safe place to put 5 figure sum

the_dark_side · 05-09-2010 10:43AM #1

hi... I have a very simple question that I would like to throw to the floor, where would the safest place be to lodge a 5 figure sum? As you can guess, I am reluctant to take any bank's advice on what to do with it, particularly with the threat of national bankruptcy etc. what effect would this have on deposit and savings accounts... Im beginning to fear the old saying 'safe as money in the bank' could become an oxy moron very soon

thanks in advance

mike65 · 05-09-2010 10:52AM

I'd leave it at the back of the hot press. I'm only half joking.

the_dark_side · 05-09-2010 10:59AM

mike65 wrote: »

I'd leave it at the back of the hot press. I'm only half joking.

Im half considering this option! (except it would be the attic)

Thoie · 05-09-2010 11:02AM

I'd half consider Prize Bonds. Lousy rate of return - probably nil, and depending on how long you left it there you could technically lose some of the "value" of the amount. On the other hand there's a vague possibility you might win something.

I think the bank deposit protection is still in place - take a look here for the institutions covered and the amounts:
http://www.itsyourmoney.ie/index.jsp?1nID=100&nID=153&aID=620

Thoie · 05-09-2010 11:06AM

mike65 wrote: »

I'd leave it at the back of the hot press. I'm only half joking.

the_dark_side wrote: »

Im half considering this option! (except it would be the attic)

Under the floorboards in a wardrobe is traditional, and convenient to get to.

ei.sdraob · 05-09-2010 11:20AM

The deposit protection scheme here in Ireland is useless,
If the **** came to shove (the way things are going theres a good chance IMHO of **** hitting the fan) people would quickly realise what a guarantee by an insolvent government amounts to

Vote with your wallet and put the money into a non irish bank

mike65 · 05-09-2010 11:40AM

Rabobank still has AAA rating I think!

liammur · 05-09-2010 11:51AM

Yes, Rabobank is without question the safest. IL&P is also secure.

But a 5 figure sum is guaranteed anyway.

Colonel Sanders · 05-09-2010 11:55AM

I have moved 95%+ of my cash to institutions not covered by the Irish State guarantee. The likes of Investec would be covered by the UK (nationwide UK might be too I haven't checked). Rabo is covered by The Dutch guarantee scheme. NIB would be covered by the Danish scheme. Check wording of each particular scheme to see how much is covered

Brussels Sprout · 05-09-2010 04:27PM

Interesting thread. I have a lump of money in Quinn Life equity funds. I've been wondering how safe they are especially given the Quinn groups recent history.

Also I was wondering (and I think I started a thread about this before) what are the chances of our bank accounts being frozen whilst the country switches over to some banana dollar which we can then only access after it devalues completely. I know this may sound ludicrous but sovereign default is a real possibility in the next year so I think us leaving the euro is as well. If they are going to do this then they can't announce it in advance or there'll be a run on the banks.

liammur · 05-09-2010 05:09PM

Brussels Sprout wrote: »

Interesting thread. I have a lump of money in Quinn Life equity funds. I've been wondering how safe they are especially given the Quinn groups recent history.

Also I was wondering (and I think I started a thread about this before) what are the chances of our bank accounts being frozen whilst the country switches over to some banana dollar which we can then only access after it devalues completely. I know this may sound ludicrous but sovereign default is a real possibility in the next year so I think us leaving the euro is as well. If they are going to do this then they can't announce it in advance or there'll be a run on the banks.

Interesting, I wouldn't have too much cash in Quinn Life

mikemac · 05-09-2010 05:22PM

Rabobank

Used to have the best interest rates around, now it's around 2%

I'm hoping for interest rates increases for savers!

Brussels Sprout · 05-09-2010 05:32PM

How safe are Northern Rock Ireland?

liammur · 05-09-2010 06:00PM

Brussels Sprout wrote: »

How safe are Northern Rock Ireland?

I believe they are guaranteed by the UK govt.
It's def something to be considering.

azzie · 05-09-2010 06:05PM

Safest place..............well, you can send it to me and I'll look after it (for a very modest fee!), but surely no one believes that the bank guarantees wouldn't be honoured??????? Seriously, is that something lots of people think?

