# Irish Nationwide Deposit Safety



## Lingua (30 Mar 2010)

I have a lump sum waiting to be invested... had ideas about Irish Nationwide, now however Im having doubts, espec. considering todays news...
Any advice here welcome


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## Lightning (30 Mar 2010)

*Re: Irish Nationwide*

INBS deposits are now effectively in a state body. 

Your deposit is guaranteed by the state up to 100,000 EUR beyond September 2010.

The state is AA rated.


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## legal33 (30 Mar 2010)

*Re: Irish Nationwide*

if I have €100,000 deposited in nationwide for a year and I get €3,500 interest (gross), would I get the interest back as well if the guarantee had to be called in?


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## Anfear (31 Mar 2010)

*Re: Irish Nationwide*

Would seem prudent to stay under the guarantee ceiling in any one deposit institution?


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## Lightning (31 Mar 2010)

*Re: Irish Nationwide*



Anfear said:


> Would seem prudent to stay under the guarantee ceiling in any one deposit institution?



Yes, I would agree. 

I would not advise anyone, who has significant deposits, to exceed 100,000 EUR in Anglo, AIB, EBS, PTSB or INBS.


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## Palerider (31 Mar 2010)

Am confused now, I underood all deposits were guaranteed up to the end of September and in particular deposits placed in a fixed term account in any one of the institutions mentioned by Fungus and indeed all other funds in native institutions were guaranteed for up to 5 years once the account was a fixed term deposit and opened before September 30th 2010, ?


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## Lightning (31 Mar 2010)

Yes, thats correct for term deposits.

However, placing 100k in term deposits, in these banks may still not be the best choice both from a long term safety and return on your money perspective.


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## singer (31 Mar 2010)

*Re: Irish Nationwide*

Fergus, 

In your view, are there ANY banks left at this stage that are a good choice for "long term safety"???


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## Lightning (1 Apr 2010)

Rabo & Nationwide UK. 

INBS are not changing rates for "about 2 weeks".


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## WhizzKid (3 Apr 2010)

Just to clarify the ELG Scheme, if investing in a fixed term account prior to Sept 28th, this is only guaranteed up until the fixed term expires, to a maximum of 5 years, so if you invest in Sept 2010 in a 1 year FTA you will only have the guarantee until Sept 2011.


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## Lingua (10 Apr 2010)

Is nationwide uk online only?


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## skrooge (11 Apr 2010)

Lingua said:


> Is nationwide uk online only?


 
Off topic slightly but yes they do have one office in Spencer Dock.  You can pop in with all your bits n pieces and open an account there.  In terms of norma day to day transaction the only way to do it is online.


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## 10amwalker (19 Apr 2010)

Whizzkid,

Our company was planning on depositing €300,000 in INBS for one year fixed term- from your post it would imply that any deposit placed by Sept 2010 would be guaranteed to Sept 2011 but up to a maximum of €100,000.

Am I correct in my assumptions ?


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## Lightning (20 Apr 2010)

No. 

Any term deposit, regardless of the amount, placed before September 2010 is guaranteed for up to 5 years. 



> Amounts over €100,000 will be guaranteed under the ELG Scheme until maturity (maximum five years) if your institution was a participating member of the ELG Scheme on the date you made your term deposit or once your deposit is made before 29 September 2010.



http://www.itsyourmoney.ie/index.jsp?pID=125&nID=757


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## WhizzKid (22 Apr 2010)

Our company was planning on depositing €300,000 in INBS for one year fixed term- from your post it would imply that any deposit placed by Sept 2010 would be guaranteed to Sept 2011 but up to a maximum of €100,000.

Am I correct in my assumptions ? 

No. Any amount will be covered by the ELG Scheme. However they are not automatically covered for 5 years, they are only covered for the fixed term, ie 1,2,3,4 or 5years.


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