrawal.


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## messyleo

Yes I have withdrawn a large sum from a 90 day notice account and it went in the next day. The only problems seem to be arising from people trying to transfer to deposit accounts where the feeder account must also be from the same bank, or perhaps where there was a typo in the IBAN - both of which Rabo cannot be blamed for.

As rabo are telling people to withdraw funds/close their accounts they will obviously have prepared for this and have the cash on hand to fulfill the withdrawals, so that would not be an issue in the slightest.


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## Gary_M

So I got to the bottom of why my funds went missing - I requested the funds in Rabo be transferred to a savings account in another Irish bank I have, however I didn't realise this particular account had a limit on the maximum funds it would accept per month so the funds bounced back to Rabo. This is where it gets messy, as the account the funds came from in Rabo was now closed the money had nowhere to bounce to. Rabo have done a trace on the money and have identified it thankfully. I've had to fill in paperwork and send it in via post to request to have the bounced funds transferred to another account that will accept large transfers.

So it was completely my own fault, and in fairness to Rabo they have been very helpful in trying to resolve it. Just posting this here as a warning to others - be sure the account you are requesting transfer of funds to can actually accept the transfer amount!


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## messyleo

Thanks Gary - I never thought an account would have such a limit (apart from regular savers and the like) so good to be aware of this for future transactions - thanks! I guess a good idea is to transfer it into a current account and then transfer it onwards (this is what I always do - I imagine no current accounts would have limits?)


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## MrEarl

dub_nerd said:


> Luck _is_ statistical !



But the stats don't guarantee you'll be lucky


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## LoveTrees

Sue Ellen said:


> 1.  Do a test transfer of a small amount now.



Completely agree. Always do a test transfer if you're setting up a new payee. Also I agree never to close an account until all funds are completely received on the other bank. I will close my Rabo when I'll have just a few Eur in it, I am still waiting for my 30 days notice withdrawal to apply into my main Rabo savings account.


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## dub_nerd

MrEarl said:


> But the stats don't guarantee you'll be lucky


Of course they do ... they just don't guarantee it'll be _good_ luck!


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## MrEarl

dub_nerd said:


> Of course they do ... they just don't guarantee it'll be _good_ luck!



PSML


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## MrEarl

Hi,

Just out of interest here, why are we all bothering to formally close our accounts ?

Once we have transferred out our funds, why not leave the admin to Rabo to sort out ?


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## newirishman

MrEarl said:


> Hi,
> 
> Just out of interest here, why are we all bothering to formally close our accounts ?
> 
> Once we have transferred out our funds, why not leave the admin to Rabo to sort out ?



Of course you can leave it to Rabo, they will just close the accounts for you. However, if there's any interest owed to you it will be a bit trickier to get the money.
Also, if you have notice accounts you need to give notice, wait, transfer the money out, still have the headache regarding interest.

It took me 2 minutes to close all the accounts and transfer the money. This made sure all interest is applied correctly, I got all my money, and the accounts are closed.
The money was in the account - details of which provided as part of the closing procedures - the next day.

There is no "admin" to speak of.

Why would you not just close the account and be done with it?


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## dub_nerd

Ditto. It's already too late to transfer the funds out of a 90-day notice account. Plus you don't get your interest until you use the account closure option.


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## messyleo

Totally agree, it is actually easier to close the account, than having to type in the amount you wish to withdraw. Also if you don't select the "close" option the interest won't be included (as newirishman points out) and notice period won't be waived so it's not an option for some of us with the 90 day notice account.

Edit: Maybe MrEarl has not seen the interface - a "close account" button has been added which means you just log on, click it, and complete the security codes and you are done - your account is automatically emptied to your chosen account.


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## MrEarl

gravitygirl said:


> ....Edit: Maybe MrEarl has not seen the interface - a "close account" button has been added which means you just log on, click it, and complete the security codes and you are done - your account is automatically emptied to your chosen account.



Spot on - thanks for the info.


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## Mugatay

Regarding closing a Notice Account ...... I spoke to them on the phone today and they said I should send them an email from within your account (button on left hand side) with a request and they will close the notice account only and transfer the money to your saving account. From there you can then transfer as normal to an external account and when all is done then close the Rabo account for good.


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## LoveTrees

I just closed my accounts with Rabo and everything went flawlessly as 99% of the times I dealt with them. Thank you so much Rabo, I loved the way your team works and the way your site works...


