# From Northern Rock to Postbank



## SafeAs (18 Sep 2007)

I picked up my cheque from Northern Rock this morning and walked into the post office and lodged it straight into the Postbank demand deposit account. 
Gonna get 3.3% and can get at my money whenever I want. Its a pretty good rate for a branch demand account and at least I can sleep easy at night knowing its safe....I've bags under my eyes about worrying about my NR money over the w/e - 
I'm gonna do the same with my Rabo account (its going straight into my Irish account too) - I'm going with safety and ease of access to my OWN money and they've a fairly competitive rate for demand. 

Anyone else do the same?


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## DC27 (18 Sep 2007)

Can't say I blame you. However, standard financial advice holds for everyone's savings. Spread the risk and only risk what you can afford to lose.

Maybe putting all your savings into what seems very safe is a good short-term strategy. See what happens over the next few weeks and then start putting portions of your money into other savings and investment products. I'll be doing something similar myself.

One thing for sure is that the winners out of this will be the likes of AIB, BoI and An Post/Fortis. NR is history as regards future business and Rabo, rightly or wrongly, may take a slight short-term hit. Halifax, being a UK bank, may have a few people getting suspicious, again rightly or wrongly.


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## Godfather (18 Sep 2007)

SafeAs said:


> I picked up my cheque from Northern Rock this morning and walked into the post office and lodged it straight into the Postbank demand deposit account.
> Gonna get 3.3% and can get at my money whenever I want. Its a pretty good rate for a branch demand account and at least I can sleep easy at night knowing its safe....I've bags under my eyes about worrying about my NR money over the w/e -
> I'm gonna do the same with my Rabo account (its going straight into my Irish account too) - I'm going with safety and ease of access to my OWN money and they've a fairly competitive rate for demand.
> 
> Anyone else do the same?


 
But did they give you a sort code and account no. as well? Or you can't lodge money electronically?


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## SafeAs (18 Sep 2007)

I just gave them a cheque when I set it up, its just a deposit account, not linked to a current account yet so it can't handle electronic payments but the sales person said that's in the pipeline too, that I can do that in a couple of months.
They said I could have started it up by cash or cheque in a branch or I could have just posted them the cheque. I can take the money out anytime, cash or cheque.


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## oldtimer (18 Sep 2007)

How safe is Postbank? Is it in effect 'Fortis', a european bank now operating through An Post? Does it carry the same 'state guarantee' as other An Post products?


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## webtax (18 Sep 2007)

SafeAs said:


> I'm gonna do the same with my Rabo account (its going straight into my Irish account too)



But Rabo have a better credit rating than any of the Irish Banks. If you would feel safer with your money in a government backed acc, then just leave the amount in Rabo that is guaranteed in the event of it going bust.


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## SafeAs (18 Sep 2007)

Northern Rock had a better credit rating than most Irish banks too, I don't think too much about those ratings..they are not forward looking and only seem to cut their ratings after the horse has bolted as they say.

I'm not sure about all the Postbank details, I know from the brochure that they are 50/50 owned by An Post/Fortis. Can you see An Post letting anything happen to any of its companies? I don't think so. Same for Fortis, they seem like a huge bank, they aren't going to let anything happen to tarnish their good name. 
I feel safer now and just don't like the way I couldn't even get into the NR website to view my accounts, not to mind take my money out. At least I can go into my local PO and get my money now.


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## Jethro Tull (18 Sep 2007)

If you have less than 10k then 5% from an AAA company is a great deal. An post is state guaranteed but a AAA company usually offers a yield between 10 & 20 basis points above the risk free yield. Even if you go above 10k then 3.7% is still adequate compensation.


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## thewatcher (18 Sep 2007)

A number of weeks ago i attempted to open a state backed deposit account and to say i was met with much headscratching and confusion would be an understatment. 

First they tried to get me to open a postbank account,when i asked them were they willing to guarantee every penny they couldn't give me an answer,Just gave me a few strange looks !.

Then they tried to tell me the state backed deposit acc wasn't state backed either,off i went and rang the NTMA and woe and behold yes it is 100% state backed so off i went to a different post office where they actually knew what they were doing.

For the .3% extra in interest the postbank simply isn't worth the non state guarantee.

It you want complete piece of mind stick it in the account here

NTMA


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## bravo (19 Sep 2007)

I was looking for somewhere"safe" to move my NR money and came up with Ulster Bank Reward Reserve - must have 10,000 min and rates of 4.50% including bonus payments - seems secure and a good rate. Any comments, further advice. thanks


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## beara (19 Sep 2007)

Yeah, that seems the likeliest one to me. I have to say, i am getting a bit paranoid about the whole banking sector.
Postbank/Fortis are just another bank when it comes down to it. How more safe are they than Ulster Bank/RBOS?


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