safe place to put 5 figure sum

the_dark_side

hi... I have a very simple question that I would like to throw to the floor, where would the safest place be to lodge a 5 figure sum? As you can guess, I am reluctant to take any bank's advice on what to do with it, particularly with the threat of national bankruptcy etc. what effect would this have on deposit and savings accounts... Im beginning to fear the old saying 'safe as money in the bank' could become an oxy moron very soon

thanks in advance

mike65

I'd leave it at the back of the hot press. I'm only half joking.

the_dark_side

mike65 wrote: »

I'd leave it at the back of the hot press. I'm only half joking.

Im half considering this option! (except it would be the attic)

Thoie

I'd half consider Prize Bonds. Lousy rate of return - probably nil, and depending on how long you left it there you could technically lose some of the "value" of the amount. On the other hand there's a vague possibility you might win something.

I think the bank deposit protection is still in place - take a look here for the institutions covered and the amounts:
http://www.itsyourmoney.ie/index.jsp?1nID=100&nID=153&aID=620

Thoie

mike65 wrote: »

I'd leave it at the back of the hot press. I'm only half joking.

the_dark_side wrote: »

Im half considering this option! (except it would be the attic)

Under the floorboards in a wardrobe is traditional, and convenient to get to.

ei.sdraob

The deposit protection scheme here in Ireland is useless,
If the **** came to shove (the way things are going theres a good chance IMHO of **** hitting the fan) people would quickly realise what a guarantee by an insolvent government amounts to

Vote with your wallet and put the money into a non irish bank

mike65

Rabobank still has AAA rating I think!

liammur

Yes, Rabobank is without question the safest. IL&P is also secure.

But a 5 figure sum is guaranteed anyway.

Colonel Sanders

I have moved 95%+ of my cash to institutions not covered by the Irish State guarantee. The likes of Investec would be covered by the UK (nationwide UK might be too I haven't checked). Rabo is covered by The Dutch guarantee scheme. NIB would be covered by the Danish scheme. Check wording of each particular scheme to see how much is covered

Brussels Sprout

Interesting thread. I have a lump of money in Quinn Life equity funds. I've been wondering how safe they are especially given the Quinn groups recent history.

Also I was wondering (and I think I started a thread about this before) what are the chances of our bank accounts being frozen whilst the country switches over to some banana dollar which we can then only access after it devalues completely. I know this may sound ludicrous but sovereign default is a real possibility in the next year so I think us leaving the euro is as well. If they are going to do this then they can't announce it in advance or there'll be a run on the banks.

liammur

Brussels Sprout wrote: »

Interesting thread. I have a lump of money in Quinn Life equity funds. I've been wondering how safe they are especially given the Quinn groups recent history.

Also I was wondering (and I think I started a thread about this before) what are the chances of our bank accounts being frozen whilst the country switches over to some banana dollar which we can then only access after it devalues completely. I know this may sound ludicrous but sovereign default is a real possibility in the next year so I think us leaving the euro is as well. If they are going to do this then they can't announce it in advance or there'll be a run on the banks.

Interesting, I wouldn't have too much cash in Quinn Life

mikemac

Rabobank

Used to have the best interest rates around, now it's around 2%

I'm hoping for interest rates increases for savers!

Brussels Sprout

How safe are Northern Rock Ireland?

liammur

Brussels Sprout wrote: »

How safe are Northern Rock Ireland?

I believe they are guaranteed by the UK govt.
It's def something to be considering.

azzie

Safest place..............well, you can send it to me and I'll look after it (for a very modest fee!), but surely no one believes that the bank guarantees wouldn't be honoured??????? Seriously, is that something lots of people think?

Quandary

azzie wrote: »

Safest place..............well, you can send it to me and I'll look after it (for a very modest fee!), but surely no one believes that the bank guarantees wouldn't be honoured??????? Seriously, is that something lots of people think?

