Nervous about Anglo

Status
Not open for further replies.
Just to add a comment on the customer service side (as opposed to deposit safety). I opened an account yesterday in the Stephens Green Branch and found them very easy to deal with and very professional. And they're open till 6 pm.
 
If the people giving out loans knew their job as well as the customer service in Anglo then there wouldn't be problem. Many other institutions could learn from them on the customer front, but all of this good work may go to waste if the lending was dodgy.
 
I'm just about to open a regular saver a/c and a fixed term deposit (1 year 6%) a/c with Anglo. In view of yesterday's share price collapse, should I re-consider? Thanks.
 
Omega said:
I'm just about to open a regular saver a/c and a fixed term deposit (1 year 6%) a/c with Anglo. In view of yesterday's share price collapse, should I re-consider? Thanks.
Click to expand...

Why not go to Investec and get 6.5% for the same product and save yourself worried about Anglo ?
 
If it were me I would re-consider. In view of their share price collapse it's obvious that the market feels that their bad debts provisions are way too low. This is a company that was valued at €8 Billion only last year & is now worth just €251 million. Their loan book is heavily weighted towards property which as we all know is only losing value in the current climate. They will have difficulty raising capital with a declining market capitalisation & look as though they may not be able to meet loan losses. It looks to me as if Anglo will be the first Irish Bank to be broken up & merged with one of the other banks. If there were a run on the bank at this moment in time it would most likely go to the wall & the goverment gaurantee scheme would then have to come into play. For peace of mind & the sake of a few percentage points in interest I would stay away for the moment. Please note that this is just my personal opinion & is completely open to debate.
 
People seem a bit unnerved by Anglo's share price, but if you look at BOI for example, it's not all that far behind it. Should people feel nervous about their deposits at BOI because its share price is under €1.00 again. I don't think so. The government has come out and guaranteed all the banks. I don't know what more reassurance people want. If they have doubts about the government's solvency or the safety of bank deposits in general then that's another story. Nothing for it but gold coins, ammunition and tinned goods then I guess

As regards Anglo's service, I can also report I've found them to be excellent. It's a shame the bank's survival as an independent entity is in question. The thought of them being absorbed into AIB or BOI is really quite depressing from a customer service point of view.
 
A crisis at Anglo might indeed lead to a short term issue with withdrawals. However money placed on a 1 year term is not needed urgently and there is some time for any short term problem to blow over or for government intervention to take effect. So if you need your money quickly then even the good rates might not make Anglo worthwhile, if your need is less urgent then trust in the deposit guarantee.
 
I have a 30 day notice account I opened about 18 months ago, my current interest rate is 4% or something, cant remember exactly, but certainly not 5.5%. Why am I not getting that rate?
 
Both The Sunday Times and Sunday Tribune today are speculating on nationalisation this week . It will be an interesting week for Anglo.

I did not think that it would come to this.
 
I already have a fixed term account with Anglo and was planning to deposit some more but I think I'll watch and wait for the moment. I must agree that their customer service was excellent while opening this account...
 
Yep I am a little nervous myself. While I admit it is unlikely that it would go under but in the event it does, I would have reservations about how long it would take to get my money back from the government gaurantee. I am going to pull most of my money out of the Premium Demand account and put it in Rabo even though the rates are very poor there at present. It seems to one of safest banks operating in Ireland at the minute. I'll move it back once I'm convinced that Anglo are secure.
 
I'll have to buck the trend here & say I've opened, transferred money into their 6% 1 year account within the past week.

I'm happy enough to lock it away for a year as it is (Would have been the same with Investec if I'd time to get the documentation sorted - 6.5%) & it's 100% guaranteed so I'm not going to dwell on it.
 
Raul, Rabo interest is now very low and although they are reckoned one of the safest banks what is wrong with Northern Rock demand on line @ 5%? Guaranteed by the British Treasury.
 
TSThomas said:
.....I've opened, transferred money into their 6% 1 year account within the past week.....
Click to expand...
I've also done this and assume that everything will be OK - mind you , I've put a few bob into Investec as well.....
 
oldtimer said:
Raul, Rabo interest is now very low and although they are reckoned one of the safest banks what is wrong with Northern Rock demand on line @ 5%? Guaranteed by the British Treasury.
Click to expand...

You've actually read my mind Oldtimer I have a Rabo account already so I'm moving the money today. I will complete documents for a NR account in the next day or so also and move the money across. I just didn't want to leave my money in Anglo until I had my NR account opened.
 
Omega said:
I've also done this and assume that everything will be OK - mind you , I've put a few bob into Investec as well.....
Click to expand...
I went with Anglo in the last week also for a fixed term 6month and regular saver.Got an Irish Nationwide fixed rate at 6% in October for the 12month term.
 
I opened fixed deposit account with Anglo in 1st week of Dec but I am feeling nervous about it so I am thinking of withdrawing money. Is that possible?
 
drsania said:
I opened fixed deposit account with Anglo in 1st week of Dec but I am feeling nervous about it so I am thinking of withdrawing money. Is that possible?
Click to expand...

What do the Terms and Conditions of your account say? These should have been explained to you at the time you opened your account.
 
Just want to echo the sentiments about Anglo customer care. I rang at 2pm today which was a time of high call volume so I selected the call back option and left a voicemail. They returned my call within 30 minutes. The Anglo rep was very friendly and transferred my money without any hassle. I was amazed to see it was in my other account before the end of the day.

If their rate is still a market leader if/when my confidence is restored in them, then I'll move my savings back there.
 
Status
Not open for further replies.
Menu
Log in
Register