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.

For a single customer with a total balance up to €100,000, that customer would be reimbursed the full balance up to €100,000 under the Deposit Guarantee System.

For a single customer with a total balance of €50,000, that customer would be reimbursed the full amount under the Deposit Guarantee System.

For two people with a joint account a total balance of €200,000, 50% of that balance would be attributed to each person (i.e. €100,000) and each would be reimbursed €100,000 under the Deposit Guarantee System.

For two people with a joint account with a balance of €250,000, 50% of that balance would be attributed to each person (i.e. €125,0000) and each would be reimbursed €100,000 under the Deposit Guarantee System.

If a customer has a single account and a joint account, the customer will only get paid out once. 

Example: The customer has a single account with a balance of €80,000 and a joint account with a balance of €30,000. The customers total balance is €95,000 (i.e. €80,000 plus 50% of the €30,000) and this is fully covered under the Dutch Deposit Protection Scheme. The second account holder is assessed in their own right.

If you hold an account in the name of a child, the child's account is afforded the same protection under the scheme and is assessed in its own right, separate from any accounts held in the name of the adult who manages the accounts on behalf of the child.

We offer a rate of 2.0%* on your savings on any amount from €1. Our rate history shows all of the rates we have offered since our launch in 2005! Take a look at our savings tools to see how much interest you could earn over time.   

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

Fairly quickly actually!  You receive interest from the same day as the clearing processing date money is deposited.

The rate of interest we offer depends on market conditions, which can vary from time to time. Whenever we change our rates, we'll let you know by posting the new rates on our website and telling you about them in our eZine. If you want to avoid variable rates, you could pop your money in a RaboDirect Term Deposit Account which guarantees rates from 1 month to 5 years!

No problem. Your money in your RaboDirect Savings Account is available to access anytime. 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.

Obviously, money in your RaboDirect Term Deposit Account is unavailable over the period of the fixed term.

See FAQ 'Can I move money out of my RaboDirect Savings Account to another bank?' for instructions

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.

   
    

Sorry. You can't set up Direct Debit on a RaboDirect account.

Sure you can. Simply transfer it directly from your RaboDirect Savings Account to your external account.

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.

Note: If you are doing a transfer between two RaboDirect accounts you can remove the date for the transfer to go instantly.

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.

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.

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. 

Payments are only processed on business days before 12noon. Funds 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.

You can lodge a cheque or draft to your account at anytime. Please note your Customer Number and your Savings Account details on the back of the cheque and post it to our FREEPOST address:

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 but don't worry you are earning interest for 5 of those days

DIRT is Deposit Interest Retention Tax. In general, interest paid or accrued in respect of deposits is chargeable to DIRT. The current DIRT rate is 25% following an increase in this rate by 2% in the April 2009 Supplementary Budget. RaboDirect automatically deduct DIRT at source.

If so, you may now be exempt from paying DIRT. The Finance Act 2007 introduced new arrangements that allow you to have any interest earned on money on deposit credited to your savings account by your Financial Institution without deduction of DIRT, where you satisfy certain conditions. If you meet these conditions, you can apply directly to us to have the interest paid without deduction of DIRT.

Who can apply for DIRT Exemptions?

Customers are advised to contact Revenue for queries in relation to their personal eligibility for DIRT exemptions but the following persons may be exempt from paying DIRT:

Generally, you can claim exemption from DIRT in the following ways:

1. OVER 65

In 2007 The Finance Act introduced new arrangements that allow you to have any interest earned on money on deposit credited to your savings account by your Financial Institution without deduction of DIRT, where you satisfy certain conditions:

• Either you or your spouse (if appropriate) is aged 65 or over when making the declaration

and 

• You and your spouse's (if appropriate) total income for the year will be below the relevant annual exemption limit i.e. total annual income does not exceed the exemption limit for the year.

To claim exemption, you need to send RaboDirect a fully completed Revenue DE1 Form.

Click here to download the DE1 Form

Further details can be obtained from the Revenue website http://www.revenue.ie/  or by phoning Lo-call 1890 306 706. 

2. PERMANENTLY INCAPACITATED

You may be eligible for a DIRT exemption if you or your spouse is permanently incapacitated and you satisfy the conditions for a refund of DIRT. You should send a DE2 Form directly to Revenue who will, where appropriate, issue a notification to RaboDirect not to deduct DIRT.

Click here to download the DE2 Form

Further details can be obtained from the Revenue website http://www.revenue.ie/  or by phoning Lo-call 1890 306 706.

Note: A joint account will only qualify for the DIRT exemption where the qualifying account holders are husband and wife. If you wish to have a joint account exempted from DIRT, you must provide the full names of the two account holders on the declaration form and both account holders should sign it. A person who holds power of attorney from an account holder may sign in place of the account holder.

To reclaim DIRT for the previous year you will need to contact your local Revenue Office. For a listing of Revenue Offices, please visit www.revenue.ie. The Revenue may require a bank statement or interest certificate showing the DIRT which was paid by you. To access this information, simply log in to your account in the usual way with your Digipass and click on Interest certificate. You can then print off your statement for the Revenue.

To ensure your account is not subject to DIRT on December 31st this year, please forward a completed DE1 form to our FREEPOST address. Once you have submitted the form to us we will take care of the rest

You can download the form here - DE1 Form. You can also obtain this information from the Revenue website http://www.revenue.ie/ or by phoning Lo-call 1890 306 706. (print in colour if printing)