With the way things are going it wouldnt be a massive surprise

mike65

I imagine there is a lot more cash in strong boxes (and indeed not so strong boxes) since things went pear shaped.

simplistic2

A few chunks of land?

dan_d

Where's safe to put it if you need to access it regularly? (redundancy payment being used to pay the bills right now)

Quandary

Lets say AIB or BOI for whatever reason failed and were left go to the wall, do people here really think the govt would be able to follow through with the guarantees?

liammur

dan_d wrote: »

Where's safe to put it if you need to access it regularly? (redundancy payment being used to pay the bills right now)

IL&P are fairly safe. Nothing to do with NAMA and have Irish Life to bail them out.

coonecb1

Rabo is where I store my millions :P

You will be safe putting it in the credit union or post office. Even if the Government goes "broke" you will be fairly well protected

For God's sake don't take it out in cash and store it at home!

coonecb1

Quandary wrote: »

Lets say AIB or BOI for whatever reason failed and were left go to the wall, do people here really think the govt would be able to follow through with the guarantees?

Yes, for two reasons:

1) They are obliged to do that legally.

2) The political consequences would be terminal for the Government if they even thought about reneging on the guarantee

If the first one doesn't influence their decision, then the second one surely will.

love porter

They are owned by RBOS who are 84% owned by the English exchequer, they have good rates also and offer free banking.

Just for info

the_dark_side

yes, I am with the Ulster Bank alright, I was also wondering about An Post and the Credit Union, someone has mentioned them alrerady. I was warned about an Post a few months ago though... they are linked to some Belgian Bank (which I can't seem to find a link to), whos stability has been questioned. Someone even suggested opening a Paddy Power account! very confidential appartently

love porter

there are 2 types of savings with An Post I believe.
The one that is backed by the foreign bank and An Post savings Bonds.
The savings bonds are usually termd for 2,3,4,5 years etc with an ok rate of return, and with no Dirt paid.
These bonds are goverment gauranteed.

The problem your having is not trusting the goverment gaurantee, so then it is quite simple that you should have your deposit outside the hands of the Irish guarantee, and look at Ulster-uk nationwide-rabo bank.

The handy thing with ulster bank is that their is a greater face to your deposit, with their branchs in comparison to the others

argosy2006

Pappy power account, leave it there, they wont go out business

ei.sdraob

the_dark_side wrote: »

yes, I am with the Ulster Bank alright, I was also wondering about An Post and the Credit Union, someone has mentioned them alrerady. I was warned about an Post a few months ago though... they are linked to some Belgian Bank (which I can't seem to find a link to), whos stability has been questioned. Someone even suggested opening a Paddy Power account! very confidential appartently

PostBank you talking about? They were owned by Fortis who went bankrupt and bailed out by the 3 benelux governments and then sold on to BNP Parias, anyways they are closing their operations in Ireland
As for the PostOffice itself, how much do you thrust our government with your money?

Someone mentioned Ulster Bank, yes they seem to be good and have much less fees than the local shower of thieves we have here in Ireland.

SeanW

If I had a 5 figure sum of cash I'd put it in one of two places:

1. A German bank.
2. Gold and silver storage at the Perth Mint.

demonspawn

Biscuit tin under the bed. It worked for Bertie for years.

-Trek-

demonspawn wrote: »

Biscuit tin under the bed.

It will be like Christmas for the burglars.

demonspawn

Trekmad wrote: »

It will be like Christmas for the burglars.

Not if you saw what was under my bed.

-Trek-

demonspawn wrote: »

Not if you saw what was under my bed.

Katana?

But on a serious note what is safe these days? nothing I guess. I'll put my faith in the banks for a bit longer, I don't think a run on the banks will help matters.

ei.sdraob

Trekmad wrote: »

Katana?

But on a serious note what is safe these days? nothing I guess. I'll put my faith in the banks for a bit longer, I don't think a run on the banks will help matters.

Banks that didnt get involved in property speculation?
Banks that dont charge for internet banking which saves them money?
Banks that are not backed by the failed Irish government?
Banks that are not increasing fees and passing on the cost of their failure to customers that were sensible?


As its obvious from this thread more and more people are realizing (and planning ahead ) that the Emperor has no clothes, the bank guarantee by an insolvent state means nothing, even better than that by moving your money out of failed Irish banks you are voting with your wallet against incompetence, failure and gombenism that took over the Irish banking sector.

