Key Post RaboDirect Closure

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4,931
When is RaboDirect closing?

RaboDirect savers have until 16 May 2018 to transfer their money to another provider.

What will happen post 16 May 2018?

Online banking will not work post 16 May 2018. No interest will be paid post 16 May 2018. More documentation will be required if a withdrawal is processed after this date.

What if my term deposit has not matured yet?

RaboDirect will pay interest up to maturity date now. You can withdraw your lump sump plus maturity interest now.

I have a 90 day notice account. Do I have to give notice?

No. RaboDirect have waved notice periods.

What are the alternatives?

The best buys are here. KBC currently pay the highest variable rate, the highest regular saver rate (current account required) and the highest 1 year term deposit rate (current account required).

Can I move my money to RaboDirect in another country?

No.

I have a business deposit with RaboDirect, am I affected?

Yes. Business deposit accounts are been closed too.

Lots of deposit takers have left Ireland. Are more exits to come? as this may affect where I move my money.

According to media reports, Investec may exit Ireland via a sale of their operation.

Where can I get more information?

The offical FAQ from RaboDirect is here:
https://www.rabodirect.ie/savings-services-withdrawal.aspx
 
Last edited:
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4,931
The above is a draft Q&A. Edits welcome.

This thread is just for key post purposes, the discussion thread on the RaboDirect closure remains here.
 

dub_nerd

Registered User
Messages
1,969
Hi CiaranT, you may have missed my subsequent post regarding moving to Rabobank in the Netherlands -- here. They won't accept an Irish customer as they require a Dutch social security number. Some years ago I also tried Rabodirect in New Zealand and it was the same story.
 
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