Where is safe to deposit money

niceguy1940

Where is safe to deposit money. My wife and I have All our savings in the EBS.
My question is should we confine our savings to certain institutions to protect them. I saw on the news yesterday that the EBS needs 300 million of the government capital do you think I should take our saving out and maybe put it in the post office or some were else.

Thanks

Great White

Hi There, don't forget that the government have guaranteed up to E100,000 per account. If you have more than this I think it would be a good idea to open another account to keep the balances just below 100k. Also the Banks and building societies will NOT be allowed to fail, the knock on effect would be catastrophic for the economy. An post is strongly linked with Rabo bank, so I think they are covered by the guarantee as well.

homer911

An Post is linked with Postbank, which is linked with the Belgian Bank Fortis, which I understand has already been bailed out. Rabo is a AAA mutual, and as such is rated more highly than the Irish State. Rabo is not linked to An Post.

Great White

Sorry you are right, i remembered it was Fortis after I posted. Thanks for the correction.

Ogham

Great White wrote: »

Hi There, don't forget that the government have guaranteed up to E100,000 per account. .

The Govt guarantee is not limited to 100k - it covers all depositsin Irish banks till Sept 2010. (I suppose this reverts back to a 100k guarantee from Sept 2010?)

See Here for details

Also - Postbank is not the same as the Post Office. Irish Post Office savings accounts/certs have always been fully guaranteed by the Govt.

I suppose the main question should be - can the Irish government back up this guarantee if it is needed? Personally - I would spread your savings into institutions covered by other countries - like Rabobank and Northern Rock to minimise any risk.

sxt

Ogham wrote: »

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I suppose the main question should be - can the Irish government back up this guarantee if it is needed? .

I think so , I think in the unlikely event that were not able to do so, they would be assisted by what ever means neccessary by the European Union

dave98

buy a steel laptop size safe in b+q or the likes and get it installed underneath your sittingroom/kitchen floor. You cant go wrong the safe costs about €50. God forbid you had a housefire/burgalry the money (and whatever else) is still safe.

niceguy1940

Hi Guys Thanks for all your help. i left some of my money in the ebs. and put some in an post Deposit Account Plus account. and some in local credit union.

Thanks

Darith

In light of recent developments in the Irish Financial sector where are the safest place to open a savings a/c

Hagar

Switzerland.

Toots

Thread is over 8 months old.

Darinth please read the charter in relation to resurrecting old threads.