Rabo - Glad I opened Account

dellas1979

The first place that I heard of Rabo was actually on boards. I opened an account with them after doing some research - and reading posters comments. I opened the account end of August, its the 15th Nov now and my savings have already earned €121.34! I wouldnt get that in a year in an Irish savings bank/interest (wont allow you to put in a lump sum)! Hope I dont regret saying this but so far Ive had no problems what so ever.

Dylan_James

Hey, do you mind me asking how much did you put in orginally to get that much back?

also were can i find out more about this crew?

BuffyBot

www.rabodirect.ie is their site.

Can recommend them also.

Sad Professor

Yeah I heard about Rabo on here too; very happy so far.

Also does anyone know how long it takes to transfer funds from a Rabo account back to your regular current account? I may need to withdraw some of my savings and need to know how long it takes.

Cerdito

Another vote here for Rabo, I love being able to see how much interest you have accumulated, definitely beats the 20p interest I earned in 15 years with Ulsterbank. Also, their interest rate keeps going up, it was 3.5% when I joined, it's now at 3.7%.

Sad Professor wrote:

Yeah I heard about Rabo on here too; very happy so far.

Also does anyone know how long it takes to transfer funds from a Rabo account back to your regular current account? I may need to withdraw some of my savings and need to know how long it takes.

I've only transferred from my current acount to Rabo, not the other way, but I would say it takes a maximum of three days to transfer back.

Colonel Sanders

Am trying to decide between Rabo and Northern Rock. According to the person in Rabo I contacted:

"To transfer to an external account it is the next working day if you do it before 12pm and 2 working days if you do it after 12pm"

dellas1979

Well, the interest is roughly 3.7% so do the math! Wouldnt like to say exactly how much I got. Trying to save it for a deposit in the next 2 years. Only wish I had opened it a bit sooner - this time last year but shur its open now.

00112984

Yeah- Rabo rocks. I opened an account with €20k lump sum in August and interest for first quarter was €120.
If they had ATM and cheque facilities, I'd cancel my AIB current account and use Rabo for all my transactions.

dublinhead

Nothern Rock offer a better rate of 4%. There are an online bank just like Rabo

tHE vAGGABOND

yea, I have savings accounts with northern rock in the UK and here in Ireland..

Brilliant, and never had a single problem with them. Best savings interest rate I could find in either country from a company I would want to do business with :cool:

solosailor

Does anybody know if you can set up direct debits from a Rabo account, I would like to send all my cash directly to Rabo and then have payments such as ESB, Gas and Mortgage taken from my Rabo account, so as to best make use of my money to make interest

Thanks

BuffyBot

I don't believe they support that, so I don't think so.

inertia99

You cannot set up DDs from Rabo unfortunately, you can set up standing orders though.

drdre

Right if i open a rabo savings account and lodge 5k for 6months what will i get at the end of the 6 months. Will i have to pay taxes and withdraw fees.
I am just looking at 6 months as if im happy i will then withdraw it and lodge it again for approx 2 years.I think the rate is 3.60%
Hope someone can help me and is good at calculations:D

BuffyBot

No withdrawl fees, but you will pay DIRT tax on the interest, same as you would with any bank.

Oracle

The best setup is to have both Rabo and NR accounts, €10,000 in Rabo the rest in NR.

drdre

Oracle wrote:

The best setup is to have both Rabo and NR accounts, €10,000 in Rabo the rest in NR.

Now i donot have that much cash to spare.i have 5k that i can lodgefor max 1 year.so which one would be better and why do you recommend both.why not just 1?:D

Oracle

For €5000 Rabo would be best, because their rate is 4.75% for amounts up to €10,000 and 3.7% for any amount over that. For amounts over €10,000 NR is better because their rate is 4.15% So if you did have more than €10,000, it would be better to have two accounts.(i.e put the first €10,000 into Rabo, the rest into NR)
Plus there's another advantage of having two accounts; you can switch your money easily between these internet accounts when they change the interest rates.

ZygOte

i believe halifax are advertising rates of 5.5% on the radio, can someone conform this or if there is a major difference between halifax/rabo/nr ?

edit

should have just looked at the site , doh
6.65% monthly saver capped to €750 lodgment per month.

Tazz T

Rabo are great. The online banking has been improved and is simpler. It takes hardly anytime to transfer money to and from your ordinary current account. I've seen it done in one day.

Tis very easy to buy and sell funds with your excess cash once you go over the 4.7% limit.

Remember, we wouldn't have all these new high interest accounts if Rabobank hadn't come in and shook up the market. And those other accounts have a lot of small print and condition packaged with them, ie, keeping your account above a certain limit; limited withdrawals etc

tHE vAGGABOND

northern rock ftw!

drdre

Can you just loadge 5k in a rabo bank and thats it, I donot want to do any other monthly payments.Its just a once off.thanks

comer_97

halifax are offering 6.65% with their monthly saver account but you have to put in a fixed amount and set up a direct debit, rabo are more flexible for people who don't know how much they have to save each month.

drdre

comer_97 wrote:

halifax are offering 6.65% with their monthly saver account but you have to put in a fixed amount and set up a direct debit, rabo are more flexible for people who don't know how much they have to save each month.

I know halifax are offering better rates but i just want to lodge 5k and thats it as i donot want to have a monthly direct debit. I think rabo will be better.

tHE vAGGABOND

those monthly saver accounts generally have more strings than a very large collection of strings tbh - make sure you read all the small print..

If you have a lump sum or want to deposit sometimes and not others Rabbo or Northern Rock are yer only man; just throw your money in there and leave it..