# Nervous about Anglo



## Maybrick (2 Dec 2008)

Hi,
I have about 110,000 languishing in Ulster Bank with a pathetic interest rate, so I'm thinking of moving it to Anglo-Irish - but all the negative publicity about it in the media recently has made me nervous. Are there any Anglo customers here who can reassure me? Are they generally good to deal with? Any help greatly appreciated.
Thanks,
Alex


----------



## raven (2 Dec 2008)

Maybrick said:


> Hi,
> I have about 110,000 languishing in Ulster Bank with a pathetic interest rate, so I'm thinking of moving it to Anglo-Irish - but all the negative publicity about it in the media recently has made me nervous. Are there any Anglo customers here who can reassure me? Are they generally good to deal with? Any help greatly appreciated.
> Thanks,
> Alex



I'm thinking of doing the same actually, with a similarly large sum. Theoretically, the deposit is covered fully by the state guarantee so should be safe enough. However, I don't think the state guarantee would fully help my nerves if I was to wake up in the morning and hear that they were going under.
On a positive note, I heard on the radio recently that they have a good level of deposits by comparison to other institutions which should stand to them.

I'm also very interested to hear people's thoughts....


----------



## doasido (2 Dec 2008)

Hi all, I have been an Anglo customer for approx 3 years. I find them excellent to deal with. Very prompt to open accounts once documentation received etc. Transfer monies out of anglo with just a call or email, again usually same day. Happy to recommend them. ps I have no connection to Anglo other than that of customer.


----------



## ClubMan (2 Dec 2008)

Maybrick said:


> Are there any Anglo customers here who can reassure me? Are they generally good to deal with?


I have found them very good to deal with for several years now. And the _Irish Government_ is guaranteeing 100% of deposits with _Anglo _as with some other institutions who participate in their scheme. See here.


----------



## raven (2 Dec 2008)

ClubMan said:


> I have found them very good to deal with for several years now. And the _Irish Government_ is guaranteeing 100% of deposits with _Anglo _as with some other institutions who participate in their scheme. See here.



Would you still think it worth while to spread a large sum around? eg. Spread 300K across 3 institutions in multiples of 100K.

A number of people have advised me to do this. My only concern is that it increases the likelihood of losing one multiple of 100K !....which really isn't desirable either.


----------



## Maybrick (2 Dec 2008)

As a matter of interest, what's the procedure when you lodge such a large sum with them? Can you just walk in off the street or is it better to ring up and arrange an appointment?


----------



## Lightning (2 Dec 2008)

raven said:


> Would you still think it worth while to spread a large sum around? eg. Spread 300K across 3 institutions in multiples of 100K.



How much more security do you want than a government guarantee? 
It is 100% secure. Neither the EU, ECB or the Irish Gov. have let or will let anyone loose a single cent in a financial intuition. 


You can walk in off the street with Anglo - you don't need an appointment.


----------



## pennyboy1001 (2 Dec 2008)

I might just walk in off the street tomorrow, what is their current rate on deposit?
Penny


----------



## Lightning (2 Dec 2008)

pennyboy1001 said:


> I might just walk in off the street tomorrow, what is their current rate on deposit?
> Penny



For On Demand deposit Anglo offer a market leading 5.5% up to 100K. They offer 6% on one year fixed. If you can fix then now is the time to do it.


----------



## Jethro Tull (2 Dec 2008)

In fairness Anglo are opne of the most professional outfits to deal with. Their customer service is pretty much second to none and makes the likes of PTSB and especially First Active look like amateurs.

In any case your cash is secured by a government guarantee if the 'worst' happens


----------



## Jethro Tull (2 Dec 2008)

Maybrick said:


> As a matter of interest, what's the procedure when you lodge such a large sum with them? Can you just walk in off the street or is it better to ring up and arrange an appointment?


 
I'd say no matter what the amount just write a cheque or get a bankers draft and there'll be no problems. A suitcase full of 50's might be a different matter


----------



## Mez! (2 Dec 2008)

I have been dealing with Anglo since 2003 and I would totally agree with the other posters with regard to their customer service, efficiency etc. Never had a single problem with them. Always very helpfull and willing to accommodate me.

