# €50,000 - where??



## onway (18 Feb 2009)

Have €50,000 to put on deposit for a while.Would need access to the money but am confused by whole banking situation at moment.Was looking at other posts and thinking of Northern Rock............whats the opinion on that....?????


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## Lightning (18 Feb 2009)

See Best Buys thread here 
http://www.askaboutmoney.com/showthread.php?t=102329

The best buy for your needs is Anglo at 4.75%


> Anglo Irish Bank: Premium Demand (Discuss)
> 
> 4.75% (from 29 Sep 2008) (>= ECB+0.5% until 1 Jan 2010) on €1 minimum to €100,000


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## onway (18 Feb 2009)

Was avoiding Anglo because of current controversy - also am not near any Anglo branches...............


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## Lightning (18 Feb 2009)

If you have online access you do not need to be near the branch. 

Your best buy (non Anglo) is Northern Rock at 4.00%



> Northern Rock: Demand Online
> 
> 4.00% on €1,000 minimum.
> Online only.


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## coquito (18 Feb 2009)

Put your money in a watertight tin box, dig a hole and bury it where only YOU know where it is. At least when you want a few bob you'll know it's there and not in the pocket of some fat cat banker.


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## Padraigb (18 Feb 2009)

coquito said:


> Put your money in a watertight tin box, dig a hole and bury it where only YOU know where it is. At least when you want a few bob you'll know it's there and not in the pocket of some fat cat banker.



A bump on the head could become very expensive!


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## rochs (18 Feb 2009)

What about Ulster Bank 12 Month Deposit 4.6% or they have a variable rate @ 5.5% both are worth considering.

rochs


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## roro123 (18 Feb 2009)

Use it as a down payment for a CFD purchase on any one of the remaining Irish banks, at current prices with 50k you probably could build up a controlling stake quite easily and you wouldn't have to declare it, and if it all went wrong you could just walk away and let the taxpayer foot the bill. It would be a sure bet! .......................just kidding. I'd prefer the suggestion of burying it in a watertight tin box, at least it will be protected against deflation.
RORO


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## PaddyW (19 Feb 2009)

Buy 50k worth of gold?


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## redstar (19 Feb 2009)

Permanent TSB have 75day deposit account at 4.55% gross

[broken link removed]


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## george.shaw (19 Feb 2009)

Yields are so low that they are increasingly less irrelevant.

Counter party risk should be the primary consideration - 'return of capital' rather than 'return on capital' is key for the foreseeable future.

Best to spread it amongst different insititutions - think safest to stay away from Irish banks for moment as may be problems ( withdrawal limits/ problems with withdrawing funds thru ATMs as happened in Argentina, Turkey and other meltdown scenarios) and thus probably best to own some gold and spread savings around in as many baskets as possible - Rabodirect, Credit Union and Post Office seem safer options.


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## Lightning (19 Feb 2009)

rochs said:


> What about Ulster Bank 12 Month Deposit 4.6% or they have a variable rate @ 5.5% both are worth considering.



The above listed products are Fixed Term Deposits and a "on Demand" product where if you withdraw in the first 6 months you get only 0.50% interest. 

Neither are suitable for the OP who needs instant access to money. 

Northern Rock or Anglo Irish are most suitable for the OP.


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## onway (20 Feb 2009)

Is NIB covered by a non-Irish guarantee?


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## twofor1 (20 Feb 2009)

onway said:


> Is NIB covered by a non-Irish guarantee?



 Yes, see here:

   [broken link removed] 

  Their best for instant access is 2.25% 

   I agree with george.shaw “return of capital" rather than "return on capital”


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## shane55 (21 Feb 2009)

twofor1 said:


> Yes, see here:
> 
> [broken link removed]
> 
> ...


 
are ye saying ye have no confidence in the government guarantee? surely the guarantee means there is no chance of not getting your capital back


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## RMCF (22 Feb 2009)

I would worry slightly about the Gov guarantee scheme.

Its all well and good saying you will cover all deposits, but what if you are bankrupt and haven't got the money to cover these huge sums?

What then?


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## twofor1 (22 Feb 2009)

shane55 said:


> are ye saying ye have no confidence in the government guarantee?


 
Yes, that’s my opinion.

With repayments falling sharply on my ECB + .5% mortgage, rather than overpaying and to keep all my options open, I was taking advantage of Anglos higher savings rate.

For the moment anyway although some of the rates are much lower I have now split this emergency fund between N/R, Rabo and NIB, which are covered by the English, Dutch and Danish guarantees.


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