More questions about the Anglo-Irish Bank

M

MDSurcin

Guest
I apologize in advance if my question is really stupid but i'm getting quite worried now...
I have a 30-day deposit account with the Anglo-Irish Bank and i'm wondering if I should close it now and move my savings to another bank? Do their current problems mean that their customers are taking a big risk?
Thanks in advance for any helpful reply, because I really don't know much about finance...
 
You have a Government Guarantee on your money so dont worry but if they keep dropping the interest rate i'd move to another bank with better rate.
 
Thanks for your reply. At least I'll stop worrying and start looking for better rates!
 
You can withdraw or close a 30 day notice account with Anglo without notice, the penalty is you will be charged 30 days interest, so for each €1K it will cost you €3.29 (€1K x 4%/365 x 30)

Given that you have a state guarantee, why not give the required notice, you then have 30 days to shop around, and then transfer to your preferred higher rate bank without penalty.
 
It annoys me that your willing to give 30 days notice and you get 4% as opposed to a Premium Demand Account you are getting 4.5% or 5.5% depending on balance and no notice required. 30 day notice should match these rates and even go higher maybe depending on balance on a/c.
 
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