I am not and have never been an employee of Anglo. Purely just a satisfied customer.


----------



## jmp (2 Dec 2008)

I am also Anglo customer and would re-iterate all above posts re:excellent customer service with real time online daily updates of account info.None of the other banks come close so its not surprising they(anglo) attract most deposits.


----------



## Guest124 (2 Dec 2008)

Yes customer service seems better than other banks and i wouldnt be nervous as you have the guarantee.


----------



## extopia (3 Dec 2008)

Great bank to deal with. You can get all the info you need about opening an account, download forms, etc from their website.


----------



## gebbel (3 Dec 2008)

Anyone else having problems printing off their pdf application form?


----------



## joejoe (3 Dec 2008)

jmp said:


> I am also Anglo customer and would re-iterate all above posts re:excellent customer service with real time online daily updates of account info.None of the other banks come close so its not surprising they(anglo) attract most deposits.



What a bank in Ireland with good customer service

Joejoe


----------



## raven (3 Dec 2008)

This is a good thread, - I have proceeds from the sale of my home to deposit so it makes me feel much more comfortable with Anglo. 

Think I will avail of their very attractive fixed term deposit rate and sit the bulk of the proceeds here until I'm ready to buy again (which I can't see happening now for a year or two!).

Just noticed their regular saver is 8% AER, that's a bloody good return in any investment terms considering the low level of risk!


----------



## bacchus (3 Dec 2008)

Don't put everything in Anglo. Spray your money into the like of 


Ulster Esavings
FA Esavings
Rabo
Anglo
Halifax
Northern Rock
See best buy for regular saver and lump sum deposit.


----------



## PaddyW (3 Dec 2008)

Their profits are DOWN to 786 million today. Time to worry!


----------



## raven (3 Dec 2008)

PaddyW said:


> Their profits are DOWN to 786 million today. Time to worry!



Well, they're still quite well profitable I guess at least...


----------



## PaddyW (3 Dec 2008)

oops, 784 million I mean, time to run for the hills!


----------



## raven (3 Dec 2008)

PaddyW said:


> oops, 784 million I mean, time to run for the hills!



Is this sarcasm (indicating they're still making big profits), or is this level of profit typically low for a bank with this level of exposure?


----------



## PaddyW (3 Dec 2008)

Sorry, sarcasm on my part. Although that is a drop of 37% in their profits.


----------



## ClubMan (3 Dec 2008)

pennyboy1001 said:


> I might just walk in off the street tomorrow, what is their current rate on deposit?
> Penny


Have you considered looking at their website or www.itsyourmoney.ie or the _AAM Financial Best Buys _forum etc.....!


----------



## ClubMan (3 Dec 2008)

bacchus said:


> Don't put everything in Anglo. Spray your money into the like of
> 
> 
> Ulster Esavings
> ...


Why? If a particular bank covered by the Government 100% deposit guarantee is offering a good or the best rate for your circumstances (and this may or may not be the case here with _Anglo_) then why not put everything in it?


----------



## TomOC (3 Dec 2008)

Again to agree with others, I have 2 Anglo accounts (quite recently opened). I tried to withdraw money from one the beginning of this week.  Great customer services, money was transferred to BOI account a couple of hours later.  Great service, better and faster than any other bank I have dealt with.


----------



## majik (4 Dec 2008)

I too am a customer of Anglo and have been for over five years. Their customer service is good. They've always been helpful over the phone and in person at the branches especially in Dublin. 

Payments out of accounts are extremely quick, they run a a very efficient retail banking operation more so than any other bank in the country. Its Anglos only saving grace right now in the turmoil. So even in a worst case scenario I would predict (touch wood) that the personal deposit/retail side of the business would be successfully spun off or purchased by another bank.


----------



## z103 (4 Dec 2008)

> Why? If a particular bank covered by the Government 100% deposit guarantee is offering a good or the best rate for your circumstances (and this may or may not be the case here with _Anglo_) then why not put everything in it?


