Best Deposit Safety

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KOW

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Regarding the best deposit rates shown on AAM and taking into account the 100k guarantee. In simple terms are they bullet proof or are there still concerns around safety of funds.
 
KOW said:
Regarding the best deposit rates shown on AAM and taking into account the 100k guarantee. In simple terms are they bullet proof or are there still concerns around safety of funds.
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Very low risk that the relevant state will no be able to pay the 100k if the bank enters liquidation and the deposit protection is therefore evoked.
 
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Irish banks are objectively in very good health and there is a deposit guarantee fund as well as a large fund at EU level to refund depositors if a bank fails.

Even if these prove insufficient I cannot see a government allowing sub-€100k depositors ever being touched. The government would step in and claw it back by way of a levy like with the various insurance failures down the years.

I have some professional expertise in this area and have no worries whatsoever depositing €100k with any Irish bank.
 
NoRegretsCoyote said:
Irish banks are objectively in very good health and there is a deposit guarantee fund as well as a large fund at EU level to refund depositors if a bank fails.

Even if these prove insufficient I cannot see a government allowing sub-€100k depositors ever being touched. The government would step in and claw it back by way of a levy like with the various insurance failures down the years.

I have some professional expertise in this area and have no worries whatsoever depositing €100k with any Irish bank.
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Thanks but really looking at the rates offered by Raisin etc
 
I have put a small deposit through Raisin, and all went well. I am hesitating on depositing the bigger sum because it's hard enough dealing with the local banks, and thoughts like:

how easy will it be for my family to get the money back if I suddenly drop dead?
or
what happens if Raisin folds?

that are holding me up.

So it's the difficulty of interacting with an online and foreign bank, rather than the security of the deposit that has me worried.
I am happy with the deposit safety.
 
I've no trouble believing an EU guarantee will work.

But we don't really know what happens if a guarantee is called on, do local depositors get sorted out first, how long will it take, how much bureaucracy will be involved.

The guarantee is fine - but you still do not want to ever have to use it.
 
Hi,
I have a lump sum to invest but want the initial investment guaranteed. I got approached by Barclays Ireland with their fixed rate savings bond. Rates look good

1 Year - 2.9%
2 Year - 3.3%
3 Year - 3.9%
4 Year - 4.2%
5 Year - 4.5%

Anyone have any more info on this? Sales guy saying breakage fee is 3 months interest but don’t see that in the T&C
 
Are you sure it's legit?

This is on the Barclays Ireland website;

Warning: Have you been approached with an Investment Opportunity?

Fraudsters are impersonating Barclays to scam individuals and businesses.
Be alert for any investment opportunities (e.g. mortgage, investment bonds, online trading) offered to you by someone claiming to be a Barclays Representative – it could be a scam.

What to do if you are approached with an investment opportunity
If you don’t already have an existing relationship with Barclays, be mindful that Barclays would not contact you offering investment opportunities. If you are an existing client, contact your Relationship Manager, or number on the back of your card, to verify if the request is legitimate. For more information on scams, see the Fraud and Security page.

What to do if you think you've been scammed
If you think that you have made a payment in relation to a fraudulent investment opportunity or scam, contact your bank to attempt retrieval of the payment and file a complaint with the local police as soon as possible. Barclays Bank cannot accept responsibility for a payment made by yourself in good faith, that turned out to be a scam.

If you have been the victim of a fraud or scam (e.g. Investment/Romance/Inheritance/Marketplace scam) that isn’t related to a Barclays product, but have made a payment to a Barclays account, contact your bank immediately. They will take steps to investigate the receiving accounts and retrieve funds wherever possible. You should also file a complaint with local police who will contact us directly should an investigation be launched. Barclays Bank will fully co-operate and assist with any Law Enforcement enquiries.

Remain vigilant for further approaches
If you have interacted with fraudsters it is likely that they will attempt to contact you again, but through a different approach. This includes scenarios such as pretending to be a solicitor, law enforcement or the fraud department of your bank looking to retrieve any lost funds, therefore it is important that you maintain vigilance when being contacted by a third party.
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ashambles said:
I've no trouble believing an EU guarantee will work.

But we don't really know what happens if a guarantee is called on, do local depositors get sorted out first, how long will it take, how much bureaucracy will be involved.

The guarantee is fine - but you still do not want to ever have to use it.
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This has been discussed on AAM before. You can read all about the deposit guarantee scheme here: https://finance.ec.europa.eu/banking-and-banking-union/banking-regulation/deposit-guarantee-schemes_en#:~:text=Under EU rules, deposit guarantee schemes protect depositors',first directive for DGS was introduced in 1994.

It is in Ireland administered by the Central Bank. https://www.depositguarantee.ie/
 
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