Money in bank.

from_atozinc

Hi

Silly question here. If you have money in the bank, simply resting in a standard bank account. i.e. not invested in shares etc.

Is this money protected if things go arseways?

I k ow people lost money in 2008 but was this more so based on investments and shares etc that went bad.

elperello

from_atozinc wrote: »

Hi

Silly question here. If you have money in the bank, simply resting in a standard bank account. i.e. not invested in shares etc.

Is this money protected if things go arseways?

I k ow people lost money in 2008 but was this more so based on investments and shares etc that went bad.

Yes up to 100k.

from_atozinc

elperello wrote: »

Yes up to 100k.

Thanks. It’s this a blanket figure across Irish banks or do they differ?

NIMAN

Is that guarantee still active?

Synode

Yes it's still active. BOI often send out details with statements. Seen other banks do it too.

It's 100k per person so if a joint account 200k.

from_atozinc

Right. So if one has 200k in a current account simply resting there and things went to sh1t, you could lose 100k?

To me sounds like it’s your money, you have earned it, you did not take risks by investing it etc and yet you could lose loads.

Heres Johnny

It's 100k per person per institution so if you've more than 100k on deposit, whip the excess out into another institution or institutions if you want to be covered by deposit guarantee scheme

from_atozinc

Heres Johnny wrote: »

It's 100k per person per institution so if you've more than 100k on deposit, whip the excess out into another institution or institutions if you want to be covered by deposit guarantee scheme

Thanks.

So if married......and wife has 100k in AIB in her own account......and husband has 100k in AIB in his own account, is all ok?

Synode

from_atozinc wrote: »

Right. So if one has 200k in a current account simply resting there and things went to sh1t, you could lose 100k?

To me sounds like it’s your money, you have earned it, you did not take risks by investing it etc and yet you could lose loads.

Yes that's the risk you take when storing money in banks. There's other ways of storing it, each with their own risks

TuringBot47

Synode wrote: »

Yes that's the risk you take when storing money in banks. There's other ways of storing it, each with their own risks

Eddie Hobbs mentioned to check the credit rating of the bank you're with.

Anyone offhand know the safest Irish Bank?
Haven't too much, but wondering where Ulster Bank is safe or not in comparison to say AIB or Bank of Ireland.

Salary Negotiator

TuringBot47 wrote: »

Eddie Hobbs mentioned to check the credit rating of the bank you're with.

Anyone offhand know the safest Irish Bank?
Haven't too much, but wondering where Ulster Bank is safe or not in comparison to say AIB or Bank of Ireland.

I worked in Anglo Irish Bank in late 2008 and they were AAA rated at the same time they were cooking the books.

I wouldn’t put much faith in credit ratings.

Allinall

Salary Negotiator wrote: »

I worked in Anglo Irish Bank in late 2008 and they were AAA rated at the same time they were cooking the books.

I wouldn’t put much faith in credit ratings.

Nobody with money in Anglo lost a cent.

Salary Negotiator

Allinall wrote: »

Nobody with money in Anglo lost a cent.

Because the government stepped in and guaranteed all deposits, without that intervention many would have lost anything over €100K.

from_atozinc

Let’s say you had 3 different accounts with the one bank. Current and 2 x basic savings accounts. And the total came to 150k. Are you ok as the money is in 3 separate accounts. Or still based on the 100k regardless.

Salary Negotiator

from_atozinc wrote: »

Let’s say you had 3 different accounts with the one bank. Current and 2 x basic savings accounts. And the total came to 150k. Are you ok as the money is in 3 separate accounts. Or still based on the 100k regardless.

It’s €100K per person not per account so €50K is at risk.

Best thing to do is open an account with another bank and put the €50K there.

CPTM

Salary Negotiator wrote: »

It’s €100K per person not per account so €50K is at risk.

Best thing to do is open an account with another bank and put the €50K there.

This is what I was asking in my head as I was reading through this thread. So its 100k per person per bank?

from_atozinc

Salary Negotiator wrote: »

It’s €100K per person not per account so €50K is at risk.

Best thing to do is open an account with another bank and put the €50K there.

Would credit union be an option here?

Do they have a safety net like the 100k?

Heres Johnny

from_atozinc wrote: »

Would credit union be an option here?

Do they have a safety net like the 100k?

Yes, and 2 credit unions used this as far as I remember. Rush credit union and another, forget the name.

Salary Negotiator

CPTM wrote: »

This is what I was asking in my head as I was reading through this thread. So its 100k per person per bank?

Yes.

from_atozinc wrote: »

Would credit union be an option here?

Do they have a safety net like the 100k?

Yes.

KaneToad

TuringBot47 wrote: »

Eddie Hobbs mentioned to check the credit rating of the bank you're with....

I wouldn't be taking financial advice from Eddie Hobbs. Although a broken clock is right, twice a day.

from_atozinc

Where would be best to have 100k. In a bank or credit union. Not for investment purposes. Just for ‘storing’ more a less.

Or is there flip all difference?