Two reasons I can think of;
1. If the bank does go bust, you could be waiting months for your money.
2. Do you really trust the government can even afford the guarantee? Especially if more than one bank goes belly up?
What would happen if the country goes bust?
[broken link removed]


----------



## frankmac (4 Dec 2008)

http://www.askaboutmoney.com/showthread.php?t=97848

Im a satisfied Anglo customer too.

Regarding the guarantee. Does this link need further invertigation. I was told by the Financial regulator that it was in place.


----------



## bacchus (4 Dec 2008)

ClubMan said:


> Why? If a particular bank covered by the Government 100% deposit guarantee is offering a good or the best rate for your circumstances (and this may or may not be the case here with _Anglo_) then why not put everything in it?



because I don't have full faith in the government guarantee TBO. And it could take a very long time for state to pay the money back to investors.


----------



## SlurrySlump (5 Dec 2008)

bacchus said:


> Don't put everything in Anglo. Spray your money into the like of
> 
> 
> Ulster Esavings
> ...


 
Why these?


----------



## ClubMan (5 Dec 2008)

bacchus said:


> because I don't have full faith in the government guarantee TBO.


_TBO_?


----------



## Pulse (6 Dec 2008)

I have been dealing with Anglo on/off since 98 but i do have to saving A/c with them at the mo and have found them excellent very very prompt


----------



## bacchus (6 Dec 2008)

ClubMan said:


> _TBO_?


sorry, should have been TBH.


----------



## Lightning (6 Dec 2008)

SPC100 said:


> +1
> 
> Better safe than sorry. The bank might still go bust, the guarantees dont say when you will get your money back.



But with regard to any bank going to the wall - I cannot see this happening in the EU. There is a lot of histeria out there. 

But granted some of the Irish banks are still burying their heads in the sand and not taking correct action to reduce costs. Anglo seems to be really badly managed.


----------



## raven (6 Dec 2008)

fungus said:


> But with regard to any bank going to the wall - I cannot see this happening in the EU.



....happened to Lehman bros in the US, ..........don't think it's outside the bounds of possibility by any means


----------



## extopia (7 Dec 2008)

fungus said:


> ...some of the Irish banks are still burying their heads in the sand and not taking correct action to reduce costs. Anglo seems to be really badly managed.



I'd imagine Anglo's cost overhead is pretty low. They don't have a branch network to maintain.


----------



## Askar (7 Dec 2008)

PaddyW said:


> oops, 784 million I mean, time to run for the hills!


 

Shane Ross' article in to-days Sindo makes for interesting reading on its profitability and viability going forward. The 'reclassification' of investment as loans to developers, which means an increase of exposure to developers from €10 billion to €16 billion in the a matter of months, certainly seems to have shaken the market. Imo, the market has spoken as regards what it thinks of the bank and its future viability. 

Perhaps PaddyW could say 'hi' from us to the other investors who have run for the hills.


----------



## mainasia (10 Dec 2008)

fungus said:


> But with regard to any bank going to the wall - I cannot see this happening in the EU. There is a lot of histeria out there.
> 
> But granted some of the Irish banks are still burying their heads in the sand and not taking correct action to reduce costs. Anglo seems to be really badly managed.


 
If any bank is going to the wall it will be Anglo. They were the major lender for the building boom. The profits they are booking this year are from loans put out years ago. Now they are doing creative accounting called 'rolling up interest', rather than getting the loan paid back they are back dating to interest payments only. If they need extra capital what institution would possibly invest in such an institution. If a panic withdrawal occurred the bank has a high possibility of collapse. Your money is guaranteed but how much money does the Irish government have to cover all deposits (if Anglo sunk so could other banks). How many deposits are covered by Anglo alone under the government back up scheme, billions... There would definitely be a delay in getting your money back. You are thinking the Irish government is like the Fed in the US, that's wishful thinking.


----------



## thesmiler (10 Dec 2008)

Just to add a comment on the customer service side (as opposed to deposit safety). I opened an account yesterday in the Stephens Green Branch and found them very easy to deal with and very professional. And they're open till 6 pm.