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## Seesee

Advice needed. I’ve transferred my own Rabo savings account to an account with my other bank where I have my current account. Poor rate but will have to do. 
However, I have 3x 90 day notice accounts for my 3 kids, money they inherited. The Rabo accounts were in their names with my name on the account and I managed them. Kids are 11/13/15. I’m not having much luck finding a similar setup anywhere else. I don’t want accounts in my name. I don’t want current accounts. Junior savers generally only go up to 12. I have half of their money in government savings and they each have small amounts in their credit union accounts but this is money they know about and save into and may get access to before 18. The inheritance I don’t want them to touch or know about really. Any advice?


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## Lightning

Seesee said:


> Junior savers generally only go up to 12.



There are plenty of children's savings accounts for ages 12+ have you considered some of these products?


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## KOW

Just shut down two Rabo accounts. One ordinary savings and one 90 day notice.
Ordinary saver showed money transferred immediately to nominated account.
90 day showed interest transferred immediately but took a while before principal sum transferred to nominated account.


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## Seesee

I’ve spoken to two banks and trawled the website of a third and can find no such products. Ptsb and boi told me accounts for 12+ are current a/c.


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## Lightning

Seesee said:


> I’ve spoken to two banks and trawled the website of a third and can find no such products. Ptsb and boi told me accounts for 12+ are current a/c.



What about this one?


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## Seesee

Yes that’s better than the others but it’s a sole account in child’s name and they can access at any time. I’ll give aib a call. Some bank must do trust accounts though I would have thought.


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## Seesee

Meant to say thank for that but if you know of others please let me know.


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## dub_nerd

I just got Rabo to transfer money from 30 and 90 day notice accounts into my Rabo savings account so I can transfer the money to wherever I want before I finally close the Rabo accounts. Just e-mailed them from within their own platform, and there was no problem but it _did_ take a week.
Their reply e-mail mentioned: "For urgent queries please call our Customer Care Centre on 01 6599731. Please note that following RaboDirect’s announcement to withdraw from the Irish Market on 16th May 2018 our customer care team are particularly busy and you may experience longer wait times than normal." Just for anyone who was thinking of waiting till the last moment...


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## Freelance

I closed my account using the automated close process and had no difficulty. Money appeared on the other side next day. Only delay was the closing statement which took a few weeks (not an issue as I only needed it for record purposes)



Duke of Marmalade said:


> 4 year National Solidarity Bond?  Do you have a joint or single max?



Great spot - when I went to check this I was maxed out on National Solidarity Bonds 10 Year Issue 6, but had forgotten that the 4 Year bonds are subject to a separate limit. So filled my boots there.

I also discovered that my local credit union have an excellent online platform and reading their accounts appears to be one of the well managed ones. I’ve put €40k, the max allowed, on deposit there (well within the Government Guarantee Limit) and tested the online platform inward and outward and its working well - full value within 24 hours.

I’ve also put €50k on deposit with BOI, with the intention of drip feeding it into their Goal Saver and 365 Monthly Saver Accounts (currently yielding 1.35% and 1.2% respectively) - bit of a pain and you’d wonder if it is worth the bother. The BOI online platform is noting short of cringeworthy.

Security on most of these online platforms is really poor. Nothing compared to Rabo and Ulster.


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## dub_nerd

Just been speaking to Ulster Bank about taking some Rabo money. It seems they may be willing to bend the advertised upper deposit limit on their juicy 0.6% one year rate. Waiting to hear back, but yiz can form an orderly queue until I get my foot in the door, and you didn't hear it from me.  (Offered BOI the chance to match the UB rate but they politely declined, not unexpectedly).


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## dub_nerd

Slightly off topic for this thread ... but slightly on topic too ... my Rabo accounts are now closed and I am _still_ looking for a home for cash. Am I right in thinking the banks aren't crazy about taking deposits because their margins on them are low, and that's part of the reason Rabo left? I'm asking because the other banks I've approached are trying to persuade me (I would call it *hounding* me) to talk to advisors about equity investments. I know what I want and I have no problem resisting their charms as vociferously as necessary. But I'm thinking the average punter could easily be persuaded to stick money in a very uncertain market. And yes, they get you to answer a risk assessment questionnaire but, no, I don't think it's worth the paper it's printed on. If the bank is going to make a better margin by selling you an investment, then that's what they're going to sell, as they are doing their utmost to do with me. I'll write a report on my travails in trying to open a simple deposit account once it's done.


