# Are fixed Term Deposits safe in Irish Nationwide?



## Patches007 (22 Apr 2009)

Are fixed Term Deposits safe in Irish Nationwide, given the fact that we are hearing a lot about issues with Irish Nationwide?

The following has appeared on the RTE website today: -


_"The Irish Bank Officials' Association is seeking talks with Minister for Finance Brian Lenihan over the future of Irish Nationwide._
_Earlier this month Irish Nationwide reported a loss after tax of €243m for last year after setting aside €464m to cover potential losses from loans."_

Are existing deposits safe?

regards,

Pat


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## spursfan1234 (22 Apr 2009)

*Re: Irish Nationwide*

they are backed by the govt so are safe. even so i will be closing my account there when it matures in august as there is zero chance of a pay out


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## Patches007 (22 Apr 2009)

*Re: Irish Nationwide*

Could that imply that there is a chance that no interest will be paid, at maturity date?

I suppose, given the current circumstances, anything is possible.


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## padraig38 (22 Apr 2009)

*Re: Irish Nationwide*

My one year fixed bond is due to mature at end of month, tempted to just leave it there for another year , (rate on offer is a decent 4.5%.)

i dont doubt the governments willingness to protect all deposits in the event of the Irish Nat. becoming insolvent, however as the country is undoubtably on it's own road to insolvency i would have to question their ability to honour the protection they have given.


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## spursfan1234 (22 Apr 2009)

*Re: Irish Nationwide*

if push does come to shove the govt cant afford to pay out deposits if there was a run on the banks. not even a small precentage of it .europe would have to step in. the guarantee was only to promote confidence, it lasted a while but its slipping now again. we cud see a run on AIB soon


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## ardmacha (22 Apr 2009)

*Re: Irish Nationwide*

INBS regular saver now 4.6%, ECB + 3.35% until end of December 2009, rate previously guaranteed to end of March. 

Clearly they need the cash flow. The INBS could end up nationalised shortly.


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## legal33 (23 Apr 2009)

*Re: Irish Nationwide*

Will bondholders in Irish Nationwide be treated the same as deposit holders under the guarantee scheme?


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## Patches007 (27 Apr 2009)

*Re: Irish Nationwide*

I would like to find that out, also?


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## Lightning (27 Apr 2009)

*Re: Irish Nationwide*



legal33 said:


> Will bondholders in Irish Nationwide be treated the same as deposit holders under the guarantee scheme?



Yes, if the "bond" matures before September 2010.


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## emrool (28 Apr 2009)

*Re: Irish Nationwide*

Thank you fungus for that information. 

I reinvested 20,000 euro in a one year bond with Irish Nationwide at 4.65% a couple of weeks ago.

I asked the bank clerk if my investment was covered by the bank guarantee scheme and she assured me it was. 

I then read an article which said only deposits were covered and not bonds, it is very confusing!


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## nansus (30 Apr 2009)

*Re: Irish Nationwide*

I Just got a repayment of a maturing bond on Monday (everything  OK). Had the proceeds transferred to my current account with NIB.  NIB  looked for an IBAN code.

I got notification fron NIB that ther had been a lodgement to my account from an *"Overseas bank"* and, this was the reason for requesting the IBAN


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## sole (15 May 2009)

*Re: Irish Nationwide*

Just a question about Nationwide! 
I have kept a Share account 20k +  in the hope of getting the pay out. I know it looks bad but is all hope of that certainly gone. Is it wise to get rid of it now.

sole


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## OPTIMUM (15 May 2009)

*Re: Irish Nationwide*

yes, check the savings best buys in this website and if you are earning less than the products that suit you needs move it.


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## Lightning (16 May 2009)

*Re: Irish Nationwide*



sole said:


> Just a question about Nationwide!
> I have kept a Share account 20k +  in the hope of getting the pay out. I know it looks bad but is all hope of that certainly gone. Is it wise to get rid of it now.
> 
> sole



When is your deposit maturing? What rate do you have?


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## sole (16 May 2009)

*Re: Irish Nationwide*

Acc is Advantage 30 - so 30 days notice and they say the rate must be within one percent of european rate - i see here it is now 2%
sole


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## oldtimer (16 May 2009)

*Re: Irish Nationwide*

Gosh if you have an Advantage account you are getting very poor interest - 1.65%  AER at the moment. Get it out of there. Make up your mind how long you can afford to leave the money on deposit and then study the Best Buys. By the way the Best Buys needs updating re the Advantage Account.


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## sole (16 May 2009)

*Re: Irish Nationwide*

Thanks for that.
So definately no hope of windfall
sole


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## ft5j60j (18 May 2009)

just dumped inn 60k @ 5.5% for 15 months


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## Lightning (19 May 2009)

ft5j60j said:


> just dumped inn 60k @ 5.5% for 15 months



Please quote the AER, which is 4.40%.


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## spursfan1234 (19 May 2009)

ft50 why would you put 60k in the one bank. split it up


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## Bobby1 (19 May 2009)

spursfan1234- why should the 60k be split up- funds are safe under government guarantee???


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## ft5j60j (19 May 2009)

Well I put 50k in 1st Active, €60k in Anglo , €60k in Irish Nationwide and still need to put 40k somewhere else with a good rate


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## theresa1 (20 May 2009)

ft5j60j said:


> Well I put 50k in 1st Active, €60k in Anglo , €60k in Irish Nationwide and still need to put 40k somewhere else with a good rate


 

- Put it all at the best rate, ok you may want to stay below 100,000 with Anglo Premium Demand but you should aim for the best rate.


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## Lightning (20 May 2009)

ft5j60j said:


> Well I put 50k in 1st Active, €60k in Anglo , €60k in Irish Nationwide and still need to put 40k somewhere else with a good rate



Have you checked out the best buys? 

Do you want to fix the 40K for a period of time or do you need instant access?


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## ft5j60j (20 May 2009)

no i dont need access to the 40k, only interested in 1 year fixed accounts.


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## Lightning (21 May 2009)

ft5j60j said:


> no i dont need access to the 40k, only interested in 1 year fixed accounts.



Ok, as you may have seen from the best buys. The best rate for a 1 year term deposit is 4.5% with Investec.


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