# currently have savings in Rabodirect & Halifax - should I move both to Ulster bank?



## Bluebean (27 Aug 2009)

hi, 

I'm saving a certain amount each month in to 2 savings accounts - Rabodirect and Halifax.

On the radio this morning I heard that Rabo are planning on scaling down their operations in Ireland, and that Halifax are also shutting down their retail units here.

Would I be aswell to close both accounts and put the money in to Ulster Banks regular savings account?

Thanks.


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## Lightning (27 Aug 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

Neither bank has formally announced any closures yet (accept for Rabo's Acc branches). 

For Halifax you could adopt a wait and see approach. You can do a lot better than the 2% RaboDirect offer. 

The UB regular saver is a best buy for 1 year plus monthly savings. 

I assume you have a lump sum to transfer from Rabo? The best buys for a lump sum under 10K is the Halifax Flexi saver product.

I would suggest 
1) Closing Rabo account, 
2) Opening a Halifax Flexi saver (little hassle as you already have an account there) and 
3) Opening an UB regular saver account.


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## huskerdu (27 Aug 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

THere is absolutely no reason to move your savings because something "might" happen in the future. 

For instance, if Halifax close some or all of its retail branches, this may have no affect on you, if you bank online or do not need to regularly visit a branch. 

You would be much better off choosing where to put your savings based on the interest rate on offer.


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## Bobby1 (27 Aug 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

Why Ulster Bank? Just curious as they pay 3.95% gross (aer 4.00%) which is not the best in the market, Anglo, INBS and EBS all pay better that I cna think off the top of my head, 

Ulster Bank is a variable rate so you dont know when they will cut it. ALso in my opinion Ulster Bank have to be the worst for service out there, but that is just me!

Check out other offers before you decide moving funds (if you decide)


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## Lightning (28 Aug 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



Bobby1 said:


> Why Ulster Bank? Just curious as they pay 3.95% gross (aer 4.00%) which is not the best in the market,



They pay this for their regular saver product only. It is the best rate on the market for a regular saver account for 1 year plus. This is their only market leading rate.



> Anglo, INBS and EBS all pay better that I cna think off the top of my head,



Check out the best buys for a proper breakdown.


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## dricky (1 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

I've also got money in rabo. If I move it out now and leave the account open until the end of the year will I still get the interest I've accrued so far this year? They don't pay out until year end.


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## kittycat (1 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

you should still get what you've accrued but it all depends on the type of account you have and what the restrictions are. you may have to leave a minimum amount in the account and it may be subject to penalties aswell. either root out your t's & c's or give them a bell. be really sure about it before you go moving money around because you could be on a good rate and goin elsewhere before the maturity date could sting you in the long run.


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## Lightning (1 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



dricky said:


> I've also got money in rabo. If I move it out now and leave the account open until the end of the year will I still get the interest I've accrued so far this year? They don't pay out until year end.



Are you certain that they will not pay interest accrued period to date if the account is closed? Have you confirmed this point with them?

Ensure you don't just wire the cash account but you also close the account. 

I have closed accounts with many banks and I have always been paid interest accrued to date.


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## Bobby1 (1 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



fungus said:


> They pay this for their regular saver product only. It is the best rate on the market for a regular saver account for 1 year plus. This is their only market leading rate.
> 
> 
> 
> Check out the best buys for a proper breakdown.



The ulster bank rate isn't a Market leading rate. If your looking at 1 year 
plus Ebs pay 4.50% aer which is higher and this rate is fixed for 1 year.
Anglo Irish pay 5% aer for their account which is variable and so is ulster bank
so there are better deals then ulster bank if you look around


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## dricky (2 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



fungus said:


> Are you certain that they will not pay interest accrued period to date if the account is closed? Have you confirmed this point with them?
> 
> Ensure you don't just wire the cash account but you also close the account.
> 
> I have closed accounts with many banks and I have always been paid interest accrued to date.



Oh right, I didn't know this. I must find out if they'll pay out on closing the account so. That would be ideal.


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## Bluebean (2 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

ok, I've moved some of the money from Rabo in to the Halifax so now have approx 10k in Halifax, 1,200 still in Rabo and 2,000 in credit union which I plan on withdrawing shortly.  At the moment I am putting 500 a month in to the credit union, direct debit.  This is just laziness on my part, I need to change it so that my 500 a month goes in to a higher paying account.

I am hoping to continue to save the 500 a month for at least another year - is EBS the current best?  Do they offer online banking?


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## Guest128 (2 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



Bluebean said:


> I am hoping to continue to save the 500 a month for at least another year - is EBS the current best?  Do they offer online banking?




No, Anglo is the best regular saver at the moment - 5.5% for one year, max €1000 per month. You can open a second one once the first one expires after the 12 months and start again.


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## Lightning (2 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

The Anglo regular saver rate is 5.00%. 

See the best buys regular saver thread. 



> 1. Best Regular Savings Accounts
> 
> Best headline rate, but can only save for a year
> Anglo Irish Bank: Regular Annual Saver (Discuss)
> ...


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## foinse (2 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

One thing that I find a nuisance about Ulster Bank Online is that they won't
recognize my Firefox browser. I have to use Internet Explorer, which I don't believe is as secure.
(I use the noscipt addon to Firefox).
This might seem trivial to most of you, but it is a real turn off for me.


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## Guest128 (3 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



foinse said:


> One thing that I find a nuisance about Ulster Bank Online is that they won't
> recognize my Firefox browser. I have to use Internet Explorer, which I don't believe is as secure.
> (I use the noscipt addon to Firefox).
> This might seem trivial to most of you, but it is a real turn off for me.




No no you are quite correct, IE is the rubbish and I refrain for opening if there is any alternate


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## elcato (3 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*



> One thing that I find a nuisance about Ulster Bank Online is that they won't
> recognize my Firefox browser.


I use only fierfox and have no problem with UB online. UB have an online esavings plus account which pays 3% AER and you can put lump sums in. You can withdraw also - the only penalty is you lose that months interest if you do. Regular savers may appear good value but in my opinion they are not great and fool people. If you have 10k from day one at 3% you are far better off than dripping in month by month at 5%. I know people will say you need to drip from a high interest to it but I still dont see any major benefits given the loops needed to set it all up.


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## oldtimer (3 Sep 2009)

*Re: currently have savings in Rabodirect & Halifax - should I move both to Ulster ban*

Totally agree with Elcato. I've had many regular saver accounts but have closed all now. They certainly flatter to deceive. In my opinion not worth whatever hassle and best to leave lump sums in a good deposit account. Regular savers were good under the SSIA scheme when 25% was the incentive.


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