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## Lightning

dub_nerd said:


> Am I right in thinking the banks aren't crazy about taking deposits because their margins on them are low, and that's part of the reason Rabo left?



Most banks have surplus deposits over loans. Additional deposits effectively end up parked at the ECB which costs -0.40%. Most, but not all, banks simply do not need more deposits. There is no positive margin, there is an effective marginal cost.


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## dub_nerd

Any idea how/why Ulster Bank are offering 0.6% for 12 months? It's way out of kilter with other banks and with UB's other rates. Does it mean they have a temporary use for the money?


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## messyleo

They only increased it very recently if I remember correctly - post-Rabo, so the cynic in me thinks it is a deliberate ploy to get some new custom in and mop up the rabo funds, to get new customers on board. They may be willing to use it as a loss leader in that respect - they could potentially upsell new customers their higher margin products like mortgages, investments etc. more easily once they are "in the door" so to speak. Or I could be completely wrong!


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## camlin90

UB website states that existing Online Banking customers can open this account online. Tried doing that today - "We are currently making improvements to our Fixed Term Deposit application form, please contact your local branch". Great


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## dub_nerd

gravitygirl said:


> They only increased it very recently if I remember correctly - post-Rabo, so the cynic in me thinks it is a deliberate ploy to get some new custom in and mop up the rabo funds, to get new customers on board. They may be willing to use it as a loss leader in that respect - they could potentially upsell new customers their higher margin products like mortgages, investments etc. more easily once they are "in the door" so to speak. Or I could be completely wrong!



I don't think it's a secret about trying to get the Rabo money. But that's an interesting angle about the upselling -- you may be on to something. I went in to UB last week about opening a deposit account and casually inquired about whether the advertised max on the account was a hard limit. I was told it would need managerial approval but shouldn't be a problem. Then we spent an hour and a half going through a risk assessment (for a deposit account!!!) and I was given info about investment products which I said I wasn't interested in. Next I was told sorry, actually, the approval has to come from a regional manager. (Meanwhile I dropped into Bank of Ireland to see if they had any interest in matching the UB rate -- no, but they had some nice investments I might be interested in ). A week later I still hadn't heard anything so I chased UB. Was told it was still in the pipeline but it would help if I spoke to a customer relations person about investments "just so the manager could see all options had been explored when approving it" (!!!!!). I agreed in order to get it expedited and was told someone would ring me that day. Two days later, not a dickybird, so I chased again. This time someone rang me back saying the first advisor had told them I was interested in investing. I explained to them that I would listen to their spiel but had no interest whatsoever in investments and had no intention of pretending. So, now heading for two weeks into applying _for a deposit account_ and still awaiting "approval". I'm wondering if they've lost interest after failing to hook me for other business. If they were that interested they should have tried getting my name right, which I had to correct twice. 
Come back Rabo, all is forgiven. How I'm gonna miss the simplicity, the AA rating, the online ease of access, the one day (or less) transfers... _and not having to deal with *people*_!


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## messyleo

In fairness, that is one of the good things about buying state savings in the post office - they don't ask you if you are interested in a few books of stamps or foreign currency instead!


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## dub_nerd

Yep, UB have come back and said there are no exceptions to the max. deposit limit on their 0.6% 12 month account. It only took them 12 days to give me an answer. Now I have to queue for another interview slot, to change the amount on the form that _they_ filled out. With a bit of luck I might get the account opened with the lower amount within three weeks of originally applying.


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## Lightning

Shocking that Ulster Bank don't simply put the account opening process online and save their customers and their staff time and money.


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## elcato

I opened an account online recently but I was a current customer. Interestingly Firefox browser would not redirect me and gave the please ring us error but chrome allowed me to go and do the process.


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## Freelance

Freelance said:


> Security on most of these online platforms is really poor. Nothing compared to Rabo and Ulster.



Fixed


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## Lightning

elcato said:


> I opened an account online recently but I was a current customer. Interestingly Firefox browser would not redirect me and gave the please ring us error but chrome allowed me to go and do the process.



Ulster have the account opening process online for some product types but not all.


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## Charley

CiaranT said:


> Shocking that Ulster Bank don't simply put the account opening process online and save their customers and their staff time and money.



