Savings a/cs - putting all my eggs in one basket

[JJ47]

Hi there,

I have some savings are lwhich are lying in low interest accounts at the moment.

I was thinking of depositing 25k with anglo irish bank 6 month demand a/c at 6.3% and also opening a regular saver a/c at 8% for myself and my wife saving 2k per month over 12 months.

My question is, with the current climate in relation to the banking sector how risky is it for me to be putting all my cash into the one institution? i.e. if anglo irish bank collapses tomorrow how am i protected with regard to getting my money back?

Rgds
jj

 

[ClubMan]

Read this FAQ.



If you are worried then stick the lot in Northern Rock - 100% guaranteed.

 

[JJ47]

thanks clubman!

 

[trebor]

I was thinking of depositing 25k with anglo irish bank 6 month demand a/c at 6.3%

Surely you mean 5.35%? If not, please tell me about the 6.3% account.

 

[ClubMan]

Probably the 5.3% Premium Demand Deposit a/c?

 

[JJ47]

sorry, i meant the 5.35 premium demand.

I

 

[ClubMan]

Premium Demand is 5.3%. 6 month term a/c is 5.35%.

 

[roker]

Quick question, my savings are in postbank, if post bank is not the post office, who owns it?

 

[declanh]

Fortis?

[broken link removed]

 

[oldtimer]

Postbank is a joint venture between An Post and international bank Fortis. Not to be confused with Post-Office Savings Bank. Post-office Savings Bank have the security of state guarantee, Postbank does not. If one requires total security with their savings, post-office products i.e. savings certificates, savings bonds, are the ones for you, but remember, although their interest is tax free, still not attractive. Neither are Postbank savings products attractive, other institutions offer better rates. See guide to savings on this forum and www.itsyourmoney.ie

 

[ClubMan]

If one requires total security with their savings, post-office products i.e. savings certificates, savings bonds, are the ones for you

Or Northern Rock as already mentioned!