# Keeping nest egg safe



## SirMille (29 Jun 2009)

Hi,

I haven't posted in a long time.

Maybe this isn't the correct forum, Brendan  pls move if not.

We have a small nest egg, we are worried it may not be safe in a bank. IMF was mentioned, but perhaps that's just hysteria?

If you had 20K where would you keep it safe?

I've heard people are buying gold coins and not keeping them in the bank. True?

Thanks


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## Lightning (29 Jun 2009)

20,000 EUR in any bank is state guaranteed. Your money is safe. 

There is little or very low risk with a cash deposit.


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## roker (30 Jun 2009)

How long will the state guarantee last?


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## monascribe18 (30 Jun 2009)

You mentioned gold coins,i have a gold mounted coin 371/2 grains i see them on the internet at around £1,000,at the minute there is an advert in papers of a dealer looking gold any condition,i rang him up and he offered me £400,i told him this was a rediculous offer ,he replied we just take a small profit, then i mentioned  the same coins on e bay,he said he don,t go along with e bay offers ,so obviousley he is offering scrap prices


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## Lightning (30 Jun 2009)

roker said:


> How long will the state guarantee last?



See http://itsyourmoney.ie/index.jsp?1nID=93&2nID=94&pID=662&nID=757#table

There is no expiry date to the 100,000 EUR protection.


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## roker (30 Jun 2009)

Had a look at your link, very confusing, "Government Guarantee Scheme" until 29 Sep 2010. "Deposit Projection" is limited, what about Halifax, Post Bank etc. How do we know they are covered by their own country scheme?

In addition to the Deposit Protection Scheme, there is an unlimited Government guarantee in place for certain Irish banks and building societies until 29 September 2010.  You can check to see which scheme applies for your bank or building society. 
*Irish Government Guarantee*
On 30 September 2008, the Government announced guarantee arrangements for deposits with certain banks and building socieities within Ireland. The arrangements are in place until 29 September 2010.  
The Government guarantee is in addition to the deposit protection scheme. So, the first €100,000 in all banks and building societies is covered by the deposit protection scheme and the balance is covered by the Government guarantee scheme. 

What is covered 
Applies to 
*Financial products covered* 
Government Guarantee Scheme 
All deposits covered 
AIB, Anglo Irish Bank, An Post, BOI, EBS Building Society, ICS Building Society (The Mortgage Store), Irish Life and Permanent (Permanent TSB), Irish Nationwide Building Society, Postbank Ireland Limited 
Current accounts, demand deposit accounts, term deposit accounts, share accounts and deposit accounts for building societies. 
Deposit Protection Scheme 
100% of deposits up to a maximum of €100,000 
Credit Unions, 
ACC Bank, Bank of Scotland (Halifax), First Active, KBC Bank Ireland plc (IIB Bank plc), Pfizer International Bank Europe, Ulster Bank. 
Danske Bank (National Irish Bank) is also included.  In addition Danske is covered by the Danish Government guarantee scheme.   
Current accounts, demand deposit accounts, term deposit accounts, share accounts and deposit accounts for building societiesand credit unions


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## SirMille (3 Jul 2009)

I'd be happy to put it in the credit union.
But aren't all bets off if the IMF barges in?


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## Centaur (4 Jul 2009)

Certainly a credit union would be a good option - but look around before you do - each credit union is independent and while all are secure, some are paying substantially better dividends than others.

As always, some diversification is a good idea - don't have all the eggs in one basket as nobody knows what the future holds in the current nightmare.


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## TSThomas (4 Jul 2009)

roker said:


> Had a look at your link, very confusing, "Government Guarantee Scheme" until 29 Sep 2010. "Deposit Projection" is limited, what about Halifax, Post Bank etc. How do we know they are covered by their own country scheme?



Is this page any clearer to you?

[broken link removed]


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## Uncle Chenzo (7 Jul 2009)

SirMille said:


> I'd be happy to put it in the credit union.
> But aren't all bets off if the IMF barges in?




Is this true?????

Is the Government Protection Scheme null and void if the IMF barge in ???

Seriously, i need to know, i have absolutely no faith in the Irish Gov/System - and if this is the case i'm off to a foreign bank.


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## Sydney100 (7 Jul 2009)

I have my 20k in prize bonds just in case....if and when things improve I'll move it into a bank.  won E225 since I've had them, E150 in two weeks


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