Savers urged to close RaboDirect accounts immediately before the bank exits the Irish market 4 years ago

Savers urged to close RaboDirect accounts immediately before the bank exits the Irish market

The bank announced its plans to withdraw back in February.

Online savings bank RaboDirect has warned any remaining customers to transfer their funds to another bank before 16 May.

Advertisement

Confirming in late February that it would be withdrawing from the Irish market on said date, the Dutch-owned bank had over 90,000 customers with over €3 billion in deposits at the time of the announcement.

However, while the vast majority of accounts have closed since this time, the fact that an alert has been issued suggests that there are a number of accounts still open as the deadline looms.

Existing account holders are encouraged to avail of the closure option on the website, as failure to do so will mean that all funds will be retained by RaboBank Dublin pending receipt of a completed funds transfer form and identification documentation.

Any further funds transfer requests will potentially be subject to further security measures, while holders will not be able to initiate transactions, access funds, account statements or certificates of interest by Digipass on the website.

Advertisement

The bank, which is owned by lender RaboBank, is withdrawing after 13 years on the Irish market in an effort to "simplify its business model across the world and reduce costs".

Launched in Ireland as a means of harvesting funds for the parent companies lending, RaboBank stated that such means of funding was no longer necessary.

The company will remain committed to corporate banking activities, with its chief focus on food and agriculture clients.