I'm having difficulty finding a bank where I can open an online deposit account.  I tried AIB cos I have a credit card with them, but no joy, they wouldn't open a deposit account for me unless I open a current account first.  I told them I didn't need a current account, as I already have one with another bank.  How many current accounts does one person need to be paying fees for? 

Also tried KBC but they didn't have online access and it's too difficult for me to get to a branch for every single transaction.  Who needs that hassle anyway.

I can't even open another PTSB account for my Rabo funds cos they only allow one online instant access account.

Why do banks make it so difficult to do business with them

Has anyone any recommendations for deposit account that you can open & manage online, now that we're rereft of Rabo..


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## johnsmyth

Charley said:


> I'm having difficulty finding a bank where I can open an online deposit account.  I tried AIB cos I have a credit card with them, but no joy, they wouldn't open a deposit account for me unless I open a current account first.  I told them I didn't need a current account, as I already have one with another bank.  How many current accounts does one person need to be paying fees for?
> 
> Also tried KBC but they didn't have online access and it's too difficult for me to get to a branch for every single transaction.  Who needs that hassle anyway.
> 
> I can't even open another PTSB account for my Rabo funds cos they only allow one online instant access account.
> 
> Why do banks make it so difficult to do business with them
> 
> Has anyone any recommendations for deposit account that you can open & manage online, now that we're rereft of Rabo..



You can open demand deposit account with Aib in branch which can be accessed online and you can then open any online accounts. I did this recently and found process very efficient , only 10 mins in branch. Don’t need current account.


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## tallpaul

Just to mention that I had thought that, as I had withdrawn a largish lump sum in mid-2016 that there would be nothing left and I could just let Rabo close the account automatically. Imagine my surprise to see a balance of just over €160 as interest due when I logged in 'for pig iron' last Thursday. Hit the Close Accounts button and filled in the bits and bobs using the device. Money was transferred to my UB account last night. So two working days.


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## paulgreen

I know it's not a  deposit account but i managed to open a current account with N26 on my phone in less than 10mins
because I am out of the country Rabo really did leave me with few options but i have been very impressed with N26 if i'm honest deposit rates are pathetic anyway and i just needed to park funds so as not to bust the 100k deposit protection limit
why can't irish banks do what N26 can ??????


----------



## Michael Herman

What to do with their Digipass? More electronic litter. I guess i send it back to them. Mark the envelope FREE POST. Any better ideas?


----------



## mtk

Michael Herman said:


> What to do with their Digipass? More electronic litter. I guess i send it back to them. Mark the envelope FREE POST. Any better ideas?


thats what they tell you to do i think i recall


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## Delboy

Just a reminder that this closes tomorrow


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## dub_nerd

Interesting to see that just a week after the Rabo closure date, Ulster have dropped their 1 yr term deposit rate back from 0.6% to the 0.2% it was at before they made their little grab for Rabo money.


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## Compass

Charley said:


> Has anyone any recommendations for deposit account that you can open & manage online, now that we're bereft of Rabo..



Same question here? Are Irish banks/ financial institutions totally backward in regard to above?

I thought we were supposed to have a modern financial system and be pitching for London financial business post Brexit.

Surely if that is feasible, our institutions can create and maintain a simple online system to deal with personal customers?

Beginning to think that we're going back to Banana Republic territory.

As it is, retrieved savings from Rabo and looking about for a flexible, online, 'safe' institution to deal with.

Otherwise, it's throw it into the property market and engage in some speculating. The favourite activity among some of us it seems. If things go wrong, I'm sure others will pick up the tab for my 'property pension'.


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## dub_nerd

Compass said:


> As it is, retrieved savings from Rabo and looking about for a flexible, online, 'safe' institution to deal with.


With Rabo gone there is no bank in Ireland rated as 'safe'.


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## Lightning

Compass said:


> Surely if that is feasible, our institutions can create and maintain a simple online system to deal with personal customers?



The KBC online interface and app is easy to use. N26 and Revolut have simple easy to use interfaces too.


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## Charley

CiaranT said:


> The KBC online interface and app is easy to use. N26 and Revolut have simple easy to use interfaces too.


I'd never heard of N26 or Revolut before.  How safe are they?  Do they guarantee deposits..


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## Lightning

Deposits up to 100k in N26 are protected by German deposit insurance. 

Deposits with Revolut are currently not protected.


----------

