Rabobank is a member of (a) the Dutch Deposit Guarantee System and (b) the Dutch Investor Compensation Scheme, implemented by the Financial Supervision Act 2007 and related decrees. Broadly speaking, the Dutch Deposit Guarantee System deals with money - deposits in current and savings accounts - while the Dutch Investor Compensation Scheme is about securities held on your behalf by Rabobank. The Deposit Guarantee System and the Investor Protection Scheme will only become applicable if Rabobank enters into bankruptcy proceedings. However, Rabobank is a AAA-rated bank and consistently maintains these ratings. This is the highest level of creditworthiness that a bank can have. RaboDirect is the brand name of the internet bank that is part of Rabobank's Dublin branch. Accordingly RaboDirect has full AAA status.

(a) Dutch Deposit Guarantee System

The Dutch Deposit Guarantee System guarantees the interests of account holders, and applies to deposits in current and savings accounts.  Under the Deposit Guarantee Scheme, if Rabobank is unable to meet its obligations to repay a customer's balance, the customer is guaranteed to be repaid 100% of the first €100,000 of his balance. In the case of a joint account, the maximum amount of €100,000 set out above applies to each joint account holder.

On the 10th March 2009 the Dutch Deposit Guarantee scheme has been extended until the end of 2010, when the European guarantee scheme will come into effect. There is more information on the DCB website.

(b) Dutch Investor Compensation Scheme

As a supervised Dutch bank, Rabobank is required to safeguard your securities and other financial instruments. This means that your securities are separated from the assets of the bank. Even if Rabobank goes out of business, you remain fully entitled to your assets. Practically speaking, you have in that case to instruct Rabobank to transfer your assets to another broker or bank. In the unlikely event that your assets are not identifiable anymore and have become part of the bankruptcy estate, the Dutch Investor Compensation Scheme may become applicable. If Rabobank is unable to meet its obligations to repay a customer's balance, the customer is guaranteed to be repaid 100% of the first €20,000 of his balance.  

(c) Procedure

If Rabobank goes out of business, the Dutch Central Bank ('DCB') will start the compensation process. Certain information is available on the website of the DCB (www.dnb.nl) in relation to the Deposit Guarantee Scheme and the Investor Compensation Scheme. Parts of this site are also accessible in the English language.

(d) Which RaboDirect customers may benefit from the Deposit Guarantee Scheme and the Investor Compensation Scheme?

Subject to very limited exceptions, in the unlikely event that Rabobank enters bankruptcy proceedings, the following types of RaboDirect customers may benefit from the Deposit Guarantee Scheme and the Investor Compensation Scheme:

(i) personal customers;
(ii) sole traders;
(iii) partnerships;
(iv) companies who satisfy at least two of the following conditions:

(A) a balance sheet total that does not exceed €2,500,000 per year;
(B) a net turnover not exceeding €5,000,000 per year; and
(C) a workforce not exceeding 50 people in the financial year.

This is a popular one! We currently offer a rate of 2.0%* on your savings on any amount from €1. Plus you can get to your savings online, anytime. No sneaky stuff!  

*Variable. AER. DIRT Deductible. Effective from the 28th of May 2009.

All business money gets a straight rate of 2.0%* on their Business Savings.
 

*2.0% Variable. AER. May be subject to DIRT. Interest calculated on a monthly basis at a rate of 1.98%. Effective from the 6th of March 2009.

We have many accounts at RaboDirect, to select an account of your choice click 'Open an account'

Ok. First you'll need to block your Digipass by entering in the wrong PIN number five times. Then click on the following form 'Unblock My Digipass'.

Print it off, fill it in and post it to us at RaboDirect, FREEPOST F4006, PO Box 10152, Dublin 1 or fax to 01-6599760.

(FYI when filling in the form. The Code Lock is the number that appears on the display of the Digipass when you block it and the Serial Number appears on the back of the Digipass)

Once we get the form, we'll post you out a reset code and you'll be good to go again. 

To request a replacement Digipass, you will need to print off, complete and sign the following form 'Replace My Digipass' and send it to our freepost address: RaboDirect, FREEPOST F4006, PO Box 10152, Dublin 1 or alternatively fax the form to: 01 659 9760

We take your online banking security very seriously, if your Digipass is lost or stolen, you should contact us immediately. Personal customers should email us at info@rabodirect.ie, Business customers should email us at business@rabodirect.ie or phone our Contact Centre on 1850 88 22 44, our offices are open 8am to 7pm Monday to Friday. If our office is closed please leave us a voice message with your customer number, name and contact number, we will check to ensure your accounts are secure and contact you when we are back in the office.

First you need to 'Log in' to your account using your Digipass

Once logged in click on 'Transfer Money Out'.

In the 'New Payment' screen you must do the following selections. In the 'From account' drop down select the account you wish to take the funds from i.e. your RaboDirect Savings Account. In the 'To account' drop down select your External Account. 
   
Note: If this is your first time to transfer to this external account click on 'Add a New Payee'.

