Financial Regulator - Compensation Scheme - Online savings accounts.

S

Sue Ellen

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Just looking for clarification on this issue. This may be a stupid question from a novice but hope that the experts here might be able to advise.

I am nervous about opening an internet account and decided to have a read of the Financial Regulators site to allay any fears that I might have. I have read the [broken link removed]section and would have a query with regard to this bit

Deposits not eligible
The following are excluded from the scheme
  • Interbank deposits.
Does this mean that any money lodged by way of transfer on the interent between two bank accounts would not be covered under the scheme?
 
No. An interbank deposit is a deposit by one bank in another bank e.g. a deposit by AIB in Bank of Ireland.

I tried to figure out how the different deposits guarantee schemes work and I gather than a deposit with Rabobank or Northern Rock has at least the same guarantees as a deposit with an Irish bank

Brendan
 
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