If it helps you sleep at night you could split it and put the excess in a fixed term product with BOI or PTSB. Or on demand with BUNQ. The rates and terms vary, but it mitigates the risk.Advice pls thinking of putting an extra 50% more than deposit protection amount into an AIB 2 yr term deposit, do you think its a safe bet re return
While you are correct that no deposit holders in Ireland lost out, since the Irish financial crisis there was a similar problem in Cyprus. This was the first to have the concept of Bail-in. Basically anybody with deposits >250k lost a part of their deposit over that amount. Now it mainly hurt Russian Oligarchs with offshore deposits there, but there were some ordinary people caught up in it.I never understand this. You are not going to lose your money. Even during the financial crises when we have several insolvent banks, not one deposit holder lost money. Why? Because the ECB said that no EU bank would be allowed fail. The capitalisation of Irish banks is at a different level than it was back then.
The Cyprus bank issue was complex and involved previous bail outs and the nationalising of Popular Bank already...as well as their banks being a haven for Russian money.While you are correct that no deposit holders in Ireland lost out, since the Irish financial crisis there was a similar problem in Cyprus. This was the first to have the concept of Bail-in. Basically anybody with deposits >250k lost a part of their deposit over that amount. Now it mainly hurt Russian Oligarchs with offshore deposits there, but there were some ordinary people caught up in it.
So when there is another financial crisis, expect anybody holding more than 100k in one place to get a hit like the Cypriots did.
One of the Troika moves in Ireland was to levy a fee on pension funds, so we all did kinda lose out too.
Not the same. And Irish banks are capitalised to the hilt now, so much so they are constantly complaining about how it impacts on their profits.So when there is another financial crisis, expect anybody holding more than 100k in one place to get a hit like the Cypriots did.
Pensions are not deposits. If you did not have a pension, you paid nothing.One of the Troika moves in Ireland was to levy a fee on pension funds, so we all did kinda lose out too.
The point about Cyprus is that it was the first time a bail in occurred under the ECB's watch. Its now going to be used for any future crisis as a reference point.The Cyprus bank issue was complex and involved previous bail outs and the nationalising of Popular Bank already...as well as their banks being a haven for Russian money.
Not the same. And Irish banks are capitalised to the hilt now, so much so they are constantly complaining about how it impacts on their profits.
Pensions are not deposits. If you did not have a pension, you paid nothing.
@stoves1 do you mind me asking what the background is for this as an idea?
The interest rate in Irish banks is quite low compared to online rivals and a 2 year fixed term is less flexible than an on demand account with a higher rate.
I'm just trying to understand why it would be a choice you would consider. Is it because of the familiarity of an Irish bank over newer competitors?
Well the ability to rest easy is very important so I can't argue with that one.Basically yes, and the process of opening over newer competitors seems a bit too complicated etc
Resting easy shouldn't be underestimated.Well the ability to rest easy is very important so I can't argue with that one.
As for the difficulty of opening an account with places like trade republic or lightyear, I believe some people on here reported issues with verification but personally it was pretty much half an hour of inconvenience for me