On the 'Add New Payee' screen, enter the Sort Code, Account number and Name of the Account Holder in the boxes provided.

The Description box is optional and act as a reference for the payee, which is you. Click on 'Continue and 'Confirm' once your happy with the details. You are now back onto the 'New Payment' screen.

The 'Payment date'  will automatically be selected if it is before 12noon on a business day the payment will leave your account that day. If after 12noon the next available date for sending payments will automatically appear but you can change this to a future date, if you so wish.

Enter the amount you wish to transfer and input a 'Description/Reference' field (which is optional) enter a reference for the payee. Note: If you are transferring to a building society or a credit card you must put your own account or card number here.

Click on 'Continue'. On the Confirmation Screen you will see a description of the transfer details so check all details are correct. Now all you need is authorise the payment by signing it with your Digipass just follow the instructions on the screen.

Please note for security reasons if you are transferring more than €10,000 an extra step for the digipass has been added.

Your transfer is only successful when you see the message:

      Transfer confirmed
      You confirmed and sent the following payment.
      Under reference : AXXXXXXXXXXXX
  
Payments processed on business days before 12noon are sent on the payment date as instructed by you and will arrive with the beneficiary bank by the next business day. RaboDirect does not charge you for making payments on your account.

1. If you already have internet or telephone banking with your main bank, give them your Sort Code and your RaboDirect Savings Account number and arrange the transfer with them. When we receive the funds, we will credit them to your account the same business day

2. Set up a Rabo Money Mover with us which allows you to deposit regular or lump sum amounts to your RaboDirect Savings Account. Your money will leave your main bank account on the date you selected and will credit your RaboDirect Savings Account by the next business day

3. You could also do a same day money transfer. To do this you require your IBAN code, which can be located on your RaboDirect Statement, you will also require our Swift code and holding account number, to receive this, please ring our Contact Centre on 1850 88 22 44 (Please note your bank can charge you a fee for this service)
   

4. Send us a cheque or a draft at any time, made payable to yourself. Ensure the cheque is crossed and note your Customer Number and your Savings Account Number on the back. Our address is:
   RaboDirect, Freepost F4006, PO Box 10152, Dublin 2. Please note from the day your cheque is lodged it will take 6 working days to clear. 

5. As of the 28th January 2008, SEPA (Single European Payments Area) was introduced, RaboDirect will accept SEPA payments from other E.U. Countries, within the Eurozone. Transfers via SWIFT from other E.U. Countries cannot be accepted.
   
   
   To process a SEPA payment the following information will be required by your bank in the EU: RaboDirect BIC Code: RABIIE21 and your RaboDirect IBAN number, which can be located on your RaboDirect Statement. 

   Please be aware that it is not possible to conduct transfers outside of the Republic of Ireland from your RaboDirect Accounts. External transfers can be made to domestic Irish bank accounts only.

   
    

It takes 6 working days to clear a cheque but the good news is that if you have asked us to lodge it to your 'Savings Account', you will earn interest for 5 of those days.

Note: This FAQ is only relevant to existing RaboDirect customers who opened their account prior to 7th February 2008.

A RaboDirect Current Account is a transaction account which we automatically set up for you. It allows you to move money from your RaboDirect Savings account to any bank account held with a financial institution (bank, building society etc) in the Republic of Ireland.

Note: Remember, no interest is earned on this account so don't leave your savings sitting in this Current Account earning nothing. Move them to your RaboDirect Savings Account.

For more information about a RaboDirect Current Account visit "How does it work"

1. Login to your accounts, click on investments, RaboDirect Funds.

2. Select the  fund you wish to Purchase, click 'Purchase' at the end of the screen

3. Enter the amount in €'s you wish to purchase select the Investment account you wish to hold your funds in and Select the account you wish to debit i.e. your Savings Account. 

4. Make sure you tick the box, that you have read the prospectus.

5. Confirm the Investment Purchase

6. Here you will see a description of the transfer details. You need to authorise the payment by signing it with your Digipass. Follow the instructions on screen.

7. Once you have clicked on "Confirm", you will receive a confirmation.

8. Please note the purchase is only successful when you see the Confirmation screen.
   
   

Note: We don't send you out statements in the post, but you can view and print them off online. 

1. To view or print your statement, log into your account online with your Digipass.

2. On the My Accounts screen, click on the circle next to the account number you want the statement for and click on the blue button "Summary Statements".

3. Enter the date(s) for the transactions you wish to view and then click on "Search".

4. The statement can be found by click on the orange highlighted line following "File 1 with page(s) 1 to 1 :....".

5. A headed statement will open and you can view or print this off.
   

We'd hate to see you go, but if you must you should log on to your account online and transfer the balance out of your account. Then you will need to download and complete the account closure form.  We will transfer any outstanding interest owed to you to the account nominated by you on the closure form. Remember: If it's a joint account you're closing, both of you will need to sign the letter.

Post this letter to us at RaboDirect, FREEPOST F4006, PO Box 10152, Dublin 2. 

Once your account is closed, a confirmation letter will be sent to your home address.