RaboDirect.ie

mel123

I have a large sum of money in here, maybe about 70k. Im starting tho think i should take the money and run, well put it into PTSB/BOI or such. With the collapse of companies like the American stock exchange company I am starting to get worried. AFAIK, if Rabo did collapse, i would only be guarenteed to get back 20k approx. Any comments/advice?

death1234567

Rabobank won't collapse.

xabi

mel123 wrote: »

I have a large sum of money in here, maybe about 70k. Im starting tho think i should take the money and run, well put it into PTSB/BOI or such. With the collapse of companies like the American stock exchange company I am starting to get worried. AFAIK, if Rabo did collapse, i would only be guarenteed to get back 20k approx. Any comments/advice?

Im in the same boat, is our money safe anywhere?

X.

krankykitty

AFAIK Rabo has a better credit rating (AAA) than the Irish bricks & mortar banks. However, if you were really worried, you could always leave 20k with Rabo and split the remainder among other institutions.

homer911

RaboDirect is covered by the Dutch refund scheme which covers 100% of the frist 20k and 90% of the second 20k, so you would only lose 2k on 40k.

Under the Irish scheme you only receive 90% of anything, capped at 20k

The Danish Scheme is slightly more attractive (National Irish Bank)

An Post is State Guaranteed, as is Northern Rock (currently)

It seems that all banks have risk premiums now built into deposits with Irish Nationwide and Anglo offering some of the best rates (this is only a passing comment on these institutions and I have no knowledge other than the usual man on the street stuff)

In terms of perceived Risk/Reward, Northern Rock or Rabo would seem to be two of the better options, but it all depends on your perception

Orobhsa

The compensation scheme that Rabo operates under is far more generous than that of any Irish bank.

Any amount in Northern Rock is completely guaranteed by the UK government.

An Post is guaranteed by the Irish state. This is not the same as Postbank.

TheDriver

Prize bonds seem a safe place for cash in the short term and you never know, might win!

mel123

Orobhsa wrote: »

The compensation scheme that Rabo operates under is far more generous than that of any Irish bank.

Any amount in Northern Rock is completely guaranteed by the UK government.

An Post is guaranteed by the Irish state. This is not the same as Postbank.

Yes this might be so, but would the chances of them collapsing be higher is what i am thinking?!?

BuffyBot

How? As has been mentioned - Rabo currently has a better rating than the Irish banks in the terms that matter.

The (forced) collapse of one US investment bank doesn't mean any imminent threat to retail banks here. Customer panic, however, can (see Northern Rock, for example).

stepbar

mel123 wrote: »

I have a large sum of money in here, maybe about 70k. Im starting tho think i should take the money and run, well put it into PTSB/BOI or such. With the collapse of companies like the American stock exchange company I am starting to get worried. AFAIK, if Rabo did collapse, i would only be guarenteed to get back 20k approx. Any comments/advice?

Rabo aren't that competitive anyhow. 4.3%. Meh :rolleyes:

There's better value to be had elsewhere. So I would move it anyhow.

JJ

Rabo may not have a competitive interest rate but their savings accounts are more flexible. You can put as much as you want in and move it out at any time. If you want a higher rate and don't mind locking up your money for a while, they have term deposits.

Toots

As others have said Rabo have a AAA rating. It's highly unlikely that they'll collapse TBH. The amount of people who have asked me is BOI going to go under in the last few days is unreal. As Buffybot said, there's probably more risk to be had from customers panicking and running the bank.

TheDriver

There was even the guy from askaboutmoney website on 6-1 tonight saying the same thing and basically saying it costs us the consumer more to have higher compensation bank schemes i.e. danish and dutch. Still, better safe than sorry!!

TheDriver

There was even the guy from askaboutmoney website on 6-1 tonight saying the same thing and basically saying it costs us the consumer more to have higher compensation bank schemes i.e. danish and dutch. Still, better safe than sorry!!

vincenzo1975

my investment in Rabo has gotten creamed over the last 8 months, (down from 8K to approx 6K) we are down 25%, what do you guys think are the chances of recovery, even in the long term?
We invested just at the end of last year before the markets turned.

mel123

JJ wrote: »

Rabo may not have a competitive interest rate but their savings accounts are more flexible. You can put as much as you want in and move it out at any time. If you want a higher rate and don't mind locking up your money for a while, they have term deposits.

Yes thats the reason i have the money here. I cant put it in for a fixed term because i dont know when i will need it.

ntlbell

mel123 wrote: »

Yes thats the reason i have the money here. I cant put it in for a fixed term because i dont know when i will need it.

Why not try a 30 or 60 or 90 day deposit?

if it's for a house 90 days should be enough imo

dudara

Toots85 wrote: »

As Buffybot said, there's probably more risk to be had from customers panicking and running the bank.

This is the main risk that most banks face right now - panicking customers. Rabo is AAA rated and has a better protection scheme. It's one of the best bets right now.