RaboDirect

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.

Bah

hakko1872003 wrote:

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?

I'm not sure exactly when the money is taken out of the account, but I do know that if you have insufficient funds in the account when the money is scheduled to be taken from the account then BOI will charge you €12.70. It's happened to my once before when rabo were set to take money out of my account on the same day as my wages were to be put in - the wages were delayed so the direct debit (or "moneymover" as rabo call it) bounced.

d-redser

How often do Rabo apply the interest to your savings account?

Idleater

d-redser wrote:

How often do Rabo apply the interest to your savings account?

it is calculated daily and applied yearly. January I think.

D'Peoples Voice

nereid wrote:

it is calculated daily and applied yearly. January I think.

Yes, and if you go into your savings account,
there is a tab at the end of the page called "Interest" or something to that effect.
Click it and you can see the interest made in the year so far since January 1st.
But again Rabodirect are slower than Northern Rock at increasing their interest rates after the ECB makes a move.
Should be interesting now that AIB and Bank of Scotland are offering higher rates for REGULAR savings plan, will Rabo feel the pressure to try to match them, despite it being a different type of savings plan!

Elessar

I'm thinking of setting up a Rabodirect savings account to put away some money every so often and earn a little bit on it aswell.

To those still with them:

How is their customer service?

Is there another bank offering better interest rates without needing to regularly input money and without restrictions on withdrawls?

Also, how much interested is paid daily?

techguy

I can vouch for their customer service. It is very very good, i've needed help once or twice and they were very helpful.
Im not sure about other banks and I think they pay interest annualy or every 6 months, not sure..

BuffyBot

The customer service is pretty good. As said interest isnt paid every day.

Idleater

Elessar wrote:

How is their customer service?

Is there another bank offering better interest rates without needing to regularly input money and without restrictions on withdrawls?

Also, how much interested is paid daily?

Like the others have said, their Customer Service is excellent. Any queries were resolved very quickly by email or telephone call.

Just so you know, Rabodirect do not require any regular payments. You put the money in when you want.

I think AIB have a higher rate on one of their Savings accounts. There are restrictions I think on how much you can put in (~€300) and a minimum per month (~€10). You also must have an AIB feeder current account (which may have charges associated with it). The rate is ~5%

For rabodirect, Interest is calculated daily but credited to your account annually.

L.

el diablo

yes, I agree that their customer service is pretty good......

I'm moving some of my funds from savings into their investments......:D

d-redser

I have been saving with Rabo for quite a while now and I have a holiday coming up at the end of Oct.

Do I transfer the money from the savings accout to the Rabo current account and from that to my AIB current account? And how long will that process take? How many working days?

Also will I loose all the interested that I have gained? (Probably a stupid question!)