100k - does it apply to separate accounts?

M

Maybrick

Registered User
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Quick question - if I have two accounts with 99k each in a single bank, are they both covered by the guarantee? Or are you just guaranteed 100k per bank, regardless of how many separate accounts you have?
 
per person per account, if you have your €99k in the same Bank in two accounts then you should consider moving one of them, that assumes you are concerned about The State guarantee.
 
Maybrick said:
Quick question - if I have two accounts with 99k each in a single bank, are they both covered by the guarantee? Or are you just guaranteed 100k per bank, regardless of how many separate accounts you have?
Click to expand...

Depending on which country's guarantee you are referring to you should get your answer here or also available on www.itsyourmoney.ie:

General Notes:
Links to details on deposit protection schemes:
Irish Government Bank Guarantee Scheme
Protects 100% of your deposit regardless of the amount until December 31st 2010.
Irish Deposit Protection Scheme
Protects the first €100,000 of your deposit per person.
The UK Financial Services Compensation Scheme
Protects the first 50,000 GBP/Sterling or Euro equivalent of your deposit.
[broken link removed]
Protects the first €100,000 of your deposit per person.
[broken link removed]
Protects 100% of your deposit regardless of the amount until September 30th 2010.
 
Maybrick said:
Quick question - if I have two accounts with 99k each in a single bank, are they both covered by the guarantee? Or are you just guaranteed 100k per bank, regardless of how many separate accounts you have?
Click to expand...

With which bank? All Irish bank deposits are Irish state guaranteed to no limit, currently until December 31st 2010.
 
Ulster Bank - yes, I know all deposits are supposedly guaranteed but there's such a fevered atmosphere at the moment that I'm starting to get paranoid.
 
me too Maybrick,

i have a lot on deposit. i got laughed at for being conservative during the later part of the boom because i had it all on deposit, but, so far I still have it! touch wood!
but i would like suggestions as to what to do now, as i have it all with one, BOI, about 1.25m, should i stay or should i go?
any suggestions are greatly appraciated!
 
you never sould have all your egg's in one backet,if it is all your name, in one account, you only have a 100K protection. Therefore to get te best from the protection, move some to te protected banks, AIB, ANGLO(Safest deposit bank in Ireland) TSB, get sinlgle accounts, joint acounts for 99k each for protection
I suggest you move fast, as you would be a prime target for the ECB
 
Unfortunately if the "so called used to be mutual in name only con job" EBS merges with the Permanent TSB I wonder what happens if you end up with a fixed term account in both places over €100k.
 

Buy land. It doesnt matter if you have no interest in farming. You would get 200 acres of good land for that at the moment. That is real wealth, with total security. No matter what happens to the banks, the economy, the euro, inflation, deflation. 200 acres will still be 200 acres.

There is no better store of value. Unlike gold, you can eat it, and it cant be stolen.

Broadly speaking, you could rent it for about the same as the interest you would get on the money. For that size farm you could employ a farmer and get a slightly better return, or farm it yourself for a good income.
 
@cremeegg

becoming a farmer is quite a departure to looking for a safe place to depost your cash!
 


Duffsaw, the same people may laugh at you again if something happens to BOI or the State.

Without getting into too much investment strategy here, but leaving it all in one place - either one piece of land (presumably that one was a joke) or one bank account is not wise. What could possibly be the benefit of leaving that amount of cash in one institution?

The limited input from me is to spread it around a bit and consider all risks: including institutional and national if you decide to stay with cash

.....and perhaps seek a bit of independent financial advice with that amount of spare change you have!!
 

What return are you getting from BOI on 1.25 million?

You can get better returns and higher safety in banks other than BOI.
 
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