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should i be worried

  • 29-03-2020 12:08pm
    #1
    spatchco
    Registered Users, Registered Users 2 Posts: 388 ✭✭


    should i be worried about my savings i have ,will i have any left after this


Comments

  • #2
    antimatterx
    Registered Users, Registered Users 2 Posts: 3,170 ✭✭✭antimatterx


    Each baking institution guarantees your savings up to 100K in the event of collapse. If you have more than this, and you're fearful split your savings across the big banks.


  • #3
    antix80
    Registered Users, Registered Users 2 Posts: 2,419 ✭✭✭antix80


    You've often heard it said "don't put all your eggs in one basket"

    I don't have the problem of considerable savings. If I did, different banks and even different currencies can protect them.

    If you have investments it's probably a bit late to be worrying.


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,612 Mod ✭✭✭✭Jim2007


    spatchco wrote: »
    should i be worried about my savings i have ,will i have any left after this

    Well since we have no idea where you have your savings or what you are doing with them it impossible to say.....

    If you have it in a bank, it's less than 100k and you don't need it to cover living expenses while the lock down is on, then should be OK.

    If you have in some kind of high risk investment and can't afford to wait a few years this you probably need to be worried.

    Of course what the purchasing power of your savings will be like by then is another issue although.


  • #5
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    antimatterx wrote: »
    Each baking institution guarantees your savings up to 100K in the event of collapse. If you have more than this, and you're fearful split your savings across the big banks.

    I wouldn't believe a word from those bakeries, they'll make dough out of you.


  • #6
    spatchco
    Registered Users, Registered Users 2 Posts: 388 ✭✭spatchco


    thanks for the replys ,so i dont have to worry [well not yet]


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  • #7
    dxhound2005
    Registered Users, Registered Users 2 Posts: 21,877 ✭✭✭✭dxhound2005


    If the deposit guarantee scheme fails for you, then we are all up the creek.

    https://www.ccpc.ie/consumers/money/saving/deposit-guarantee-scheme/

    State Savings have a guarantee not limited to 100K.

    The repayment of all State Savings money, including Prize Bonds, is a direct, unconditional obligation of the Irish Government. When you save with State Savings you are placing your money directly with the Irish Government. State Savings forms part of the sovereign debt of Ireland which is managed by the National Treasury Management Agency (NTMA).


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