----------



## ardmacha (10 Dec 2008)

If the people giving out loans knew their job as well as the customer service in Anglo then there wouldn't be problem. Many other institutions could learn from them on the customer front, but all of this good work may go to waste if the lending was dodgy.


----------



## Omega (11 Dec 2008)

I'm just about to open a regular saver a/c and a fixed term deposit (1 year 6%) a/c with Anglo. In view of yesterday's share price collapse, should I re-consider? Thanks.


----------



## Lightning (11 Dec 2008)

Omega said:


> I'm just about to open a regular saver a/c and a fixed term deposit (1 year 6%) a/c with Anglo. In view of yesterday's share price collapse, should I re-consider? Thanks.



Why not go to Investec and get 6.5% for the same product and save yourself worried about Anglo ?


----------



## Pauliwalnuts (11 Dec 2008)

If it were me I would re-consider. In view of their share price collapse it's obvious that the market feels that their bad debts provisions are way too low. This is a company that was valued at €8 Billion only last year & is now worth just €251 million. Their loan book is heavily weighted towards property which as we all know is only losing value in the current climate. They will have difficulty raising capital with a declining market capitalisation & look as though they may not be able to meet loan losses. It looks to me as if Anglo will be the first Irish Bank to be broken up & merged with one of the other banks. If there were a run on the bank at this moment in time it would most likely go to the wall & the goverment gaurantee scheme would then have to come into play. For peace of mind & the sake of a few percentage points in interest I would stay away for the moment. Please note that this is just my personal opinion & is completely open to debate.


----------



## Nemesis (12 Dec 2008)

People seem a bit unnerved by Anglo's share price, but if you look at BOI for example, it's not all that far behind it. Should people feel nervous about their deposits at BOI because its share price is under €1.00 again. I don't think so. The government has come out and guaranteed all the banks. I don't know what more reassurance people want. If they have doubts about the government's solvency or the safety of bank deposits in general then that's another story. Nothing for it but gold coins, ammunition and tinned goods then I guess 

As regards Anglo's service, I can also report I've found them to be excellent. It's a shame the bank's survival as an independent entity is in question. The thought of them being absorbed into AIB or BOI is really quite depressing from a customer service point of view.


----------



## ardmacha (12 Dec 2008)

A crisis at Anglo might indeed lead to a short term issue with withdrawals. However money placed on a 1 year term is not needed urgently and there is some time for any short term problem to blow over or for government intervention to take effect. So if you need your money quickly then even the good rates might not make Anglo worthwhile, if your need is less urgent then trust in the deposit guarantee.


----------



## chewchew (14 Dec 2008)

I have a 30 day notice account I opened about 18 months ago, my current interest rate is 4% or something, cant remember exactly, but certainly not 5.5%. Why am I not getting that rate?


----------



## Pope John 11 (14 Dec 2008)

5.5% with Anglo is for the Premium Demand Account


----------



## Lightning (14 Dec 2008)

Both The Sunday Times and Sunday Tribune today are speculating on nationalisation this week . It will be an interesting week for Anglo. 

I did not think that it would come to this.


----------



## el diablo (15 Dec 2008)

I already have a fixed term account with Anglo and was planning to deposit some more but I think I'll watch and wait for the moment. I must agree that their customer service was excellent while opening this account...


----------



## Raul (16 Dec 2008)

Yep I am a little nervous myself. While I admit it is unlikely that it would go under but in the event it does, I would have reservations about how long it would take to get my money back from the government gaurantee. I am going to pull most of my money out of the Premium Demand account and put it in Rabo even though the rates are very poor there at present. It seems to one of safest banks operating in Ireland at the minute. I'll move it back once I'm convinced that Anglo are secure.


----------



## TSThomas (17 Dec 2008)

I'll have to buck the trend here & say I've opened, transferred money into their 6% 1 year account within the past week.

I'm happy enough to lock it away for a year as it is (Would have been the same with Investec if I'd time to get the documentation sorted - 6.5%) & it's 100% guaranteed so I'm not going to dwell on it.


