So is my money safe in AIB now?

[joeryan]

I resisted moving my money out of AIB so far.

Now with the bank stress tests over -
Is my money safe in AIB?
Has anything changed?
Should I be ready to move it?

People are saying we will have a structured default in 2013 -
Will my money ever be safe in this country again?

I'm thinking a Sterling account up north is easiest option -
Surely the UK won't default...?

 

[01NANA]

hi joeryan,

Well ive stressed about this many times...Im just a humble housewife with little savings which I have worked hard for and pondered on this issue for a while. So you say to yourself "Is there a chance I could loose some of my savings with the way our country has gone?" So there was a decision to make (1) Do nothing or (2) Do something. I went with (2).

Ive withdrawn all my savings and put some in an account in France and more into sterling and dollars and left the balance in euro, all kept safely away from banks, post offices etc. Im afraid it was just a chance I wasnt willing to take. Ive 3 kids to think of putting through college etc. Its enough that I have to pay for corrupt bankers and builders without haviing to pay anymore. The deposit interest isnt great anyway at the moment....

Again, Im not God and Im sure there will be some more valuable information out there but you should sit down and ask the 2 questions above. If you are going for the latter then dont wait.

Good luck.

 

[joeryan]

Hi 01Nana,
That was a great response. Why am I waiting?

I'm going to open a sterling account in the north.
Thanks for the kick in the ass - I needed it

I remember reading that someone put their money up north and the bank did the exchange from euros to sterling and it was a poor rate.
How do I avoid this?

Do I take the money out in bank draft then go somewhere and get it converted to sterling bank draft and then put in bank up north?
If so where would I go for a good rate?

 

[demoivre]

In the last three years or so the EUR has bought between GBP 0.82 and GBP1 ( almost ). Are you folks happy with the forex risk of converting and leaving your EUR in sterling? I'm just curious about the strategy - I've no idea what the forex rate will be in 5, 7 or 10 years time.