I myself will be moving my personal and business current accounts today, savings are already moved long ago.

I simply have no faith in these cowboys and more importantly i will not be paying for their failures via increased charges :mad:

I am being denied a vote at an election, but i be damned if prevented with voting with my wallet. I had it up to here with a certain Irish bank
grumble grumble


The way I see if there is a bank run ill be safer and if there isnt well at least im not paying more charges, a win win

-Trek-

Your right, I think it's probably about time I wake up and stop procrastinating about where is the safest place for my money, I guess I'm like a lot of people who blindly trust this guarantee without knowing fully how it works or if it will work.

the_dark_side

ei.sdraob wrote: »

I myself will be moving my personal and business current accounts today, savings are already moved long ago.

I simply have no faith in these cowboys and more importantly i will not be paying for their failures via increased charges :mad:

Hi... just wondering where you are considering moving your business to?

I am also looking into the Perth Mint as mentioned above.

I DO NOT trust the government bank guarentee... and you'd be foolish to do so, the Irish government are under orders from Europe.

demonspawn

Actually yeah, on a serious note spend as much as you can afford on precious metals. Gold, silver, platinum, etc. There's a very good reason you see all these "We buy your gold for cash!" ads everywhere these days.

Those ads are placed by banks and other financial institutions because they know paper money everywhere is going to be absolutely useless in a few more years. When the U.S. defaults on its debt to China the proverbial s**t will hit the fan. You don't want to be stuck with thousands of useless notes when it does. Invest while you still have a chance.

ei.sdraob

the_dark_side wrote: »

Hi... just wondering where you are considering moving your business to?

I am also looking into the Perth Mint as mentioned above.

I DO NOT trust the government bank guarentee... and you'd be foolish to do so, the Irish government are under orders from Europe.

I do not trust then either but due to lack of time I didnt bother moving current accounts (yes i know laziness :P), seeing all sorts of charges being taken off me for the privilege of using a failed bank is what really ticked me of lately.

Have an appointment with Ulster Bank to have a chat about a day to day current account for the business and what they can do for me,
as I mentioned in another thread I find it unacceptable that a certain Irish bank is charging me hundreds of euro a year more in new fees which they didn't before for using facilities such as internet banking, something that saves them money :mad:

I have been keeping the absolute minimum required to keep things ticking over in current accounts now, me thinks a "fact finding" :P trip to Switzerland is in order later this year :pac:

As for gold etc I dont know, seems like a big bubble to me,

instead I put a lot of my savings into safer bank and also building own home and "investing" into things that will pay off over the long term such as insulation+airtightness, better glazing, heat recovery, solar etc basically trying to reduce living expenses in the long term

Idbatterim

maybe invest in cigarette shares, the way things are going, im sure cowen is going to be smoking more and more and more!

professore

coonecb1 wrote: »

Yes, for two reasons:

1) They are obliged to do that legally.

2) The political consequences would be terminal for the Government if they even thought about reneging on the guarantee

If the first one doesn't influence their decision, then the second one surely will.

If they don't have the money (which they don't) and can't borrow it (in this situation they couldn't) then 1 and 2 are irrelevant. For 1 what are they going to do - put themselves in jail ? For 2 - FF and the Greens are screwed anyway. Only diehard FF and Greens with no minds of their own are going to vote for them in the next election.

zielarz

Consider buying gold or silver online, it's going to be physically stored in a vault you choose (NY, London or Zurich):
http://www.bullionvault.com/

LookingFor

zielarz wrote: »

Consider buying gold or silver online, it's going to be physically stored in a vault you choose (NY, London or Zurich):
http://www.bullionvault.com/

Maybe people wouldn't care, but isn't it illegal for Irish citizens to own bullion?

Or does that just refer to bullion held in this state?

ei.sdraob

LookingFor wrote: »

Maybe people wouldn't care, but isn't it illegal for Irish citizens to own bullion?

Or does that just refer to bullion held in this state?