----------



## oldtimer (17 Dec 2008)

Raul, Rabo interest is now very low and although they are reckoned one of the safest banks what is wrong with Northern Rock demand on line @ 5%? Guaranteed by the British Treasury.


----------



## Omega (17 Dec 2008)

TSThomas said:


> .....I've opened, transferred money into their 6% 1 year account within the past week.....


I've also done this and assume that everything will be OK - mind you , I've put a few bob into Investec as well.....


----------



## Raul (17 Dec 2008)

oldtimer said:


> Raul, Rabo interest is now very low and although they are reckoned one of the safest banks what is wrong with Northern Rock demand on line @ 5%? Guaranteed by the British Treasury.


 
You've actually read my mind Oldtimer  I have a Rabo account already so I'm moving the money today. I will complete documents for a NR account in the next day or so also and move the money across. I just didn't want to leave my money in Anglo until I had my NR account opened.


----------



## silasmarner (17 Dec 2008)

Omega said:


> I've also done this and assume that everything will be OK - mind you , I've put a few bob into Investec as well.....


I went with Anglo in the last week also for a fixed term 6month  and regular saver.Got an Irish Nationwide fixed rate at 6% in October for the 12month term.


----------



## drsania (17 Dec 2008)

I opened fixed deposit account with Anglo in 1st week of Dec but I am feeling nervous about it so I am thinking of withdrawing money. Is that possible?


----------



## tallpaul (17 Dec 2008)

drsania said:


> I opened fixed deposit account with Anglo in 1st week of Dec but I am feeling nervous about it so I am thinking of withdrawing money. Is that possible?


 
What do the Terms and Conditions of your account say? These should have been explained to you at the time you opened your account.


----------



## Raul (17 Dec 2008)

Just want to echo the sentiments about Anglo customer care. I rang at 2pm today which was a time of high call volume so I selected the call back option and left a voicemail. They returned my call within 30 minutes. The Anglo rep was very friendly and transferred my money without any hassle. I was amazed to see it was in my other account before the end of the day.

If their rate is still a market leader if/when my confidence is restored in them, then I'll move my savings back there.


----------



## camlin90 (17 Dec 2008)

62 posts on and several thousand views. What have we learned?

If I were a mod, I'd be asking myself whether this thread is getting anywhere - or indeed whether the same principles should be applied to the discussion of individual banks' safety as are applied to the discussion of individual stocks.
I know in my case, the thread has maybe given me a bit of heat but not a lot of light - to use an old phrase from round here.

I don't think anyone pn AAM can make a conclusive statement on the safety of any financial institution, and back it up with facts and figures. 
We all have our own opinions and ideas.
All one can do is look at the financial reports, info in the media, past behaviour of regulators and governments in the events of banks failing, etc.

Not an Anglo employee or shareholder - but a depositor and a citizen aware of the potential implications of Chinese whispers!


----------



## Guest124 (17 Dec 2008)

I'm surprised this wasnt locked ages ago -the thread that is!


----------



## Lightning (18 Dec 2008)

I think this is a legitimate conversation about the 3rd largest Irish bank with which there now appears to be genuine concerns. 

The next few days will be interesting for the bank ..


----------



## Guest124 (18 Dec 2008)

fungus said:


> I think this is a legitimate conversation about the 3rd largest Irish bank with which there now appears to be genuine concerns.
> 
> The next few days will be interesting for the bank ..


 

- Puts a new angle on things for sure!


----------



## tallpaul (19 Dec 2008)

I was going to put money into them recentrly but I had a dislike of the Chairman and was not to put my money in an organisation led by him.

I'm glad to see that my judgement of people was right in this case...


----------



## doasido (19 Dec 2008)

This is a remarkable thread. I often wondered what "rabbits in headlights" said to each other. You learn something every day.


----------



## ClubMan (19 Dec 2008)

Don't forget that depositors' funds with _Anglo _remain guaranteed by the Government.


----------



## Brendan Burgess (19 Dec 2008)

I have deleted all the posts relating to the resignation of Sean Fitzpatrick as this is being discussed here

Brendan


----------