Quandary · 05-09-2010 07:03PM

azzie wrote: »

Safest place..............well, you can send it to me and I'll look after it (for a very modest fee!), but surely no one believes that the bank guarantees wouldn't be honoured??????? Seriously, is that something lots of people think?

With the way things are going it wouldnt be a massive surprise

mike65 · 05-09-2010 07:34PM

I imagine there is a lot more cash in strong boxes (and indeed not so strong boxes) since things went pear shaped.

simplistic2 · 05-09-2010 07:39PM

A few chunks of land?

dan_d · 05-09-2010 08:27PM

Where's safe to put it if you need to access it regularly? (redundancy payment being used to pay the bills right now)

Quandary · 05-09-2010 08:45PM

Lets say AIB or BOI for whatever reason failed and were left go to the wall, do people here really think the govt would be able to follow through with the guarantees?

liammur · 05-09-2010 08:51PM

dan_d wrote: »

Where's safe to put it if you need to access it regularly? (redundancy payment being used to pay the bills right now)

IL&P are fairly safe. Nothing to do with NAMA and have Irish Life to bail them out.

coonecb1 · 05-09-2010 08:55PM

Rabo is where I store my millions :P

You will be safe putting it in the credit union or post office. Even if the Government goes "broke" you will be fairly well protected

For God's sake don't take it out in cash and store it at home!

coonecb1 · 05-09-2010 08:59PM

Quandary wrote: »

Lets say AIB or BOI for whatever reason failed and were left go to the wall, do people here really think the govt would be able to follow through with the guarantees?

Yes, for two reasons:

1) They are obliged to do that legally.

2) The political consequences would be terminal for the Government if they even thought about reneging on the guarantee

If the first one doesn't influence their decision, then the second one surely will.

love porter · 05-09-2010 09:16PM

They are owned by RBOS who are 84% owned by the English exchequer, they have good rates also and offer free banking.

Just for info

the_dark_side · 05-09-2010 09:36PM

yes, I am with the Ulster Bank alright, I was also wondering about An Post and the Credit Union, someone has mentioned them alrerady. I was warned about an Post a few months ago though... they are linked to some Belgian Bank (which I can't seem to find a link to), whos stability has been questioned. Someone even suggested opening a Paddy Power account! very confidential appartently

love porter · 05-09-2010 10:10PM

there are 2 types of savings with An Post I believe.
The one that is backed by the foreign bank and An Post savings Bonds.
The savings bonds are usually termd for 2,3,4,5 years etc with an ok rate of return, and with no Dirt paid.
These bonds are goverment gauranteed.

The problem your having is not trusting the goverment gaurantee, so then it is quite simple that you should have your deposit outside the hands of the Irish guarantee, and look at Ulster-uk nationwide-rabo bank.

The handy thing with ulster bank is that their is a greater face to your deposit, with their branchs in comparison to the others

argosy2006 · 05-09-2010 10:13PM

Pappy power account, leave it there, they wont go out business

ei.sdraob · 06-09-2010 08:52AM

the_dark_side wrote: »

yes, I am with the Ulster Bank alright, I was also wondering about An Post and the Credit Union, someone has mentioned them alrerady. I was warned about an Post a few months ago though... they are linked to some Belgian Bank (which I can't seem to find a link to), whos stability has been questioned. Someone even suggested opening a Paddy Power account! very confidential appartently

PostBank you talking about? They were owned by Fortis who went bankrupt and bailed out by the 3 benelux governments and then sold on to BNP Parias, anyways they are closing their operations in Ireland
As for the PostOffice itself, how much do you thrust our government with your money?

Someone mentioned Ulster Bank, yes they seem to be good and have much less fees than the local shower of thieves we have here in Ireland.

SeanW · 06-09-2010 09:50AM

If I had a 5 figure sum of cash I'd put it in one of two places:

A German bank.
Gold and silver storage at the Perth Mint.

demonspawn · 06-09-2010 09:58AM

Biscuit tin under the bed. It worked for Bertie for years.

-Trek- · 06-09-2010 10:05AM

demonspawn wrote: »

Biscuit tin under the bed.

It will be like Christmas for the burglars.

safe place to put 5 figure sum

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