# Should I move my savings from Anglo Irish to Rabo for more security?



## Raul (18 Nov 2008)

From reading some of the theads on AAM and newspapers, there are some speculating the Anglo Irish is the likeliest Irish bank to go under. I've also seen that their share price dropped below €1. I have been strongly thinking about removing €19,500 from their 5.5% Premium Demand account and moving it to my RaboDirect 4.3% deposit account. 

I know Anglo deposits are now government backed up to €100,000 but I don't know how messy it could be to get my money back if Anglo were to go under. Has anybody else withdrawn from Anglo? I am not encouraging a run on the bank but I just want to make sure my money is in the safest place possible. I'd rather safety over high interest rates in the present climate.

*Is Rabo the safest place at present for Irish deposits? Are they in any difficulty?*


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## Dave Vanian (18 Nov 2008)

Raul said:


> I know Anglo deposits are now government backed up to €100,000 but I don't know how messy it could be to get my money back if Anglo were to go under.


 
There's no upper limit on the amount to which they are presently guaranteed by the Government.


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## Raul (18 Nov 2008)

Dave Vanian said:


> There's no upper limit on the amount to which they are presently guaranteed by the Government.


 
Ok I must have missed that so. Any opinion on whether I should transfer it to Rabo for peace of mind?


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## OPTIMUM (18 Nov 2008)

Why are you so hung up on Rabo, have you a connection with them? - their rates are poor, they have limited distribution - you cant walk in and get your money out. 
Credit ratings aint what they used to do be, and anyway Anglo are effectively AAA rated now along with the other Irish Banks.


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## Guest124 (19 Nov 2008)

No is the simple answer.


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## redstar (19 Nov 2008)

I also am a Anglo saver, but am reluctant to move my savings out  (where else is safer anyway ?)

If the bank does go under what is the process for savers to get there money ? If its a long drawn-out process then people may be tempted to move there money anyway, regardless of the guarantee.


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## Raul (19 Nov 2008)

OPTIMUM said:


> Why are you so hung up on Rabo, have you a connection with them?


 
No connection with them. Just another account with them and they have an advertisement as the world's safest bank. I am not a financial expert so just seeking advice from more knowledgable people so you can relax a bit.

Thanks to all who replied.


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## bacchus (20 Nov 2008)

You could do the following:
- Leave a bit with Anglo.
- Put a bit into Rabo.
- Put a bit into FA Esavings & Ulster Esavings (both RBS though)
- and then drip fed a bit each month into FA regular saver

See Best Buys for variations of above and to track best rates for lump sum and regular savers.


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## Raul (20 Nov 2008)

bacchus said:


> You could do the following:
> - Leave a bit with Anglo.
> - Put a bit into Rabo.
> - Put a bit into FA Esavings & Ulster Esavings (both RBS though)
> ...


 
I am already drip feeding to the Anglo Irish Regular Saver also and most of my money in the Anglo Premium Demand at 5.5%. I have a small amount in my RaboDirect account also. Thanks for the tip though


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## Brownie10 (21 Nov 2008)

Hi Raul,

If you are worried about the security of your money (or how long it may take to get back from the guarantee scheme) you should look at the other banks in the guarantee scheme.

The state can't afford to let AIB and BOI go so they are worth considering (although the headlines & rumours about BOI aren't very reassuring at the minute)

Another option is Postbank who are part of the guarantee scheme, have no exposure to the property mess (as they are too young). you can get at your money readily through most postoffices (albeit daily limit for cash withdrawals is €3k per office) and have a 50% shareholder in An Post (effectively the state).  They will give you 4.7% for €100k at the minute.

So the ? you have to ask yourself, would this give you peace of mind and is it worth €600 pa (80bps difference less DIRT).

I do think (as most people do) that all deposit rates will be dropping over the coming weeks/months as the ECB and EURIBOR drop.  3 month EURIBOR down to 4.02% now.  So you may want to look at fixing some of your €100k for 6-12 months


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## gaius (21 Nov 2008)

I did move most of my savings to Rabo but that was back in August, before the bank guarantee. Their rate isn't bad but you can get better elsewhere and since the guarantee, I've opened savings accounts in other Irish banks.


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## Raul (21 Nov 2008)

Thanks Brownie10, that's exactly the sort of response I was looking for. I'd agree with your thinking. Gaius, the lower interest rate doesn't bother me too much at present. The interest rate is nice but I am willing to foresake an extra 1% in interest for peace of mind. I'll take all into consideration before making my decision.


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## gebbel (21 Nov 2008)

Raul said:


> The interest rate is nice but I am willing to foresake an extra 1% in interest for peace of mind.



I'm in a similar situation to you Raul, with accounts in both Rabo and Anglo. I am not concerned about all these Anglo rumours, and will be continuing to save with them. If there wasn't a government guarantee, however, I'm sure I would be thinking along your lines.


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## z105 (21 Nov 2008)

> Is Rabo the safest place at present for Irish deposits?



Northern Rock is very safe


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