As previously highlighted, online savings bank RaboDirect Ireland has said it will cease its operations here and close on 16th May.

The online bank said it follows a decision by its Dutch parent Rabobank Group to simplify its business model across the world and reduce costs.

RaboDirect Ireland , which was set up here in 2005, has more than 90,000 customers in Ireland with over €3 billion on deposit.

Currently the options appear to be fairly limited – you can put your savings into a Deposit account with another bank or you could look to invest them into an investment fund. Deposit rates for savers may not offer great long-term value as interest rates are at an historical low level. That’s  why investing a portion for your savings is an option worth exploring for your deposits whether they’re held in Rabo Direct or with other banks. There are plenty of alternatives whether it’s for regular savings or lump sum investments.

In order to attract “Rabo” deposits a number of leading istitutions are offering attractive introductory offers.

When moving monies from deposit it is imperative that you are comfortable with and understand the risk you are taking on. With all investment products there is usually a chance that you could lose some of your money. We would always recommend that you have your attitude to risk assessed and consider the time frame of your investments. You should always give preference to Regulated Products.

If you have been impacted by the Rabo exit or if you would like to explore alternative options for your deposits, please do not hesitate to call our office on 01 4972544