An Post money safe ?

C

coolaboola12

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hi All

Just wondering what peoples opinions are on an post money, they are not backed by the state guarantee but the funds are placed in banks that are valid credit institutions in the ROI and i presume the state would step in if an post went insolvent . Would people agree that their deposits are safe in an post money ?
 
Interesting. The Central Bank administers the Deposit Guarantee Scheme in Ireland. Its web site says under ‘Not Protected’:”Deposit Accounts held with An Post - the Deposit Guarantee Scheme does not cover accounts held at An Post. However it should be noted that deposits held in the Post Office Savings Bank (POSB) are State Savings and repayment is a direct, unconditional obligation of the Irish Government. Further information on State Savings can be found at statesavings.ie”. What We Cover (depositguarantee.ie).

You can always ask the DGS directly for clarification at https://www.depositguarantee.ie/en/contact-us
 
PMU said:
However it should be noted that deposits held in the Post Office Savings Bank (POSB) are State Savings and repayment is a direct, unconditional obligation of the Irish Government.
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This does not cover An Post Money, which the OP asked about. Credit balances in An Post current accounts aren't deposits with the state.
 
Your funds are managed by An Post. Since we are not a Credit Institution, your funds are not covered by the Deposit Guarantee Scheme in Ireland. However, we place customers' funds in segregated accounts (known as 'safeguarding' or 'client funds' accounts) with Financial Institutions that are approved by the Board of An Post to accept An Post deposits and that are authorised to operate in Ireland as a Credit Institution, in line with EU regulations and supervised by the Central Bank of Ireland. This means that your funds are separated from our other assets and can be used to repay you and other customers in the unlikely event of our insolvency.
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From An Post website https://www.anpost.com/Money/Current-Account/Current-Account-Terms-Conditions
 
RedOnion said:
This does not cover An Post Money, which the OP asked about. Credit balances in An Post current accounts aren't deposits with the state.
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So there is no deposit safety with an post money account ? Why on earth would anyone open an account with them then ?
 
Would i not be just better off putting my cash in bunq then ? no monthly fee, gains interest and protected by guarantee ?
 
This is what the website says:

Your funds are managed by An Post. Since we are not a Credit Institution, your funds are not covered by the Deposit Guarantee Scheme in Ireland. However, we place customers' funds in segregated accounts (known as 'safeguarding' or 'client funds' accounts) with Financial Institutions that are approved by the Board of An Post to accept An Post deposits and that are authorised to operate in Ireland as a Credit Institution, in line with EU regulations and supervised by the Central Bank of Ireland. This means that your funds are separated from our other assets and can be used to repay you and other customers in the unlikely event of our insolvency.
Click to expand...

So in theory if a financial institution was wound up the client funds would be written down and An Post Money could suffer a loss as a large depositor.

But I cannot see any circumstance where a government of the day would allow An Post Money retail depositors to suffer any loss though. There are tens of thousands of them and they all vote.
 
NoRegretsCoyote said:
This is what the website says:



So in theory if a financial institution was wound up the client funds would be written down and An Post Money could suffer a loss as a large depositor.

But I cannot see any circumstance where a government of the day would allow An Post Money retail depositors to suffer any loss though. There are tens of thousands of them and they all vote.
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yeah but its still a risk i suppose
 
So is an asteroid hitting the earth and wiping us all out - but I don't worry about that - at least, not too much
 
RedOnion said:
This does not cover An Post Money, which the OP asked about. Credit balances in An Post current accounts aren't deposits with the state.
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The CB/DGS website was clear of this point: "Deposit Accounts held with An Post - the Deposit Guarantee Scheme does not cover accounts held at An Post."
 
jpd said:
So is an asteroid hitting the earth and wiping us all out - but I don't worry about that - at least, not too much
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we cannot control asteroids but we can control who we bank with and i dont see the benefit of banking with a company that is exempt from the deposit guarantee
 
Prior to the bank guarantee in the Autumn of 2008 An Post was seen as the safest place to have money on deposit. So much so that the state feared a run on the banks with people withdrawing cash from the main pillar banks to put it on deposit with An Post.
 
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