Safest place for savings advice

bob5666

Just was wondering where would be the safest place be for my savings its not alot but its alot to me i came up with this idea which i think is the safest place but i am just and ordinary jo on the street and would like some advice on it i dont believe my money is safe in a bank because for 2 reasons they could go burst and loose all my money or number two ireland pulls out of euro all accounts are frozen and changed into punts and my savings are devalued to next to nothing .so my plan would be take my money out of bank change my euro into norways krone to maybe guard against the eurocollasping and my money being changed into punt and its being badly devalued then i would simply keep the money in hard cash in krone and say hide or something because i dont believe any bank is safe an obvious risk in this plan is money being stolen but i think theres a bigger risk of banks robbing you just an idea for worst case scenario maybe its just me being paranoid:)

OfflerCrocGod

Firstly, I doubt the savings you have are larger than the deposit insurance so you won't lose all your money if the bank goes bust - which it won't.

Secondly, drawing out all your savings and keeping them around you is significantly more dangerous then having them in the bank.

Thirdly, Ireland won't leave the euro.

FlashD

Thought about this too but sounds kind of risky keeping your savings around you. Don't think it's worth the worry.

I second that, Ireland won't leave the Euro but the Germans and French might. What would that mean?

Regards.

irishh_bob

FlashD wrote: »

Thought about this too but sounds kind of risky keeping your savings around you. Don't think it's worth the worry.

I second that, Ireland won't leave the Euro but the Germans and French might. What would that mean?

Regards.

if the germans left the euro , two things would happen , the reinstated deutsch mark would damage thier exports due to its strength and secondly , the germans dream of a federal europe would be gone , germany will not abandon the euro under any circumstances , i dont believe people will loose thier deposits or that ireland will leave the euro but i do believe that the days of ireland having its own minister for finance are numbered

OfflerCrocGod

irishh_bob wrote: »

i do believe that the days of ireland having its own minister for finance are numbered

I thought the last Minister for Finance was Micheal Collins and since then we've just had a long series of muppets?

Sure, no great loss then.

Tech3

bob5666 wrote: »

Just was wondering where would be the safest place be for my savings its not alot but its alot to me i came up with this idea which i think is the safest place but i am just and ordinary jo on the street and would like some advice on it i dont believe my money is safe in a bank because for 2 reasons they could go burst and loose all my money or number two ireland pulls out of euro all accounts are frozen and changed into punts and my savings are devalued to next to nothing .so my plan would be take my money out of bank change my euro into norways krone to maybe guard against the eurocollasping and my money being changed into punt and its being badly devalued then i would simply keep the money in hard cash in krone and say hide or something because i dont believe any bank is safe an obvious risk in this plan is money being stolen but i think theres a bigger risk of banks robbing you just an idea for worst case scenario maybe its just me being paranoid:)

Diversify with cash on deposit with a bank that is not supported by the state, aaa rated government bonds preferably German bunds, shares and commodities.

bob5666

FlashD wrote: »

Thought about this too but sounds kind of risky keeping your savings around you. Don't think it's worth the worry.

I second that, Ireland won't leave the Euro but the Germans and French might. What would that mean?

Regards.

if germany and france left the euro then i would be better better of with my money in krone as the euro would devalue alot resulting in me losing my money

bob5666

Tech3 wrote: »

Diversify with cash on deposit with a bank that is not supported by the state, aaa rated government bonds preferably German bunds, shares and commodities.

what bank would you recommend or commodities and why ?

maude6868

I have money in Rabodirect and National Irish Bank. Would I be better to open a foreign currency account or put it in an English bank like Nationwide UK etc. I also have money in Prize Bonds. I assume I should cash these in now in case of default. Where should I put the money. Thanks for any advice.