Wtf ?

Jaysus, If only I had these problems....

L1011

Heres Johnny wrote: »

Yes, and 2 credit unions used this as far as I remember. Rush credit union and another, forget the name.

Newbridge.

Maynooth came damn close also allegedly; it was forcibly married to Naas to sort it out. Was referred to as "the next Newbridge" by at least one newspaper; before Rush became the next Newbridge!

NIMAN

KaneToad wrote: »

I wouldn't be taking financial advice from Eddie Hobbs. Although a broken clock is right, twice a day.

He was also advocating buying Bulgarian property iirc.

from_atozinc

from_atozinc wrote: »

Where would be best to have 100k. In a bank or credit union. Not for investment purposes. Just for ‘storing’ more a less.

Or is there flip all difference?

Hi. Any thoughts on this?

Spocker

You *might* get a dividend in a credit union, but I would be surprised if they let you lodge it to be honest, most are now introducing a cap on shares. You may as well leave it a bank instead

Jim2007

TuringBot47 wrote: »

Eddie Hobbs mentioned to check the credit rating of the bank you're with.

Eddie Hobbs..... seriously, best Ignored. You are not lending money to the bank.

The correct ratio to check is the bank's T1 ratio.

Salary Negotiator

Spocker wrote: »

You *might* get a dividend in a credit union, but I would be surprised if they let you lodge it to be honest, most are now introducing a cap on shares. You may as well leave it a bank instead

Haven’t most CUs moved to paying a rebate on interest paid on loans instead of a dividend on deposits?

jrmb

Salary Negotiator wrote: »

Haven’t most CUs moved to paying a rebate on interest paid on loans instead of a dividend on deposits?

As far as I know, you can get interest, a dividend and an interest rebate at the same time. It depends on the credit union.

jrmb

...but only the interest is promised. The others can fluctuate and as Spocker said, you mightn't get them at all.

from_atozinc

Thanks. Don’t care about interest or do dividends etc. Just want my money safe.

Based on this, is a bank or credit union better?

Darc19

Salary Negotiator wrote: »

I worked in Anglo Irish Bank in late 2008 and they were AAA rated at the same time they were cooking the books.

I wouldn’t put much faith in credit ratings.

Or Eddie Hobbs

Anyone for a nice overpriced villa on the cape Verde Islands in the middle of nowhere and no direct flights?

Highly recommended by Mr Hobbs along with investment in run down shacks in America

blackbox

from_atozinc wrote: »

Thanks. Don’t care about interest or do dividends etc. Just want my money safe.

Based on this, is a bank or credit union better?

The guarantee for 100k is from the government, not from the financial institution.

Synode

from_atozinc wrote: »

Thanks. Don’t care about interest or do dividends etc. Just want my money safe.

Based on this, is a bank or credit union better?

Credit unions hold their money in banks

jrmb

from_atozinc wrote: »

Based on this, is a bank or credit union better?

They're all included in the deposit guarantee scheme, so it's a matter of personal opinion. I prefer to keep my savings in the credit union.

Salary Negotiator

iebamm2580 wrote: »

So does this mean its total 100k per person and it doesnt make a difference if you have 100k in aib and 100k in boi, you will still lose 100k?

It’s per institution per person so €200K spread across 2 banks is fully guaranteed.

Darc19

Do what a Peruvian family in New York did - they were concerned that the banks were not safe, so bought $27m of apartments (4)

Naked Lepper

what do millionaires do to secure their capital above 100k?

elperello

Naked Lepper wrote: »

what do millionaires do to secure their capital above 100k?

The guarantee we are talking about is only for cash deposits.

Presuming you are talking about multi millionaires, because 1 million is not much these days, you might be surprised at how little actual cash really rich people have.

The answer to your question is wealth management ie. money working for you.

Poor_old_gill

Salary Negotiator wrote: »

I worked in Anglo Irish Bank in late 2008 and they were AAA rated at the same time they were cooking the books.

I wouldn’t put much faith in credit ratings.

But the auditors said it was all fine...

Jim2007

Poor_old_gill wrote: »

But the auditors said it was all fine...

The auditors have no responsibility towards the general public and you would be foolish to really a body that has not responsibility toward you.

AndrewJRenko

Jim2007 wrote: »

The auditors have no responsibility towards the general public and you would be foolish to really a body that has not responsibility toward you.

They do have a responsibility to shareholders of banks and members of building societies, which they completely failed to meet in the case of Anglo Irish and Irish Nationwide.

Jim2007

AndrewJRenko wrote: »

They do have a responsibility to shareholders of banks and members of building societies, which they completely failed to meet in the case of Anglo Irish and Irish Nationwide.

And not relevant in the current context.

AndrewJRenko

Jim2007 wrote: »

And not relevant in the current context.

Fairly relevant in demonstrating the general uselessness of auditors, imho.

Jim2007

AndrewJRenko wrote: »

Fairly relevant in demonstrating the general uselessness of auditors, imho.

Still does not remotely help the OP in his situation... but rattle on