ordinarily resident for Rabodirect/Northern Rock

M

micamaca

Registered User
Messages
259
Hi there,

Here's the situation...someone opens an account with Rabodirect or Northern Rock, and they were resident at the time, but will be moving abroad for one year and then returning to Ireland.
Is that person allowed to maintain the bank accounts with these banks? Has anyone done this and managed to keep accounts open by virtue of being ordinarily resident in Ireland?

I know it would be easier to ask the banks directly but I have to email them and would rather suss out the situation first on the QT first.

thanks mica
 
What do the terms & conditions of the accounts in question say about changes in residency circumstances/status?
 
I've just had a quick look. It doesn't say what the consequences are of changing residency after opening an account. I guess I'll just have to contact them and see what they say. That would be the best thing to do.

thanks mica
 
Generally speaking a customer should notify his/her bank if they intend to move abroad. RaboDirect only operates accounts for permanent residents. If a customer moves abroad and doesn't tell us we'll never know that they have changed residency status (obvious I know!) and the account remains open, DIRT is deducted as normal. We don't operate non-resident accounts. If a person is moving for less than a year it's not an issue. If someone moves away for more than a year then under our T&C's you would be obliged to inform us of this; you will then be requested to close your account and all interest owing will be paid net of DIRT.
 
Thanks for the reply there. I think I'll have to email the bank directly anyway as regards the new address. But we will be moving for a year or less. cheers mica
 
Micamaca,
If you're a RaboDirect customer you can change your address online yourself if you prefer.
 
May I ask your advice please on the same question.

I am an Irish citizen but resident in Brussels since last October. I still have a house in Dublin - temporarily rented out. I have a contract which involves living here until end 2008. I rent my apartment in Brussels. However I am not emplyed in Brussels. I am employed and paid by the Irish public service- but my work happens to be located in Brussels. I am not tax resident in Belgium but in Ireland and pay tax in Ireland. May I open a Rabodirect savings account in Ireland. Or should I do it in Belgium. Is there any difference in the interest rates? I could do it in Belgium presumably but I find it a lot more difficult to negotiate the website in French.
 
An interesting question! As you are tax resident in Ireland you can proceed with opening an account with RaboDirect. You will have to comply with the anti-money laundering requirements as per usual - proof of identity, address etc. The rates on offer between the two banks are different. Rabobank.be offer 3.40% variable on demand, and have a range of term deposit rates.
 
Thanks a lot. Didnt expect such a quick reply!

I am struggling with the French on the Belgian website at the moment. Any advice as to which is the best option- the Irish or Belgian?

I want to put a lump sum of around 20k into an account where I can get reasonably easy access. I could afford to block it for about 3 - 6 months.
 
Georgina,
We have responded to your PM. You will earn more interest from RaboDirect than Rabobank.be.

Two savings options:
Demand account: 5.0% variable on your first €10,000; 3.75% thereafter.
Term Deposit: 6 months rate is currently 4.22%.
Interest is subject to DIRT

Further detail in the PM.

RaboDirect
 
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