Rabo Account

R

roker

Registered User
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Could someone please explain.
I just tried to open a Rabo Direct account and I am confused.
I have a lump sum to deposit.

Which accounts do I open ?
1/ Savings Account
2/ Investment Account (I assume this needs a feeder)

3/ Current Account
4/ Money Mover

Is 3 and 4 the same thing
 

You want to open a savings account. The current account is a feeder account purely to transfer money out of your savings account. Money Mover is a free facility to transfer money from an external account into your Rabo account. It was really designed to avoid paying a fee to your bank for the transfer but is largely irrelevant as most banks offer free banking now.
 
When you open a savings account a current account will also be opened and used when you are transferring money out of the account. It's explained in their FAQ. The investment accounts are for unit linked funds and not deposits.
 
KalEl said:
Money Mover is a free facility to transfer money from an external account into your Rabo account. It was really designed to avoid paying a fee to your bank for the transfer but is largely irrelevant as most banks offer free banking now.
Click to expand...

The rationale for offering the Money Move facility was:
- To get around the daily limits that the main banks put on transferring funds from their online and telebanking facilities. For example, if the daily limit from AIB is €5,000 this doesn't suit a customer wanting to transfer a larger amount. The options are to pay your bank for a Same Day Money Transfer, go to a branch or transfer funds online over a few days. None of these are very convenient or cost effective.

- Convenience: you can create a Money Mover to call off money from your main bank account to your RaboDirect on a one-off basis or at regular dates. For example, you might want to feed your savings account with regular lump sums or your investment account if you have re regular investment plan. The Money Mover is operated from your RaboDirect accounts - you don't need to log on to your main bank's online banking service to transfer money to your RaboDirect account.

Investment Account
If you want to purchase investment funds you need to open an investment account. New customers can do this at the online application form. Existing customers can open an investment account in the secure banking site. You can purchase investment funds from your savings account or the current account.
 
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