# advice on moving savings from BOI to ANGLO



## baldyman27 (7 Jan 2009)

I've read through the threads relevant to this and can't get a definitive answer as some of the threads seem out of date given the everchanging rates etc.
I have 25000 in a BOI fixed term account due to mature end of this month. I also have a regular saver account there contributing 150 a month which has about 1000 in it at present. I read on another thread that BOI have dropped the regular saver rate to 2% (I signed up at 7%, presume the other poster was the same). I haven't been notified of this but will be ringing to check.
Looking at the best buys I'm considering the following:
-Move 200000 to Anglos 6 month fixed at 5.35%
-Dripfeed the max 1000 month into their regular saver at 8%
I'd then re-evaluate in 6 months, probably try to keep feeding the regular saver if rate stayed the same and put a lesser lump sum in a fixed term account. Don't want to lock in for any longer than 6 months at present as have house building plans in the near future, fingers crossed.
Just want input as to whether there might be a better way of maximising the money that I haven't seen. The other obvious question is am I wise to consider Anglo. I know deposits are guaranteed but I presume that's just the principle, not the potential interest.


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## twofor1 (7 Jan 2009)

baldyman27 said:


> The other obvious question is am I wise to consider Anglo. I know deposits are guaranteed but I presume that's just the principle, not the potential interest.


 
If interest is your only concern with the guarantee, have a look at the Credit Institution (Financial Support) Scheme 2008 FAQ’s, it states;

20. *Is interest on covered liabilities covered by the guarantee?*
Yes. The guarantee covers interest due and unpaid to the point at which a call under
the guarantee is made by a creditor.

http://www.finance.gov.ie/viewdoc.asp?DocID=5606


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## baldyman27 (7 Jan 2009)

twofor1 said:


> If interest is your *only* concern with the guarantee


 
Thanks twofor1. Are there other concerns I should have? I'm planning on probably having all money out of Anglo after the 12 month minimum period for the regular saver. Also, would I be better off to set up a high interest current account to dripfeed the regular saver? Apologies for being annoyingly naive...


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## Darando (7 Jan 2009)

First Active "Money Market" is a fixed rate for 6 months. To get the exact rate you have to ring as it changes frequently. (their website is advertising 5.27% AER for 6 months (not sure what it is exactly now)  Its locked in at the rate when you lodge. 

[broken link removed]

Just in case you prefer other bank than Anglo. (I know they are guaranteed but some people still have issues).


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## irishlinks (7 Jan 2009)

If Anglo Irish does run into problems (it's not in a healthy state at the moment) - your money will be covered by the Govt guarantee but it may be a while before you gain access to it.


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## twofor1 (7 Jan 2009)

baldyman27 said:


> Are there other concerns I should have?



Not that I am aware of.


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## baldyman27 (7 Jan 2009)

Thanks guys, much appreciated. I looked at the First Active one alright when I was researching and decided that, to hell with it, I'd take my chances for the few extra quid. Expect me back in a few months wondering how to get my money from the Govt.


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## twofor1 (7 Jan 2009)

irishlinks said:


> If Anglo Irish does run into problems (it's not in a healthy state at the moment) - your money will be covered by the Govt guarantee but it may be a while before you gain access to it.


 
It says at the bottom of No.1 and again at No. 6;
http://www.finance.gov.ie/viewdoc.asp?DocID=5606 

“If a covered institution defaults in respect of a covered liability, The Minister for finance will pay to the creditor *on demand*, an amount equal to the unpaid covered liabilities”

This would suggest in the event of it ever been called on, the minister would have to pay up immediately.

But I agree, something tells me it might not work like that in reality.


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## tony79 (7 Jan 2009)

My only comment on the anglo regular saver is that the rate is variable, so if it drops from 8% in the first 6 months you can make no withdrawals and your money is stuck at the lower rate. 

