# Savings with Ulster Bank



## carla1984 (30 Sep 2008)

Hi

I have a few thousand in a savings account in Ulster Bank. As the Ulster Bank is not one of the banks where the deposits are guaranteed by the Irish Government, should I withdraw this money or leave this where it is?


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## Sunny (30 Sep 2008)

carla1984 said:


> Hi
> 
> I have a few thousand in a savings account in Ulster Bank. As the Ulster Bank is not one of the banks where the deposits are guaranteed by the Irish Government, should I withdraw this money or leave this where it is?


 

You are state guaranteed up to €100,000


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## LucanMan (30 Sep 2008)

WHICH BANKS ARE COVERED BY GAURANTEE (30th September 2008) 

The guarantee pledged by the Government today applies to six lenders - four banks and two building societies.
The move comes ten days after the Government increased the statutory limit for the deposit guarantee scheme for banks and building societies from €20,000 to €100,000 per depositor. 

Today's move sets no limit to the funds guaranteed at the six named lenders. The guarantee expires in September 2010: 

*The banks and building societies covered are:* 

Allied Irish Bank 
Bank of Ireland 
Anglo Irish Bank 
Irish Life and Permanent (Permanent TSB) 
Irish Nationwide Building Society 
Educational Building Society 

The guarantee also extends to subsidiaries of these banks and building societies. 

Other financial institutions, many of which are wholly owned by foreign institutions, are not covered under the new scheme. 

*They are:* 

National Irish Bank, which is owned by Danish bank Danske 
ACC and Rabodirect, which are owned by Dutch bank Rabobank 
Ulster Bank and First Active, which are owned by UK bank Royal Bank of Scotland 
Bank of Scotland (Ireland) and Halifax, which are owned by the merged UK bank, Lloyds TSB/HBOS 
IIB Bank, which is owned by Belgian bank KBC 
Irish credit unions 
Postbank, which is jointly owned by An Post and Belgian-Dutch bank Fortis 

However, the foreign-owned financial institutions above are covered by the Government’s previous Deposit Protection Scheme on sums up to €100,000 or, if they are regulated overseas (NIB and Rabodirect), they can make a request to the Financial Regulator to be covered up to this amount. 

NIB has applied to increase its protection to €100,000 and confirmed today that its depositors are now covered up to this amount, while Rabo has not applied to the regulator because they feel their Dutch parent bank is financially strong enough.


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## ClubMan (30 Sep 2008)

IFSRA FAQ - What level of protection is there for my deposits?


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## diarmuidv (30 Sep 2008)

carla1984 said:


> Hi
> 
> I have a few thousand in a savings account in Ulster Bank. As the Ulster Bank is not one of the banks where the deposits are guaranteed by the Irish Government, should I withdraw this money or leave this where it is?



Once you have less than €100000 in your account. your money should be perfectly fine where it is!!


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## Tuttlinghorn (1 Oct 2008)

Does anyone know what the 100k deposit guarantee actually means - say for example my sub 100k of funds are suddenly unavailable because the bank runs out of cash, or RBS goes belly up eek 

Clearly it would be ..... a little inconvenient. OK I have some savings elsewhere but I suppose not everyone does....

*How long* until I would have access to my funds, taking NIB or Ulster Bank as examples ??


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## dub1 (1 Oct 2008)

Hi. I have €280000 in a First Active e-account. It is the proceeds from the sale of my house and I am awaiting the closure of my new house. I checked today and the max that I can transfer per day to my other account(either Perm TSB or Rabo) is €13000 per day. Do you think that I should start transferring now. Apparently the government may be announcing the guarantee of funds in foreign owned banks based in this country(like First Active). What do you think I should do????


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## Bannockburn (1 Oct 2008)

As Lucanman states the Ulster Bank is a foreign based bank and is covered by the bank guarantee system of the UK.

This scheme guarantees deposits up to £50,000.

In practice though as has been illustrated by the Northern Rock and Bradford Bingley, they have in effect underwritten all UK based banks.


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## ClubMan (1 Oct 2008)

dub1 said:


> Hi. I have €280000 in a First Active e-account.


Why _FA_?!?! You are probably not getting the best possible rate (presumably 4.33%?) on your lump sum and for such a large amount even minor rate differences could be significant. _Northern Rock _at 5% and a 100% guarantee might be better. At a rough estimate you could be earning and extra c. €50 gross per day with _NR _versus _FA!_


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## Bannockburn (1 Oct 2008)

The current guarantee scheme for UK deposits is up to £50,000. This guarantee covers 96% of deposits.

This also guarantees the UK banks Ulster Bank & First Active which have significant operations in the Republic of Ireland.


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## roro123 (1 Oct 2008)

DUb1
How come you are limited to 13000 per day in First Active? Surely when you buy your next house all the funds would be required sameday to purchase, If you feel you need to move you should get a bank draft for the full amount and lodge it elsewhere? Unless its a fixed term deposit where you might incur penalties I wouldn't accept that 13000 per day was the only way to move the funds.
Only my opinion.....


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## ClubMan (1 Oct 2008)

Or maybe the online and/or telephone banking limit is €13K per day? _PTSB's _is €3K each by phone and online which can be a pain even if it is for security.


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## phanteon (1 Oct 2008)

5 Euro a day extra from Northern over First Active, not 50.


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## ClubMan (1 Oct 2008)

phanteon said:


> 5 Euro a day extra from Northern over First Active, not 50.


Doh! Decimal point in the wrong place. Sorry.


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## TonyD (1 Oct 2008)

They are saying on the news tonight that Ulster Bank may be included due to its numerous high street presence...


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## Gondola (2 Oct 2008)

Yes, apparently the goverment has extended the offer of guarantee to foreign owned banks with Operations in Ireland. 
That is what I heard on CNBC this morning.


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## Funnycide (2 Oct 2008)

Bannockburn said:


> The current guarantee scheme for UK deposits is up to £50,000. This guarantee covers 96% of deposits.
> 
> This also guarantees the UK banks Ulster Bank & First Active which have significant operations in the Republic of Ireland.


 
Wrong wrong wrong.  UB & FA are covered by the Irish Deposit Protection Scheme up to a maximum of €100,000 per indivdual.  As are IIB, NIB, ACC & BOS.


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