Best Place to put savings

Krusader

My partner and I have some small amount of savings in BOI, I would like to withdraw it and put it somewhere else, where would be the most secure place to put it incase of default... credit union?? into sterling up north??

thank you

alfa beta

hey I just noticed that the Post office are offering 3% on a 30 day notice account - that mightn't be a bad option if you just want to leave some funds sitting around for a while.

LETHAL LADY

Crosaidi my elderly father is in a similar situation to yourselves his life savings in the bank (not a massive amount but a tidy sum) are a constant source of worry to him over the past few years. He constantly asks me what I think but to be honest I really dont know and I too would be looking for the same advice you are if anyone can help.

alfa beta

well if you don't like the Post Office idea, there's always Rabo

that's where i've been putting savings recently (2% AER)

Krusader

Is the Post office not tied in with the banks some way, what about credit unions are they viable

alfa beta

I actually don't know if the Post office is tied to one of our banks with regard to the money services it offers.

The An Post website doesn't refer explicitly to any banking third party in the 'savings and investments' section of the site (with the exception of the NTMA in regard to the National Solidarity Bond).

With regard to Credit Unions, I sorta wonder if they might at some point start showing similar symptoms to the banks. If through prudent investment practices they've steered clear of what the banks got themselves into then, fair enough, but I'd like to be very certain on that point before whacking my life savings into one of them.

As for me, I'll probably stick with Rabo for the foreseeable future. Very safe, very secure (Tier one capitla ratio of around 15% and the only triple A rated bank operating in the country) and i can do everything online.

Mr. Loverman

You should move your money out of Ireland.

My savings are in www.keytradebank.com in Belgium. I toyed with some German banks but have found them difficult to deal with.

You do not need to go to Belgium to open a Keytrade account. You can do it online/by post.

A lot of people recommend Rabo but the problem with them is you cannot withdraw your money into a foreign bank account. So let's imagine the worst case scenario: Ireland is asked to leave the euro. You will have to withdraw your money to an Irish bank account, and then in drips and drabs transfer your money abroad. (Typically banks limit the amount of money you can transfer abroad in one go). By then your money may have been converted in an punt nua which will not be worth much...

You can remove all this worry by moving your money abroad now. Keytrade are owned buy Credit Agricole who are a massive bank who are profit making.

Finally, considering we are a bankrupt country, I would question the value of the Irish governments bank guarantee.

MASTER...of the bra

Mr. Loverman wrote: »

You should move your money out of Ireland.

My savings are in www.keytradebank.com in Belgium. I toyed with some German banks but have found them difficult to deal with.

You do not need to go to Belgium to open a Keytrade account. You can do it online/by post.

A lot of people recommend Rabo but the problem with them is you cannot withdraw your money into a foreign bank account. So let's imagine the worst case scenario: Ireland is asked to leave the euro. You will have to withdraw your money to an Irish bank account, and then in drips and drabs transfer your money abroad. (Typically banks limit the amount of money you can transfer abroad in one go). By then your money may have been converted in an punt nua which will not be worth much...

You can remove all this worry by moving your money abroad now. Keytrade are owned buy Credit Agricole who are a massive bank who are profit making.

Finally, considering we are a bankrupt country, I would question the value of the Irish governments bank guarantee.

In what currency?

Krusader

MASTER...of the bra wrote: »

In what currency?

Euro, i guess, i'm a bit skeptical about the longevity of the euro myself. thanks for all the advice so far

Mr. Loverman

MASTER...of the bra wrote: »

In what currency?

Euros.

I know it's not ideal but it's better than having your money in euros and in Ireland.

Black Rock

An Post and the Prize Bond Company are selling agents for the NTMA State Savings products and they simply provide a counter service to collect money on behalf of the NTMA – savings never reside at the Prize Bond Company or with An Post but instead are transferred immediately to the Government under the management of the NTMA.

Because State Savings money is placed with the Government, the repayment of principal, interest (and cash prizes in respect of Prize Bonds) is a direct unconditional obligation the Irish Government and there is no expiry date or limit to the amount of money that is protected.

The NTMA Brochure 1 on their webite explains all of this and NTMA Brochure 2 list of the variety of savings products that are covered.