# Best Banks to Deposit Lump Sum



## REOS (23 May 2012)

Hi Ladies and Gents


I wish to get advice on where to deposit a lump sum.I do not require access to this money so Where should i put my saving, What are my best options.The criteria i have is that my money is safe and the term,max 18 months? Should i split my lump sum and structure it medium and long term?I have viewed the Lump Sum Best Buys post but before i make a choice , im keen to hear opinions on which bank are best to deposit my savings.  

All advice is much appreciated



Thanks
REOS


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## Lightning (23 May 2012)

What does "best bank" mean to you? ... Safest? best rate? best online service?

How much do you have to deposit?


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## celebtastic (24 May 2012)

Personally, I'd look at one of the offshore banks. If Ireland is forced to exit the Euro after Greece goes, your savings would be obliterated.

Have a look at a decent postal / on-line account:
[broken link removed]


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## REOS (24 May 2012)

*Best bank to Deposit Lump Sum*

Hi Ciarain

For me best bank referrs to safest of my deposit and secondly highest rate. These are key points for me.  
Account balance is over 100K and im keen to spread it to two or three banks.
From what i understand interest rates are going to decrease before they increase. In your opinion is this correct
KBC for 12 months has the higest interst rate at 4.10% or go with KBC 3 months 3.23% will situstion be the same in 3months as they are now. I would require to research KBC,dont know much about them ,never had dealings with them  

REOS


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## penury (24 May 2012)

if you do decide KBC, if it was me I would go with a demand account and not lock in for any term. Even if you lock for 3 mths, there is little difference between it and the demand account

[broken link removed]

The issue with going to another currency is the ever changing FX rate in/out.

Australian banks have way higher interest rates, then again you need to deal with the FX

Good luck with your decision


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## julia (24 May 2012)

I would have the same question as REOS in his last post. Up till now had no problems with Irish banks, splitting money between 3 of them. Have over 100k and need to keep them somewhere safe and hopefully earn some interest for another year. 
Was planning to leave 100K with KBC fixed term for 12 months, and the rest with PTSB on demand deposit, but now with this uncertainty have lots of doubts. Deutsche bank is willing to open saving account, how safe will my deposit be with them if I leave 170k?


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## penury (24 May 2012)

Julia, I suppose you need to look at the country where you live first and feel comfortable with the situation

When going with a foreign owned institution registered in say Ireland - in a worse case all hell could break loose.

Given banking laws or rules governing deposits that are guranteed by the financial services sector up to whatever amount they state will be paid back to the depositor - that is where I would put my money.

In recent times you have had the large American banks getting themselves in deep trouble, as with Northern Rock - customers invested or with deposits in those banks were not too pleased.

Its not always about trying to get that extra quarter or half percent interest - its about as safe and secure as possible and to have those investments return you anything that gives a person a return higher than the inflation rate.

If you speculate where there is even a slight chance of risk that you could lose everything or see an institution that is questionable - then do you want to go there?

The above is based on personal experience and my old head having seen as well as experienced the problems in the 70's, 80's and 2000 time frames

Hindsight is 20/20


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## seantheman (24 May 2012)

celebtastic said:


> Personally, I'd look at one of the offshore banks. If Ireland is forced to exit the Euro after Greece goes, your savings would be obliterated.
> 
> Have a look at a decent postal / on-line account:
> [broken link removed]


 
Could have sworn that i'd read this post 3 or 4 times already on other threads. Am i mistaken?


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## REOS (25 May 2012)

My impression is instant access is important. Spoke with a Permanent TSB advisor yesterday and she said there rates had recently dropped are other rates going to drop, also spoke with a Ulster Bank advisor and they are willing to give me 4% 1 year. As some on my money is with them and have good dealing with them I’m leaning towards going with this. Where does Ulster Bank rate with my money been secure?


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## penury (25 May 2012)

REOS said:


> My impression is instant access is important. Spoke with a Permanent TSB advisor yesterday and she said there rates had recently dropped are other rates going to drop, also spoke with a Ulster Bank advisor and they are willing to give me 4% 1 year. As some on my money is with them and have good dealing with them I’m leaning towards going with this. Where does Ulster Bank rate with my money been secure?



Ulster is one of the top four banks in Ireland and has been around since the early 1800's. Based on that it would seem that they are probably not going to disappear or go anywhere soon without having fair warning. 

Its a personal choice where folks do their banking - as always its what you the individual has to decide what they want to do in the end, of course, after one knows more about where he/she will be putting your money. I would think that it has to be in as safe a place as possible and not just about chasing the extra quarter/half point of interest IMO

On a search, I found a 2012 S&P rating of Irish banks - see if this helps you.


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