# Worried about my anglo deposit



## chewchew (31 May 2009)

I am worried about my anglo deposit of about 70k. If the bank does go to the wall I am guessing the state guarantee will pay me back my 70k eventually, but I won't get any interest on my investment. 

I'm tempted to withdraw because I don't want the above to happen. However I don't want to lose the interest I have accrued in the 1st 6 months of the year either.  If I withdraw my money now (premium demand account) will I get any interest for the 6 months of the year so far?

Thanks


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## Lightning (31 May 2009)

Your 70K and Interest is state guaranteed. It's safe. 

If you close your premium demand account you will get bank interest accrued to date.


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## OPTIMUM (31 May 2009)

Chewchew, out of interest, where would you consider depositing your funds when you take them out ? With another Irish guaranteeing bank ?


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## Godfather (31 May 2009)

From independent.ie:
[broken link removed]

...in particular:

_Anglo Irish has already failed, and must now be put out of its misery with as little further drain on the taxpayers' non-existent funds as possible. _
_That means a break-up and sale of whatever can be sold, an aggressive negotiation with bond holders and the shifting of its most toxic loans into the National Asset Management Agency. _
_And then shut the door._

I'm too scared. I'm moving everything to rabo.


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## camlin90 (31 May 2009)

Godfather said:


> I'm too scared. I'm moving everything to rabo.



If you're moving money, why put it with those rip-off merchants?
Have a look at Nationwide UK Ireland or Northern Rock, for instance.

Personally, I am diversified across several banks. I have about 30% in Anglo and I'm leaving it there. The rate of return is good. 
I wouldn't put 100% of my assets there, or several hundred thousand euro. Neither would I put that amount with any other institution.

If the government allows Anglo to default on small depoists from ordinary customers, I think that will be in a scenario where the guarantee has been called upon and the government has defaulted. 
In that case I will be more concerned with building a good secure bunker and loading up on shotguns and beans, than whether my interest is covered by the compensation scheme.

In other words, if you don't trust the guarantee, it may be a good idea to consider leaving the country altogether before armageddon unfolds. Personally I'm trying to retain some hope in the future of the state.

Disclaimer: No association with Anglo Irish Bank except 30% of deposits held with them


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## tomreillly (31 May 2009)

```
In that case I will be more concerned with building a good secure bunker and loading up on shotguns and beans, than whether my interest is covered by the compensation scheme.
```
 
I think a lot of us would be more concerned with booking our flights out of here to London, New York or Boston or wherever !


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## Mercantilist (31 May 2009)

Godfather said:


> I'm too scared. I'm moving everything to rabo.


Theres no reason to withdraw your deposits. Anglo is state owned and guaranteed. The government and the ECB will not let ordinary depositors lose out, as it would spark a run on other irish banks.

No reason to worry about Anglo. They are being wound down in an orderly way.


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## Godfather (1 Jun 2009)

Thank you Mercantilist. I'll work on diversifying a bit... As soon as I can start sleeping well again I promise! The last weekend's news really got to my stomach despite a fantastic weather in Dublin!


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## chewchew (1 Jun 2009)

I'm not really worried for my deposit, I know it's state guaranteed and I'm happy with that. 

My worry is that it might take a number of months to get my money back if the bank does close. 

If the bank were to wind up in August, would I be able to get my cash immediately or would I be waiting a while, also would I be paid every penny of interest due to me up until the day I recieve my money? These are the questions that are troubling me.


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## z107 (1 Jun 2009)

> I'm not really worried for my deposit, I know it's state guaranteed and I'm happy with that.


Have you read this thread?
http://www.askaboutmoney.com/showthread.php?t=114009

How does the guarantee work? - Where does the government get the money from to cover the guarantee, and how much money is required? - is it €34Billion?


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## Godfather (1 Jun 2009)

chewchew, your worry is similar to mine: when/how would we get our money back? We want them when we need them. And I'm not here to advertise Rabo but if that's your worry then forget about the +1.6% rate you get with An-IB and move to Rabo like me so that you can sleep better. Or am I wrong?


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## jhegarty (1 Jun 2009)

But the bank already "failed" , that's what happened when the government took it over.


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## Lightning (1 Jun 2009)

Godfather said:


> chewchew, your worry is similar to mine: when/how would we get our money back? We want them when we need them. And I'm not here to advertise Rabo but if that's your worry then forget about the +1.6% rate you get with An-IB and move to Rabo like me so that you can sleep better. Or am I wrong?



Personally, I think you're wrong. 

There is very very little to worry about a state backed and owned savings account. 

I believe all the below to be the case ... 

1) Your deposit is 100% state guaranteed. 
2) The Irish Govt. will not let ordinary savers lose money from Anglo. 
3) The ECB will not let ordinary savers lose money from Anglo. 
4) The EU will not let ordinary savers lose money from Anglo. 
5) Based on media speculation, I think it is quite likely that the huge deposit base in Anglo will be sold inside the next few years to a larger financial institution. 

