saving in the post office

oldertimer78

Hi Every one i thinking of saveing my life saveing of 27000 in the post office. what kind of interest would i get on it and what is the name of the account in the post offices that my money will be a 100% safe.

Thanks every one.

broker2008

I think you could get better rates from the likes of RAbo, Northern rock, Halifax, EBS and even Irish Nationwide or Anglo Irish without having to tie up money for 5+years and yet have state guarantee and if you were willing to take some risk............

oldertimer78

see i dont want to take any risk at all. i was looking at the Deposit Account Plus in the post office. thats State guaranteed flexible savings.
thats 3.0% is that over a year on your Deposit

Thanks guys

broker2008

Well Rabo is 4.9% for 3 months for a start without looking too far. Why would you go to An Post for a lower interest rate ?

oldertimer78

you see there is no risk with the post office. i think i just might put it in the post office for a few months. on till things get a bit better with banks

Rigor Mortis

You will get 4.55 on that amount in the Postbank Premium Saver account. Less than Rabo, but its a demand account with pretty much zero t & c

TheDriver

postbank is not state guaranteed fully like the post office but at the moment, they are all guaranteed none the less. Its savings certs/prize bonds are the really safe stuff.

oldertimer78

Was just looking at the bamk of ireland gold saver 8.0%
would that be 100% safe for my money. or would i be better off just going with the post offices if i dont want to take the risk.

Thanks

Rigor Mortis

your issue isnt really the guarantee. All of the institutions are guaranteed at the moment.

The devil is in the detail on these accounts. Do you want the money available on demand or within 7 days, a month or what time frame. I dont know the details of the BOI account you are talking about, but i would decide what your criteria are for the account and then choose accordingly.

contador

Postbank are part of the deposit protection scheme just like most other banks. If you are investing under €100,000 then your money is protected under the scheme.

oldertimer78

Thanks every one for all your help.

I really appreciate it

dotsman

The Irish banks are far in fact safer (and typically offering much better rates) than the Post Office. In Ireland, our Post Office banking services are split in 2. The first being the traditional An Post savings (State guarantee, but very low interest rates), and the second provided by PostBank, which is, in turn, owned by Fortis, a Belgium bank, recently in severe trouble, but assisted by their government.

Postbank, operating in Ireland, is guaranteed by the state on amounts up to €100,000. However, the interest rate leaves a lot to be desired (circa 3%).

The irish banks are covered 100% by the state (ie - no maximum). They also offer far better rates (expect 5%), although with some, it is done through Interent banking.

Right now, they are your best bet.

There are also Rabo (Dutch bank) and Northern Rock (now owned by the British governemnt). They are also safe and offer decent rates (better than Postbank), but typically not as high as Irish banks and are internet only

Please also note that you should always read the small print. Often the rate advertised only applies to the first €X amount. In this case, you can always spread the money around (€10K here, €5K there etc). Also, the rate may only be applied to accounts opened online.

Finally, I had nothing against Postbank until the whole Joe Duffy debacle. The day after Joe told people to put their money in the post office, Postbank took out huge ads in the papers gloating about how it was so safe. This was trying to play on people's ignorance, thinking that just because it was associated with the Post Office, it was guaranteed. It was not, and was a despicable move by them. Only days later, their parent bank (Fortis) almost collapsed, and had it, many of Joe Duffy's financial refugees could have lost their life savings.

BuffyBot

and the second provided by PostBank, which is, in turn, owned by Fortis, a Belgium bank, recently in severe trouble, but assisted by their government.

Co-owned. It's a 50/50 joint venture with An Post.

dotsman

BuffyBot wrote: »

Co-owned. It's a 50/50 joint venture with An Post.

True! But still not backed by the "regular" An Post state guarantee.

Rigor Mortis

dotsman wrote: »

The Irish banks are far in fact safer (and typically offering much better rates) than the Post Office. In Ireland, our Post Office banking services are split in 2. The first being the traditional An Post savings (State guarantee, but very low interest rates), and the second provided by PostBank, which is, in turn, owned by Fortis, a Belgium bank, recently in severe trouble, but assisted by their government.

Postbank, operating in Ireland, is guaranteed by the state on amounts up to €100,000. However, the interest rate leaves a lot to be desired (circa 3%).

The irish banks are covered 100% by the state (ie - no maximum).

Sorry but this is just factually incorrect. Postbank is covered by exactly the same guarantee as all other banks in Ireland, following recent legislation. Postbank was covered fully at the same time as Ulster Bank.

dotsman

Rigor Mortis wrote: »

Sorry but this is just factually incorrect. Postbank is covered by exactly the same guarantee as all other banks in Ireland, following recent legislation. Postbank was covered fully at the same time as Ulster Bank.

What is the story there? I know they weren't originally included. They've since applied for it, and at first told no, but then the media started reporting that they would be included. (But I'm not exactly trusting the media these days!)

However, all I can find on the Financial Regulator website, is a chart saying that the 6 banks are covered by the guarantee, while Postbank is under the standard Deposit Protection Scheme. Is it that the website is out of date, or is it that the inclusion of Postbank etc is still being worked out?

Either way, their rates are still very low, and I still don't like them over the whole Joe Duffy thing!

Rigor Mortis

dotsman wrote: »

What is the story there? I know they weren't originally included. They've since applied for it, and at first told no, but then the media started reporting that they would be included. (But I'm not exactly trusting the media these days!)

However, all I can find on the Financial Regulator website, is a chart saying that the 6 banks are covered by the guarantee, while Postbank is under the standard Deposit Protection Scheme. Is it that the website is out of date, or is it that the inclusion of Postbank etc is still being worked out?
quote]

I can understand a distrust. They applied for it, they were not told no. Like a number of other banks when the application went in, the Government said yes.

The details are being sent to all the banks at the moment, ie how much they are gonna have to pay. Probably the original 6 will be up and running late this /early next week, with Postbank and others following shortly after.