# Danske Bank Closure: Deposit Implications



## Paddyman (2 Nov 2013)

What will happen to Savings a/c now?


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## Lightning (2 Nov 2013)

Over the coming months, your account will be closed, so you need to find a new home for your deposits.


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## Paddyman (2 Nov 2013)

Thanks, Ciaran!
At least there is no reason to panic!


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## Odea (4 Nov 2013)

I assume that my credit card will also be cancelled? This was always a very useful back up with a good "just in case" credit limit on it. Not sure if I will be able to get the same credit limit on transfer.


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## grkv44 (4 Nov 2013)

I have deposit savings and credit card too. PTSB are offering the usual 6 months interest free on credit card balance transfers, and I'm going to try them and see if they give me the same card limit. I'll update when I get result.
Savings issue might be one to watch more closely: there are rumours/speculation appearing about the possibility that savings deposits may be 'raided' to help fund the banks' recapitalisations next year. Sounds improbable? So would 40% tax rate on all savings, or pension levy, a couple of years ago. They're already raiding your savings interest and pension growth. The bank recap. issue is a very big elephant in a very little room for manoeuvre...


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## Lightning (4 Nov 2013)

Odea said:


> I assume that my credit card will also be cancelled? .



Yes, it will be. Tesco Bank offer the best reward credit card on the market, worth considering when switching.


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## Lightning (4 Nov 2013)

grkv44 said:


> Savings issue might be one to watch more closely: there are rumours/speculation appearing about the possibility that savings deposits may be 'raided' to help fund the banks' recapitalisations next year. Sounds improbable?



The ECB stress tests are next year. Some people say they will result in more capital being required by the Irish banks. 

There is a lack of clarity on where recapitalisation funds will come from.


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## Woodville56 (4 Nov 2013)

Odea said:


> I assume that my credit card will also be cancelled? This was always a very useful back up with a good "just in case" credit limit on it. Not sure if I will be able to get the same credit limit on transfer.


 
In the same boat myself, rarely use the card but useful to have nonetheless!

better start looking around for an alternative so !


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## SS expert (29 Nov 2013)

Just a quick question...

I have fixed term accounts with Danske at good interest rate ~ 3%
These are due to last for another 6 months or so... 
do you think they will see the term out or will they close them early?

Any ideas??? thanks!


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## Lightning (2 Dec 2013)

SS expert said:


> Just a quick question...
> 
> I have fixed term accounts with Danske at good interest rate ~ 3%
> These are due to last for another 6 months or so...
> ...



Danske have term deposit products open up to 5 years in length. 

Danske plan to exit retail deposits before the end of Q2 2014. Possibly sooner. 

Hence, I would think some people will get repaid before maturity date and some people will have to wait until maturity date. 

If you have 6 months left, you are in the borderline territory, your term deposit will mature around the time of Dankse's exit. 

If you get repaid early, it is unlikely to be a significant period before maturity date.


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