anyone know where would be safest bank for savings

bob5666

just wondering anyone have advice on safest savings account to have money in at the moment dont real believe gorverment guarantee for a start and also concerned about currency devaluation in euro if ireland pulls out of euro meaning my savings are worth nothing , i hear a few people mention swiss bank account would that be a good option any advice would be greatly appreciated

cgarrad

Swiss account, big time

http://finance.yahoo.com/echarts?s=EURCHF=X+Interactive#chart1:symbol=eurchf=x;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

If you had $10,000 in U.S. dollars back in 1971, and you converted it into Swiss francs, it would be worth over $50,000 today (not including interest on your money).



Switzerland has had the most stable money over the last 40 years and the society with the most stable currency is the most stable and successful as well.

The numbers don't lie… Income per head in Switzerland is $69,000 today, versus $47,000 in the U.S. and $28,000 in Greece.

fatalll

Where in ireland or online can you apply and get a swiss bank ac..
also would anyone recommend getting a bank ac and converting some of your money to a different currency..if so which ones...and why?

thanks

cgarrad

NOK and CHF are the main ones

bob5666

where could you apply for a swiss bank account or find out more info

OfflerCrocGod

400% in 40 years is a compound interest return of about 4.40% per year I think.

Not really worth shouting about tbh.

If you had been smarter and instead put $10,000 in the DOW for those 40 years you would have a 1200% return instead.

cgarrad

OfflerCrocGod wrote: »

400% in 40 years is a compound interest return of about 4.40% per year I think.

Not really worth shouting about tbh.

If you had been smarter and instead put $10,000 in the DOW for those 40 years you would have a 1200% return instead.

The point is that this is not interest, it's accumulation of strength by the currency itself. Any interest or investment gains are on top of this return.

irishh_bob

OfflerCrocGod wrote: »

400% in 40 years is a compound interest return of about 4.40% per year I think.

Not really worth shouting about tbh.

If you had been smarter and instead put $10,000 in the DOW for those 40 years you would have a 1200% return instead.

what kind of return did the DOW give since the year 2000

cgarrad

irishh_bob wrote: »

what kind of return did the DOW give since the year 2000

Not only a big fat zero but the purchasing power of the dollar has dropped dramatically as well...

Jim2007

cgarrad wrote: »

The numbers don't lie… Income per head in Switzerland is $69,000 today, versus $47,000 in the U.S. and $28,000 in Greece.

Please take the time to learn something concrete about Switzerland before you make these kind of statements! Our cost of living is so high that you'd need to earn about twice that amount for a middle class family to be able to live comfortably.

Jim (Switzerland)

Jim2007

fatalll wrote: »

Where in ireland or online can you apply and get a swiss bank ac..
also would anyone recommend getting a bank ac and converting some of your money to a different currency..if so which ones...and why?

thanks

In order to open an account with a reputable bank in Switzerland you need to be Swiss resident or qualify as a high net wealth client - meaning that you will be placing anything from €3M to €7M under management with them.

In addition you should be aware that there is no blanket government guarantee scheme in Switzerland. Contrary to popular belief Swiss banks can and do go bankrupt.

Jim (Switzerland)

displaced dub

good old Jim the voice of reason, some times the brain donors on this forum really do amaze me.

as they say, common sense is not very common, still laughing though, Swiss bank account :D:D

OfflerCrocGod

irishh_bob wrote: »

what kind of return did the DOW give since the year 2000

Well if you want to pick dates since 2003 it has returned 41% and since 2009 it has returned 48%. I find I have no interest buying shares when they are overpriced - so I don't. When they are at screaming bargain levels I dig in of course.

Also it's no good comparing the $/CHF exchange rate as we deal with € in Ireland and the return from DEM/€ to CHF would I'm sure appear far less amazing over all those years.

cgarrad

Jim2007 wrote: »

In order to open an account with a reputable bank in Switzerland you need to be Swiss resident or qualify as a high net wealth client - meaning that you will be placing anything from €3M to €7M under management with them.

In addition you should be aware that there is no blanket government guarantee scheme in Switzerland. Contrary to popular belief Swiss banks can and do go bankrupt.

Jim (Switzerland)

The cost of living is due to your strong currency.

Anyway its irrelevant to this conversation as he wants an account there not to live there.

cgarrad

displaced dub wrote: »

good old Jim the voice of reason, some times the brain donors on this forum really do amaze me.

as they say, common sense is not very common, still laughing though, Swiss bank account :D:D

Your reply is the dumbest on the thread, first Jim gets the wrong end of the stick, then you back him up

Jim2007

cgarrad wrote: »

The cost of living is due to your strong currency.

Given that we have to import most things, a strong currency would more than likely to have the opposite effect!!!

Jim.

Jim2007

cgarrad wrote: »

Your reply is the dumbest on the thread, first Jim gets the wrong end of the stick, then you back him up

Your advice is riddled with holes and the best you can come up with is that "we don't understand".... :rolleyes:

Jim2007

Jim2007 wrote: »

Your advice is riddled with holes and the best you can come up with is that "we don't understand".... :rolleyes:

good luck with that

goalscoringhero

There is rumors that the Swiss banks are running out of deposit space, which pushes requirements for opening a Swiss bank account higher and higher. [1]
Probably worth keeping an eye on.

Good luck with that.

[1] http://golemxiv-credo.blogspot.com/2011/06/lovely-little-detail-from-switzerland.html

cgarrad wrote: »

Swiss account, big time

http://finance.yahoo.com/echarts?s=EURCHF=X+Interactive#chart1:symbol=eurchf=x;range=2y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

If you had $10,000 in U.S. dollars back in 1971, and you converted it into Swiss francs, it would be worth over $50,000 today (not including interest on your money).



Switzerland has had the most stable money over the last 40 years and the society with the most stable currency is the most stable and successful as well.

The numbers don't lie… Income per head in Switzerland is $69,000 today, versus $47,000 in the U.S. and $28,000 in Greece.

cgarrad

goalscoringhero wrote: »

There is rumors that the Swiss banks are running out of deposit space, which pushes requirements for opening a Swiss bank account higher and higher. [1]
Probably worth keeping an eye on.

Good luck with that.

[1] http://golemxiv-credo.blogspot.com/2011/06/lovely-little-detail-from-switzerland.html

They are storage boxes for valuables such a gold, art and other physical items.

Loads of room on their computer hard drives for good old cash

Jim2007

goalscoringhero wrote: »

There is rumors that the Swiss banks are running out of deposit space, which pushes requirements for opening a Swiss bank account higher and higher. [1]
Probably worth keeping an eye on.

Good luck with that.

[1] http://golemxiv-credo.blogspot.com/2011/06/lovely-little-detail-from-switzerland.html

I expect that this is more to do with the fact that most banks gave up offering the service about 10 years ago, partial due to a lack of interest and more to do with the fact that they'd become a target for anarchists who were attempting to place incendiary devices in the boxes!

These days most banks only offer a document retention service which amounts to a strong envelope with a little lock on it that you hand over to the assistant at the counter.

I've no idea who this blogger is, but his contact can't be much if they think any reputable Swiss bank would take 500K as serious money! Rules of thumb:
- Under 1M you're a normal customer that might be offered a little advice by the clerk at the counter
- 1M - 3m, you're showing potential, so you get to speak to the junior advisers
- 4M - 7M, you're in our league so you get talk to some real advisers
- 7M+, now you're talking, we'll remember your name and might even stretch to offering you a ticket for a match at the next European Cup event, but not the final - that is for what we call the family office, meaning 10M++

Jim.