My query with this account is that it is a fixed term for 1 year but you can make unlimited withdrawals after 6 months which effectively negates this 'fixed' aspect and also as the rate is variable, what exactly is 'fixed' about the account at all ?


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## ardmacha (7 Jan 2009)

In addition to any deposit in Anglo, the OP should discontinue his old regular saving account and open a new BOI Easysave account which offers  7% EAR variable on regular savings up to €5,000.


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## baldyman27 (7 Jan 2009)

ardmacha said:


> In addition to any deposit in Anglo, the OP should discontinue his old regular saving account and open a new BOI Easysave account which offers 7% EAR variable on regular savings up to €5,000.


 
I actually have the Easysaver account but I read on another thread that the rate had dropped to 2%. Do you know if this is tue? Meant to ring and check today but forgot.


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## Lightning (7 Jan 2009)

tony79 said:


> My query with this account is that it is a fixed term for 1 year but you can make unlimited withdrawals after 6 months which effectively negates this 'fixed' aspect and also as the rate is variable, what exactly is 'fixed' about the account at all ?



The only fixed aspect is the guarantee of ECB+2%



baldyman27 said:


> I actually have the Easysaver account but I read on another thread that the rate had dropped to 2%. Do you know if this is tue? Meant to ring and check today but forgot.



Both the Financial Regulator and the BOI websites say the rate is 7.00%. Look at the small print. The limit is 3,000 EUR for this rate and the monthly max amount is 500 EUR. You are better off with Anglo.


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## baldyman27 (8 Jan 2009)

fungus said:


> The only fixed aspect is the guarantee of ECB+2%
> 
> 
> 
> Both the Financial Regulator and the BOI websites say the rate is 7.00%. Look at the small print. The limit is 3,000 EUR for this rate and the monthly max amount is 500 EUR. You are better off with Anglo.


 
Thanks fungus. Going by that so I think i might increase my contribution to BOI to the MAX, contribute the max to Anglo regular saver and use Anglo fixed term lump sum for the remainder.


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## newtogame (12 Jan 2009)

I am in the same situation only getting 2.5% with EBS optimise on 20k.Is first active covered by government guarantee as they are part of RBS?Thanks


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## Lightning (12 Jan 2009)

newtogame said:


> I am in the same situation only getting 2.5% with EBS optimise on 20k.Is first active covered by government guarantee as they are part of RBS?Thanks



50,000 GBP is covered by the UK guarantee. 

See www.itsyourmoney.ie for more information.


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## Sarn (12 Jan 2009)

newtogame said:


> Is first active covered by government guarantee as they are part of RBS?Thanks



100% of deposits up to max. €100,000.


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## Pope John 11 (13 Jan 2009)

baldyman27 said:


> I actually have the Easysaver account but I read on another thread that the rate had dropped to 2%. Do you know if this is tue? Meant to ring and check today but forgot.


 
Can anyone confirm that this is true


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## ardmacha (13 Jan 2009)

> Can anyone confirm that this is true



as you obviously have a computer can you not just check it yourself or read the rest of the thread where Fungus said 



> Both the Financial Regulator and the BOI websites say the rate is 7.00%.



[broken link removed]


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## oldtimer (13 Jan 2009)

The rate on BoI easysaver is 7% up to €5,000 and it then drops to 3%. So anybody who hits €5,000 should close their account and start a new one.


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## ardmacha (13 Jan 2009)

> The rate on BoI easysaver is 7% up to €5,000 and it then drops to 3%. So anybody who hits €5,000 should close their account and start a new one.



Hardly close it, just withdraw some loot and put it elsewhere. You are allowed 4 withdrawals a year, just take out €1500 every 3 months.


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## Lightning (14 Jan 2009)

ardmacha said:


> Hardly close it, just withdraw some loot and put it elsewhere. You are allowed 4 withdrawals a year, just take out €1500 every 3 months.



Or put it into Anglo at 8.00% and save yourself the hassle.


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