Help with 500,000e savings

Achtung! Bono

Hey all,

my partner inherited 500.000e and so far the breakdown is this:

250.000 in a locked 18 month savings 4% (9 months till it's up)

150.000 in a 12 month savings 3.25% (6 months till it's up)

100.000 in an easy access 2.5% account

all in the EBS.

Judging the current threat of bankruptcy and returning to the punt (how likely is this and if so, when?)
will she lose all interest if we withdraw before they run their course?

We currently live in the UK but may move to Canada. I know its been asked before but what is the safest way to secure the savings. Basically we are asking "what would you do?'

Very grateful for all replies

Otis Driftwood

I will give you the same answer that Ive seen given here before.

GO TO SEE A QUALIFIED,REPUTABLE FINANCIAL PLANNER AND DO NOT TAKE ADVICE FROM RANDOM PEOPLE ON THE INTERNET!

Mort5000

Ironic

There may be some penalty if you withdraw early, but only the terms on the account can tell you that.
Give them a call and discuss it.

To answer your other question, if I had 500K, I'd attempt to be as diversified as possible.
Get a risk strategy that matches up to your age and investing profile.
And then lastly, with that amount of money, it'll be worth finding a decent independent financial consultant and getting some good guidance.

bailes

As previous posters have suggested.

A meeting witha financial planner is essential.

in Short all money with EBS not a good idea, fees will apply for early redemption however it will only be a penalty of the interest earned (gross)

Given your job location and your intention to move to Canada I would be concerned about Exchange rate risks.

If you are looking for advice from the UK depending on where you are based, let me know as I may be able to put you in contact with independent advisors or if you prefer Irish help P.M. me.

trishasaffron

bailes wrote: »

in Short all money with EBS not a good idea, fees will apply for early redemption however it will only be a penalty of the interest earned (gross)

That's what I thought too. But when I tried the other day to make a withdrawal of less than 10% of the account (only fixed term cos they rolled it over in the absence of instructions from me) they said no withdrawal possible. I said surely you mean no withdrawal possible without penalty? No - absolutely no withdrawal possible until the term is up.

I'll be pushing this up the line but was astonished. This is the only Irish institution that I know of with this policy.

phormium

Check your terms and conditions, nothing unusual in having an account where withdrawals are not permitted during fixed term.

hmmm

For the love of god see a financial advisor and diversify.

Achtung! Bono

Thank you all for your replies, all be it a very late response by me.