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Savings - Spreading the risk

  • 17-05-2011 9:41am
    #1
    Stabshauptmann
    Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭


    Hi all, looking for some advice and opinions on where to put my savings.
    I’m extremely risk adverse, and don’t like the idea of putting my money out of reach (fixed term accounts).

    The risk I want to reduce is exposure to Irish banks. I know the details of the ELG, but there is the risk that a) Ireland couldn’t meet its commitments were there a run on the banks and/or b) if Ireland left the euro my savings would be automatically converted to a new, devalued currency.

    I do not wish to discuss how remote both these risks are, like I said, I am extremely risk adverse.

    I also think it might be wise to limit my exposure to currency movements.
    I was thinking of the following setup: an Irish current account for wages etc, a AAA rated euro bank and a AAA rated GBP savings account.

    What do people think about the GBP idea. I think GBP is more stable right now than the euro.
    I don’t know what UK bank I would go for, or what the UK deposit protection rules are, so any suggestions there would also be useful.

    Many thanks!


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