Alternative to Northern Rock?

6digitnumber

I havn't yet attempted to withdraw my cash from NR as it seems impossible to access the website at the moment anyways, but once the flurry dies down a bit I intend to withdraw my money and put it somewhere else. Has anyone got any ideas of a good alternative to NR where I can deposit a 20k lump sum and not have to commit it long term to get a decent return. I've seen Rabo offer a good rate up as far as 10k, any other good alternatives?

Idleater

6digitnumber wrote:

I've seen Rabo offer a good rate up as far as 10k, any other good alternatives?

First active e-savings account - 5.something % on €15k

Colonel Sanders

nightmare to set up unless you're already a first active customer apparently

http://www.askaboutmoney.com/showthread.php?t=58818

Settin g up a Rabo account was pretty painless.

Idleater

Colonel Sanders wrote:

nightmare to set up unless you're already a first active customer apparently

http://www.askaboutmoney.com/showthread.php?t=58818

Setting up a Rabo account was pretty painless.

I agree. I have both the above and the rabo is easy. I got 2 sign form things from FA, the second, after I got the confirmation of my account and login details for the internet banking :rolleyes: .

Rabo is limited to €10k on the high rate, FA is €15k. but be careful not to go over because anything above that reduces the entire rate down to practically nothing.
At least with Rabo, anything over 10k still gets a "decent" rate.

RugBeir

I also use rabo online and agree it is relatively easy to get set up and easy to use.

More importantly, in light of the NR debacle, it is rated by Moodys as a AAA bank, which is as good as it gets from a safety and risk point of view.

Better than BOI or AIBs rating.

BendiBus

RugBeir wrote:

I also use rabo online and agree it is relatively easy to get set up and easy to use.

More importantly, in light of the NR debacle, it is rated by Moodys as a AAA bank, which is as good as it gets from a safety and risk point of view.

Better than BOI or AIBs rating.

And you trust Moodys ratings because?

stepbar

http://www.ft.com/cms/s/abade426-654e-11dc-bf89-0000779fd2ac,dwp_uuid=e8477cc4-c820-11db-b0dc-000b5df10621.html

So much for Moody .....

Sonnenblumen

RugBeir wrote:

I also use rabo online and agree it is relatively easy to get set up and easy to use.

More importantly, in light of the NR debacle, it is rated by Moodys as a AAA bank, which is as good as it gets from a safety and risk point of view.

Better than BOI or AIBs rating.

NR are regulated in the UK, the others in Holland and BOI and AIB are regulated by IFSRA. That's one important difference. But there are others factors which are more beneficial than earning an extra gross € 100 after a 12months.

Many pick NR for rates and look what they got into the bargain. When it comes to picking a bank savings or whatever, more to think about than just marginal interest rate.

parsi

Sonnenblumen wrote:

NR are regulated in the UK, the others in Holland and BOI and AIB are regulated by IFSRA. That's one important difference..

Please explain ? Are these other regulators more lax than our boys ?

parsi

stepbar wrote:

http://www.ft.com/cms/s/abade426-654e-11dc-bf89-0000779fd2ac,dwp_uuid=e8477cc4-c820-11db-b0dc-000b5df10621.html

So much for Moody .....

Hmm. That might have an effect alright - often wonder about how accurate ratings actually are i.e are they a figleaf. I see BOI have an Aa3 rating - will it be changed I wonder....

SarahSassy

Banks that offer you deposits are only doing so as they are desparate for money..... They have lent too much and they need to get money in to support that...

You are getting the benefit in interest of the risk you are taking.

I would stick with the local banks and even give An Post a look.

stepbar

parsi wrote:

I see BOI have an Aa3 rating - will it be changed I wonder....

What's your point?

SarahSassy wrote:

Banks that offer you deposits are only doing so as they are desparate for money..... They have lent too much and they need to get money in to support that...

You are getting the benefit in interest of the risk you are taking.

I would stick with the local banks and even give An Post a look.

That's a fairly wild statement and far from the truth to be honest.

BuffyBot

SarahSassy wrote:

Banks that offer you deposits are only doing so as they are desparate for money..... They have lent too much and they need to get money in to support that...

You are getting the benefit in interest of the risk you are taking.

I would stick with the local banks and even give An Post a look.

You really should have a think before you post in future.

Your post is a best simplistic.

Ogham

First Active have the best "non internet" interest rate - for deposits over 15k it is 4.57 . I you have more than 20k - Irish Nationwide offer 4.75%

Colonel Sanders

Ogham wrote:

I you have more than 20k - Irish Nationwide offer 4.75%

is this account still open for new business?

gurramok

BuffyBot wrote:

You really should have a think before you post in future.

Your post is a best simplistic.

How so?

The poster had said that if a depositor wanted all their savings back, they go state guaranteed, its common sense for one to do that if they have genuine worries.

I did a little survey in the I.T. office recently, of about 25 people, not one knew before the NR crisis that your savings are only guaranteed up to €22k in an Irish bank. I was the first to find out and i didnt know until the first ramblings on NR happened!
They and I had always thought that all of their savings was guaranteed in the vent of a bank failure.

For protection, NR was first stg2k, the UK Chancellor recently upped it to first stg35k to restore confidence in the UK banking system for savers.

Now, its only time that an Irish bank will have a wobble due to low deposit to loan ratio's and when that happens, it won't be pretty.

Its about time the deposit protection scale was raised significantly here.

The Dutch(Rabo) is first €20k guaranteed plus 90% of next €20k. Danish(NIB) is first 40.2k euro(300,000 kroner) guaranteed.
All explained here http://www.itsyourmoney.ie/index.jsp...ID=145&nID=385

Would you trust putting your million euro in an Irish savings account when you only get 22k back in event of bank failure?
Many ordinary joe's are not bank savvy and would not diversify hence the general question.