I think there is too much hysteria about the safety of Anglo and similar deposits. 

Your money is safe.


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## Dream250 (2 Jun 2009)

my worries are with the state guarantee because in reality does the goverment has the funds to pay out?


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## Godfather (2 Jun 2009)

Fungus, I wish I would have your faith in the European Community and your optimism. In my opinion Ireland (that I love so much) is at the verge of bankruptcy because of the too easy debts all around and the Euro project could fail if countries like Ireland (that refused the Lisbon Treaty already) will then ask for too much money to the ECB.

The Euro is just a project, and as I learned it can fail as well as go on depending on the credibility of it. If now every country including Ireland gets sustain from ECB printing money in order to sort out the economical crisis then goodbye Euro in my opinion.

Sorry maybe I sound too pessimistic but I am really worried about the finances here... And I love Ireland with all my heart but not at the point to risk my own few savings that I accumulated with my hard work.


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## chewchew (3 Jun 2009)

Does anyone know if the state guarantee will pay interest due also? If it takes them 12 months to repay our deposit are they going to give us the 12 months interest we would have got in that time also?

I have Halifax and Northern rock accounts too and am considering moving some of my deposit to both of these. I assume Halifax is in better shape since Lloyds came in?

Are those accounts covered by the UK or Irish government; how much is covered by the UK deposit proetection scheme?

In the past 18 months i've moved my money from NR to Halifax to Anglo, and now maybe back again. This is getting ridiculous, maybe I should buy gold.


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## WaterWater (3 Jun 2009)

chewchew said:


> In the past 18 months i've moved my money from NR to Halifax to Anglo, and now maybe back again. This is getting ridiculous, maybe I should buy gold.


 
I have done similar but with different institutions and different amounts because of the uncertainty. Bits of paper everywhere from different banks. I hope someone can make sense of it all if something happens to me!


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## BernieMadoff (3 Jun 2009)

For what it's worth, i think buying gold is the best idea - seriously. Regardless of whether the bank goes under or not, the rate will change substantially in the near future. Inflation is sure to rise and at that point, all the value that's out there will be gone.

It looks like the world's economies have pumped so much cash into circulation that inflation will be a huge issue and i have a feeling that when this happens the dollar will buckle - a number of the world's largest economies have began muttering about moving away from the dollar as a super currency - gold is the only credible alternative.


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## midouri (6 Jun 2009)

chewchew said:


> I am worried about my anglo deposit of about 70k. If the bank does go to the wall I am guessing the state guarantee will pay me back my 70k eventually, but I won't get any interest on my investment.
> 
> I'm tempted to withdraw because I don't want the above to happen. However I don't want to lose the interest I have accrued in the 1st 6 months of the year either. If I withdraw my money now (premium demand account) will I get any interest for the 6 months of the year so far?
> 
> Thanks


 
I personally would not have 70,000 in one bank. I would spread it about!!
Also keep an eye on the state gaurantee....correct me if i'm wrong but isn't that gaurantee valid for only 2 years??????
Divide that money up


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## TSThomas (6 Jun 2009)

midouri said:


> I personally would not have 70,000 in one bank. I would spread it about!!
> Also keep an eye on the state gaurantee....correct me if i'm wrong but isn't that gaurantee valid for only 2 years??????
> Divide that money up



The Bank Guarantee Scheme (Unlimited) ends 29th September 2010.

*BUT*

The standard Deposit Protection Scheme has been increased to €100000;

http://www.itsyourmoney.ie/index.jsp?pID=153&nID=253&aID=620


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## Slim (12 Jun 2009)

BernieMadoff said:


> For what it's worth, i think buying gold is the best idea - seriously.


 
Where can one find the current price of gold online?


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## Godfather (12 Jun 2009)

TSThomas said:


> The Bank Guarantee Scheme (Unlimited) ends 29th September 2010.
> 
> *BUT*
> 
> ...


 
Good point TSThomas,

but can't a new government change the amount anytime sorry?


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## TSThomas (12 Jun 2009)

Update - Todays Independent;



Finance Minister Brian Lenihan yesterday published legislation paving the way for the extension of the banking guarantee to cover certain bond issuances beyond the end of the current scheme in September 2010...

*The umbrella guarantee on all deposits in the domestic lenders is also set to expire in September 2010. But the Government has indicated to Brussels that it may ask next year for approval to extend this.* 

The Government first moved in the middle of last September to increase the statutory limit of its existing deposit guarantee scheme from €20,000 to €100,000. But as the crisis grew, Ireland announced a blanket guarantee on all deposits and bank liabilities two weeks later...


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## Godfather (14 Jun 2009)

Thank you TSThomas!


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## george.shaw (17 Jun 2009)

Slim said:


> Where can one find the current price of gold online?


 
gold.ie have prices in euros, dollars and sterling.

if you are buying in euros, as most Irish investors are, then you should focus on the gold price in local currency terms- euros.


