By any chance, were you told this by a member of staff in one of the highstreet banks?I was told to steer clear of online backs etc as "you can never contact them and there are hidden terms & conditions etc".
To be honest, everyone is relatively new to this so don't feel you're alone.Its funny you mention northern rock because it was exactly all the problems there that made me nervous in the first place but now i find out they're the safest currently....as i said I'm a complete newbie to this and I feel very uncertain as to what to do....
In that case, the summary post by Brendan in that thread is pretty much exactly what you require.Personally, i'm more concerned with security than getting the best rates ...
So there you have it! I'm leaving my cash where it is, in Northern Rock, with €40k in NIB & €20k in Rabobank, just in case it takes a few days to withdraw cash from NR. You get the best interest rates in the land and 100% capital guaranteed.
The Certs and Bonds are certainly for the longer term, but the 90 day notice account might be suitable in your case (it depends on how far in advance you know that you will require the sum on deposit). Personally, I'd stick with NR due to the higher return and less restrictive Ts&Cs on the account.I just had a glance at anpost but it seems there savings options are only really for longer terms (more than 3/6 months).
All deposits guaranteed regardless of amount...see their website.Cheers guys,
....Just stumbled across this....this article indicates that NR only guarantee savings up to 35,000stg ???
Hi HighFlier- I don't have a mortgage but thanks for the idea.If you have a mortgage or any other long term loan then use that bank. If they fail the money you owe them will be offset against the money they owe you.
More than a slight vested interest in suggesting this.I was just talking to someone in a bank who suggested that no irish bank will go bust....
Obviously, before you choose any account you should be 100% happy with the situation. Out of interest, what puts you off the current NR offer? It still does appear to be the best option both in terms of rate and security for your situation....I have a niggling feeling in the back of my mind saying its a bad idea. I know they're 'guaranteed' but I'm not sure i trust this situation fully.
For my day to day banking I still use one of the mainstreet Irish banks (AIB) and while I would lose a few euro if they went bust, I feel the risk of this happening is low enough for it not to be a concern.
If, however, I had €300k on deposit with them... I would take a very different view of the risks involved.
Out of interest, what puts you off the current NR offer? It still does appear to be the best option both in terms of rate and security for your situation.
So what if there is a run on the bank....u still get your money....guaranteed!Just a thought regarding why i am sceptical about Northern Rock....
Say i have money with them and then as stipulated in the agreement the Bank of England says savings will no longer be guaranteed in 3 months....won't everyone decide they want their money out and won't this cause another run on the bank?
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