# Large lump sum to invest



## LBB (9 Jan 2009)

Hi, I'm one of the lucky ones who managed to sell a house, and I have 700k to put on deposit. I won't be buying for another year or so.
Am I right in thinking the Ulster Bank eplus at 5.5% is the best option?
Money must be covered by Govt guarantee.

Any other opinions?

Many thanks,


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## lemur (9 Jan 2009)

Post office, gold, swiss bank account. All are safer than Ulster bank.


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## LBB (9 Jan 2009)

Thanks Lemur. Why are other options safer if Ulster Bank is covered by govt. guarantee? Is this not the same as the post office?


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## Jethro Tull (9 Jan 2009)

LBB said:


> Hi, I'm one of the lucky ones who managed to sell a house, and I have 700k to put on deposit. I won't be buying for another year or so.
> Am I right in thinking the Ulster Bank eplus at 5.5% is the best option?
> Money must be covered by Govt guarantee.
> 
> ...


 
Seeing as you don't want the cash for a year have you considered a fixed term/fixed rate account? [broken link removed] will pay 6% for a 1 year term account. Covered by the government guarantee


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## Lightning (9 Jan 2009)

LBB said:


> Am I right in thinking the Ulster Bank eplus at 5.5% is the best option?
> ,



70K or 700 K!!?

Anyway, Ulster is NOT your best option. As the previous posted indicated the best buy for 70k is Anglo Irish.


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## LBB (14 Jan 2009)

Thanks for replies. The sum is actually 700k Fungus!
Given that it is so much, and essential for future house purchase, I'm thinking of dividing it amongst a few institutions. Even though I know they all have govt. guarantee, I am still worried about potential losses if there is a major crash.


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## Lightning (14 Jan 2009)

LBB said:


> Thanks for replies. The sum is actually 700k Fungus!
> Given that it is so much, and essential for future house purchase, I'm thinking of dividing it amongst a few institutions. Even though I know they all have govt. guarantee, I am still worried about potential losses if there is a major crash.



OK - Have you decided which institutions ? Do you need help in getting the best rates?


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## mercman (14 Jan 2009)

Ulster Bank opted out of the Irish Govt Guarantee Scheme although thry are part of the RBS Group which is 58% owned by the UK Government.


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## GeneralZod (14 Jan 2009)

LBB said:


> I have 700k to put on deposit.
> Money must be covered by Govt guarantee.



If you want it all covered by the guarantee you're going to have to spread it across 4 - 7 institutions depending on your marital status/joint account holdership


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## bacchus (14 Jan 2009)

fungus said:


> Do you need help in getting the best rates?



Info is in the Best Buys


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## WaterSprite (14 Jan 2009)

GeneralZod said:


> If you want it all covered by the guarantee you're going to have to spread it across 4 - 7 institutions depending on your marital status/joint account holdership



?

The Government bank guarantee covers all deposits in the named institutions- without limitation.


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## Thomas50 (16 Jan 2009)

Now that the Government have finally taken over Anglo it would appear
that they are now the safest bet for lump sum deposits .
You may have to move on this as i suspect the 1 year rate of 6% to decrease probably by the middle of next week !

Thomas


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## Lightning (16 Jan 2009)

Thomas50 said:


> You may have to move on this as i suspect the 1 year rate of 6% to decrease probably by the middle of next week !



This point can not be stressed enough. 

If you want to maximize your savings then your time to get this amazing rate (one would assume) is running short (maybe not next week but it has to be cut). 

From what I can see there is almost no other rate anywhere close to this rate for one year TD's in most European countries!!

*Act Fast.*


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## monascribe18 (16 Jan 2009)

irish nationwide also offer 6% fixed for 1 year


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## Lightning (16 Jan 2009)

monascribe18 said:


> irish nationwide also offer 6% fixed for 1 year



A long time ago.  Their current rate for a 1 year TD is a low 4.25%

[broken link removed]

Stick with Anglo at 6.00%.


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