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## Slim (18 Jun 2009)

george.shaw said:


> gold.ie have prices in euros, dollars and sterling.
> 
> if you are buying in euros, as most Irish investors are, then you should focus on the gold price in local currency terms- euros.


 
Thank you for that. Slim


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## gribr (19 Jun 2009)

I recently opened a Premium Saver a\c with Anglo with a view to moving money that was sitting in an aib account paying practically no interest. Would it be wise to move it to the Anglo a\c or will i have to go open yet another account with another bank to get a better return and security?


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## OPTIMUM (20 Jun 2009)

Anglo are state owned and guaranteed so they are secure, maybe not popular with the public at the moment, that's all !


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## Guest116 (20 Jun 2009)

I'm not worried, it is state gauranteed in the same way that the post office is for example. I opened an account last week and have money in there now.


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## bogle (22 Jun 2009)

We have one third of our deposits in an Anglo regular saver account. The 12 month term is finished on the 24th. I'm going to transfer the cash back to my main bank, review the situation and then maybe open another regular saver account with them.

This bank is owned by us, the people of Ireland, you either have faith in your country or you don't!

With regard to the Euro and its stability - its a project that was on the drawing board since the 1960s after two disasterious world wars on the continent of Europe in which millions of people died and Germany was reduced to ruins. Its as much a political project (political stability) as anything else and there is no way its going fall apart however much certain people in the UK (they see it as a threat to the city) would like to see it happen.


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## theresa1 (24 Feb 2010)

I'm confused again - after Sept 2010 are all deposit's not guaranteed with Anglo the same way they have always been guaranteed with An Post because the Government own them? Also I thought I heard the guarantee is going to be extended in any case?
I have well over €100,000 with Anglo and as I say confused as for month's have been reading Anglo is nationalised and it's the safest bank or word's to that effect.


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## Lightning (24 Feb 2010)

From October 2010, only the first 100,000 EUR is protected in Anglo. 

The only exception is a term deposit taken out before September 29th 2010.


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## theresa1 (24 Feb 2010)

http://www.irishtimes.com/newspaper/finance/2010/0129/1224263355680.html

No definitive answer on notice a/c's yet but I dont understand why the state guarantee's all deposit's in An Post and not all in Anglo as both are state owned?


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## OPTIMUM (25 Feb 2010)

"The ELG Scheme will be reviewed at least on a six monthly basis to determine whether the financial support provided by the ELG Scheme continues to be necessary." So it may extended beyond September for demand accounts...


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## theresa1 (15 Oct 2010)

I currently have a Premium Demand A/c @ 2.80% with aprox €200,000. If I open a 1 year Fixed Term Reward A/c @ 3.50% and say put €100,000 or slightly more in it and keep the rest of say €100,000 in my exisiting Premium Demand A/c will I be covered by ELG with my Reward A/c and still covered by standard guarantee for my Premium Demand or would both guarantee's combine as such and I would be only covered for €100,000?


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## pAnTs (22 Oct 2010)

theresa1 said:


> I currently have a Premium Demand A/c @ 2.80% with aprox €200,000. If I open a 1 year Fixed Term Reward A/c @ 3.50% and say put €100,000 or slightly more in it and keep the rest of say €100,000 in my exisiting Premium Demand A/c will I be covered by ELG with my Reward A/c and still covered by standard guarantee for my Premium Demand or would both guarantee's combine as such and I would be only covered for €100,000?



where do you all get this type of money is what I want to know  lol Im in my 30's and trying my hardest to build up some financial security for myself but it's a slow process when one is trying to save it from whats left over at the end of the month!!! tips would be welcome


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## theresa1 (25 Oct 2010)

Many,many years of saving hard.


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## pAnTs (27 Oct 2010)

um-hmmmm no simple steps to wealth then


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## theresa1 (1 Nov 2010)

I just opened a 1 year Fixed Term Reward Account and they sent me out a form looking for my PPS Number under the return of Payments Regulations 2008. Is this correct? I know other banks ask for your number but it's only for indentity purposes?

They also sent me out a confirmation letter stating any withdrawals made will result in the default rate of interest, outlined in your welcome letter.

I got my welcome letter and it does not state any default rate of interest?


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## Marietta (1 Nov 2010)

theresa1 said:


> I just opened a 1 year Fixed Term Reward Account and they sent me out a form looking for my PPS Number under the return of Payments Regulations 2008. Is this correct? I know other banks ask for your number but it's only for indentity purposes?
> 
> They also sent me out a confirmation letter stating any withdrawals made will result in the default rate of interest, outlined in your welcome letter.
> 
> I got my welcome letter and it does not state any default rate of interest?


Most banks ask for PPS these days something to do with revenue and DIRT tax.


Ring and ask them about the default rate of interest.

I think you are very brave to be investing with this bank, just the mere mention of the word Anglo leaves a very bad taste in my mouth. I think the name will forever be synonymous with all things bad about banking in Ireland.


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## theresa1 (1 Nov 2010)

Pretty sure it will be getting a new name soon when they do the split into two banks.
I think the default rate is 1% not that I plan to be on it.


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