Its illegal not to be paying taxes on any of your "investments"

joe316

Are dollars worth it? Or is swiss francs the way to go?

BeeDI

Berhshire Hathaway. Full stop.

Very diversified. Managed by guys with brains. And to to top it all off, guys that have a semblence of honesty and integrity about them, who do not pay themselves crass undeserving bonuses, for failure.

Slan tamaill!

Sticky_Fingers

You all may think me a paranoid nutcase but I think that some of your money should be "invested" in tangible goods like food, some extra fuel and perhaps some home improvements for making your home a bit more sustainable. ATM precious metals seem to be a huge bubble and if you buy now you will probably be stung when it bursts. The safest place for your money IMO is a foreign bank or better still two separate banks guaranteed by different governments using separate currencies.

While I don't think the country is going to turn into something out of Mad Max nor am I advocating people to move to the hills and live off baked beans in a underground bunker the fact remains that we have no way of knowing how things are going to pan out in the next year or two so its prudent to be prepared. On the plus side you wouldn't lose a penny on your investment since you can use them plus if the worse comes to the worse you have just insulated yourself from major hardship. I think everyone, regardless of the economic climate should have some stores put away since you never know whats just around the corner (such as the terrible weather last Christmas)

amacca

Sticky_Fingers wrote: »

You all may think me a paranoid nutcase but I think that some of your money should be "invested" in tangible goods like food, some extra fuel and perhaps some home improvements for making your home a bit more sustainable. ATM precious metals seem to be a huge bubble and if you buy now you will probably be stung when it bursts. The safest place for your money IMO is a foreign bank or better still two separate banks guaranteed by different governments using separate currencies.

While I don't think the country is going to turn into something out of Mad Max nor am I advocating people to move to the hills and live off baked beans in a underground bunker the fact remains that we have no way of knowing how things are going to pan out in the next year or two so its prudent to be prepared. On the plus side you wouldn't lose a penny on your investment since you can use them plus if the worse comes to the worse you have just insulated yourself from major hardship. I think everyone, regardless of the economic climate should have some stores put away since you never know whats just around the corner (such as the terrible weather last Christmas)

mommy...I want my mommy! crawls into corner and whimpers pitifully to himself

its gone from which irish banks are safe to....

which foreign banks are safe to.....

which currencies are safe to.....

which precious metals are the least "bubbly"

sticky fingers if this trend continues only a matter of time until it gets to "I have three years supply of baked beans in my excellently insulated underground bunker and no you cant get in, not even for a million of you're euro dollars"

I'm off to stockpile mikado biscuits and club orange.

moretothegirl

I have no experience or knowledge in this area so I'm hoping I can sort this problem I have with the help of people here!
I have some money, nothing like others im sure but all the same im saving to go back to college next year so its very important to me! approx 15,000.

ATM I have half of it in the local credit union and the other half in my bank of ireland normal account. I am just wondering what people think, is it safe in these accounts? Realistically if anything happens either institution will the govt. honour their deal to secure it?

Any advice appreciated

ei.sdraob

Honour it with what money they are broke (spending twice more than taking in) and are only hanging on due to more and more borrowing which is getting more and more expensive

If the worst happens (25% of default apparently..) you might get an IOU or nothing...

amacca

out of curiosity what has happened to a Greek customers deposit in a "native" Greek bank during the recent past?

in the event of a stabilization fund type rescue here......is it likely deposits here would be in the same boat

what has happened to deposits in general in countries that have defaulted in the past or recent past or had banking crisis.

eg: what happened to deposits of icelanders that had their money in kaupthing or glitnr (think thats its name) - realise that they have their own currency and we would continue to have euros even in worst case scenario presumably?

in argentina, think I remember there was a daily withdrawal limit but were customers total deposits protected?

apologies for (probably shocking) display of ignorance but answering these questions might help OP figure out safe place for the deposit or at least give an idea whats likely to happen if worst comes to worst ....which I really hope it doesnt.

ei.sdraob

no banks collapsed yet there, but

1. there was a bankrun over a period of weeks to the tune of few dozen billion

2. all cash transactions above 1500 made illegal