- How do I set up a Term Deposit account? (Existing Customers)
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| Setting up a Term Deposit: |
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| 1. | Log in to your RaboDirect Accounts click on 'Term Deposits' and select 'New'. |
| 2. | In the 'From Account' box select the account you wish to debit the funds from i.e. RaboDirect Savings Account. |
| 3. | Enter the amount you wish to put into the Term Deposit in the 'Amount' box. |
| 4. | Under 'Term' select a term of your choice e.g. 2 years, 10 years etc. |
| 5. | Under 'Your Interest Options' select your 'Interest Frequency'. For terms from 1 - 10 years you can now choose to have your interest paid Monthly, Semi Annually, Quarterly or Annually. Once you've made your interest frequency choice, the 'Rate (AER) Gross' box will display the rate you'll receive. |
| 6. | For Terms of under 1 year you have the option to select 'What would you like to do with your Term Deposit when it matures?'. You can choose to either re-invest your principle only, re-invest your principle and interest OR not to re-invest at all which would mean that on maturity, your entire Term Deposit amount would be re deposited to your selected account i.e. RaboDirect Savings Account. |
| Please note: When making your choices on the above, you must be aware that if you decide to re-invest, the interest rate available at that time may be lower or higher than the current rate for this term. We just wanted to let you know that. |
| 7. | Click on 'Continue', review the Term Deposit request and confirm it with your Digipass. Your Term Deposit has only been successfully set up once you receive the confirmation message on screen. |
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- How do I set up a Term Deposit account? (Not an Existing Customer)
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First you will need to open a RaboDirect Savings account with us. Click on 'Open an account'. Once you have opened your RaboDirect Savings account and lodged the money, you can then set up a Term Deposit account see FAQ How do I set up a Term Deposit account? (Existing Customers) for instructions
- How is interest applied?
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Term Deposits with a term of 1 to 6 months
Interest is paid on maturity of a term where the Term Deposit is less than 1 year, minus the Deposit Interest Retention Tax (DIRT), if applicable. However if you select to re-invest your initial lump sum and your interest earned on maturity, your monies will be lodged back into a new Term Deposit account at the prevailing rate.
Term Deposits with a term of 1 to 10 years
Interest earned minus the Deposit Interest Retention Tax (DIRT), if applicable, is paid based on the 'Interest frequency' you have selected i.e. Monthly, Semi Annually, Quarterly or Annually, into your selected account i.e. RaboDirect Savings Account.
Note: For Term Deposits opened before 05th November 2009, interest for 1 year and over will be applied on the anniversary of your Term Deposit. For Term Deposits opened before December 2008, all interest is applied on maturity of the Term Deposit e.g. A 5 year term Deposit which started in June 2007 will not receive interest until June 2012.
- What happens when my Term Deposit matures?
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For terms under 1 year you have three options to choose from under the section 'What would you like to do with your Term Deposit when it matures?':
Re-invest your principle only - the interest earned minus the Deposit Interest Retention Tax (DIRT) will be paid into your selected account i.e. RaboDirect Savings Account.
Re-invest your principle and interest - your interest earned minus the Deposit Interest Retention Tax (DIRT) will be reinvested into a new Term Deposit along with your initial lump sum.
Or not to automatically re-invest your Term Deposit - if this option is selected the initial lump sum plus the interest earned minus the Deposit Interest Retention Tax (DIRT) will be paid into your selected account i.e. RaboDirect Savings Account.
For terms of 1 year and over the initial lump sum will be paid into your selected account at maturity i.e. RaboDirect Savings Account. Note: Your interest earned minus the Deposit Interest Retention Tax (DIRT) is paid based on the 'Interest frequency' you have selected i.e. Monthly, Semi Annually, Quarterly or Annually, into your selected account i.e. RaboDirect Savings Account.
- Can I add more money to a Term Deposit once opened?
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No, unfortunately you cannot add to a Term Deposit once opened, however you can open an additional Term Deposit account.
- How do I view my Term Deposit?
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First you need to login to your Secure account. Once logged in under the heading 'Account Balances' all your accounts will be listed including your Term Deposit account/s. Also once logged in you can select Term Deposit on the left hand side of the menu, click on Summary (current) for your Term Deposit that has not matured and Summary (matured) for all your previous Term Deposits.
- If the ECB rate changes, will my deposit interest rate change too?
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Under the Term Deposit account your rate is fixed for the duration of the term you have chosen until it matures. If the ECB rate changes your Term Deposit account rate will not change.
- What rate do I get if I renew my deposit account at maturation?
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When your Term Deposit account matures you will get the rate that is applicable to that term at that time.
- Can I stop my Term Deposit from renewing?
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Of course you can you just need to do the following:
a) Log into your RaboDirect Accounts click on 'Term Deposits' and select Summary (current). This allows you to view your current Term Deposits, select the Term Deposit you would like to stop (by clicking on the circle in front of the Term Deposit) and click on 'View'.
b) The details of your Term Deposit is now shown, on screen. now you just need to click on 'Cancel Automatic Reinvestment'.
c) Confirm the cancellation by using your digipass.
Your Term deposit will now mature back into your RaboDirect accounts at the end of this Term.
- What charges are there on the Term Deposits?
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RaboDirect do not impose any fees or charges on either the Term Deposit accounts or the On demand Savings account.
Note: Withdrawing early from a Term Deposit will incur a penalty, for more information please contact the Contact Centre at info@rabodirect.ie