I want to deposit 7,000 euros

Hello,

I was wondering if anyone could please help me. I want to deposit 7000 euros into a savings deposit account. I have read the best buy thread but unfortunately I'm not financially savvy so I am not to sure what the best deal is.

From what I can gather, the Irish Nationwide Building Society: Instant Access account with 3.25% up to €20,000 seems to be the best deal. I was just wondering in relation to the account, is there a fixed term in place and if so what is it?

Also because there are serious questions over the future of INBS and it's current financial state, would it be advisable to put my money there in the first place?

Thank you in advance.

curious100 said:

From what I can gather, the Irish Nationwide Building Society: Instant Access account with 3.25% up to €20,000 seems to be the best deal. I was just wondering in relation to the account, is there a fixed term in place and if so what is it?

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There is no fixed term.

curious100 said:

Also because there are serious questions over the future of INBS and it's current financial state, would it be advisable to put my money there in the first place?

Thank you in advance.

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INBS are closing down shortly. They are rated junk by the credit rating agencies, in serious financial trouble and they are dependent on the ECB, IMF, EC, CBI, self insurance and the state for ongoing survival.

Do you want instant access? Nationwide UK pay 3 %.

Thank you for the reply. I decided to go with AIB since I already have a current account with.

Hi,
So are you saying that any deposits with INBS should be withdrawn? with the state guarantee, i would have assumed correctly or incorrectly that it would be safe?
Eoin

ctlsleh said:

Hi,
So are you saying that any deposits with INBS should be withdrawn? with the state guarantee, i would have assumed correctly or incorrectly that it would be safe?
Eoin

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Hi Eoin,

The Irish state is bankrupt. I think there are better options for deposits than state banks. I also think INBS do not pay a sufficient interest rate risk premium for deposits.

Your INBS deposits will possible only backed up by NAMA Bonds from the end of this week once the "auction" is complete. Another reason to move INBS deposits.