# Are Danske bank a safe bet?



## jigsaw (3 Jun 2013)

Hey guys

In about a weeks time I have a 5 year fixed term deposit acount which is maturing which I want to reinvest the funds for a minimum of 1 year and a maximum of 3 years.

I will not require acess to the funds for at least 3 years.

I just viewed the best buy lump sum deposit offerings and see that Danske bank has the best 1 year rate at 2.75%

The thing is that I have never heard of them. Does anyone know if this would be a safe bet to reinvest my money with as I've never heard of them?

Would love to hear some feeback

Thanks guys

Jigsaw


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## Lightning (3 Jun 2013)

Hi Jigsaw,

Danske Bank previously traded as National Irish Bank. 

You have protection from both the Danish and Irish deposit guarantee schemes for sums under 100,000 EUR.

2.75% that Danske pay for 1 year is a good return right now in the market. 

Danske, in Ireland, like every bank here, has taken big hits to their balance sheet in recent years with huge impairments.


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## theresa1 (3 Jun 2013)

CiaranT - Danske Bank and KBC could step up to the plate and be even more competitive to the pillar banks and PTSB. Even if rates the same I would be more inclined to go with a non Irish bank with DIRT going up, sneaky website updates on bank holiday weekends etc.

After the shock from yesterday - must say I didn't think they would change the state savings rates a little bit of anger is setting in.


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## fernrock (3 Jun 2013)

Danske are Ok if you can get them.
I tried opening an account with them a few months back --this is the saga.
Initially I had to make an appointment for an "adviser" to ring me approx a week later.
Before the appointment I realised I would not be available at the appointed time , I rang to reschedule a time but, was informed I would have  reschedule *date* as well for approx a week later again. As all this was only for the "adviser" to advise me on account type, with possibly a similar delay in opening the account .
 I assumed Danske were not interested in my funds ( approx 10000)--- I gave up.


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## james7 (10 Jun 2013)

Danske Bank is a very safe and well capitalized bank, but they are not interested in small accounts.


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## Silvera (19 Jun 2013)

james7 said:


> Danske Bank is a very safe and well capitalized bank, but they are not interested in small accounts.



What would you/they rate as "small accounts"?


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## Jim2007 (19 Jun 2013)

james7 said:


> Danske Bank is a very safe and well capitalized bank, but they are not interested in small accounts.



BOI's T1 ratio is about 14% to Banske's 15%, so either BOI is a well capitalized bank too... or perhaps there is no such thing as a very safe bank.....


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## thrifty12 (20 Jun 2013)

Just to save anyone else the bother Danske Bank are apparently withdrawing that 2.75% fixed term account next week and its dropping to 2%. I had a call with them this morning and in effect they said I would not have enough time to get the paper work done to open the account (I'm not a current customer). They said it would take 2/3 weeks. This was after waiting a week for a 'phone appointment' to open an account. Even while making the appointment the person was discouraging me in proceeding. Very strange way of doing business.


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## Lightning (20 Jun 2013)

That is at least the 10th similar complaint I have read about awful customer service by Danske for new customers. 

Danske have serious lessons to learn about making their account opening process faster and more efficient. 

Interesting that Danske will adjust the rate next week. I always figured that Danske, who are obsessed with quarterly numbers, would adjust their market leading rate pre 30 June 2013.


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## Lightning (21 Jun 2013)

thrifty12 said:


> Just to save anyone else the bother Danske Bank are apparently withdrawing that 2.75% fixed term account next week and its dropping to 2%.



Hmmm. I have just being told that it will be dropping to 1.9% next week.

All the other Danske term deposit rates will be dropping next week as well. All significantly. 

Danske are about to butcher their rates.


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## sidneycooper (24 Jun 2013)

Danske 2 Months Fixed Term Deposit	 0.85%	> 0.1%
Danske 3 Months Fixed Term Deposit	 1.21%	> 0.1%
Danske 4 Months Fixed Term Deposit	 1.31%	> 0.25%
Danske 6 Months Fixed Term Deposit	 1.71%	> 0.3%
Danske 9 Months Fixed Term Deposit	 1.9%	        > 0.4%
Danske 12 Months Fixed Term Deposit	 2.75%	> 1.9%

danskebank.ie/en-ie/Personal/Save-and-invest/Saving/Products/Pages/Fixed-term-deposits.aspx?tab=1#tabanchor


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## Lightning (24 Jun 2013)

Full PDF of all the new rates here. 

Nationwide UK offer the best 1 year rate now, for those lucky enough to be eligible for their 1 year Loyalty product.


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## maccs (24 Jun 2013)

Like some of your experiences noted above, also found Danske to be a complete disaster to deal with!!!! 

On contacting them to open a 1 year fixed account,had to wait almost 2 weeks to they had someone free for a telephone appointment, then they sent out the application form to be signed and the usual request for proof of id and address, which i returned same day they were received and then today get a call advising rates have now changed to 1.9% and did i want to proceed? i think you can guess my response!!!!!

a complete disaster to deal with!!


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## MrEarl (24 Jun 2013)

Hi,

Anyone having problems with Danske Bank (or any other  business) should complain to the company .... it's time to break with  the age old Irish tradition of bitchin' and moaning, but doing nothing  about it 

Danske's complaints proceedure: [broken link removed]

Now, what are you waiting for boys and girls ? 

Regards

Mr. Earl.


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## fernrock (25 Jun 2013)

maccs said:


> Like some of your experiences noted above, also found Danske to be a complete disaster to deal with!!!!
> 
> a complete disaster to deal with!!



As one of those who tried to do business with Danske, I am of the opinion that they are trying to exit the market :

 They have shut down their branch network.
As some of us have seen they are impossible to deal with either  by phone,on line, by mail or, any other method.
They are dropping  interest rates.
All of these discourage savings or investment.

They will  then use the lack of business as an excuse to exit.


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## Lightning (25 Jun 2013)

fernrock said:


> They will  then use the lack of business as an excuse to exit.



Won't happen overnight. 

The next decision for Danske is whether they going to replace Laser cards? They are delaying and delaying a decision due to the big outlay cost involved. Decision has to be made soon, if they don't replace Laser then the future of the Danske current account product offering is in question.


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## Protocol (28 Jun 2013)

This week I rec'd a new Laser card from Danske.


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## Lightning (28 Jun 2013)

Protocol said:


> This week I rec'd a new Laser card from Danske.



Madness, it is only going to work for 7 months before the card becomes void post SEPA introduction.


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