To continue with Anglo or move?!?

W

widescreen

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Hi folks, I have had a fixed rate account with Anglo Irish Bank for a year. It matured last Jan. Cash is still with them on an Easy Access account(1.5%) as I have just not go round to doing something with the account. Was either going to start another fixed rate for a year with Anglo or go to another Bank.Was thinking of Ulster Bank. Amount is 20k.

Reason for asking is my doubt about Anglo staying the course. Anyone else share my doubts or can suggest another option?

thanks
 
I think may people would share your doubts about Anglo's future.

However, your deposit is state guaranteed regardless of whether the EC tells Anglo to wind down or not.
 
thanks. If I avoid Anglo can anyone advise if the guarantees in place for using Ulster bank are similar to the Republic banks? ie. is a deposit of say 20k covered. thanks
 
Yes, it is nationalised. Deposits are 100% state guaranteed in both An Post and Anglo. So they offer the same protection, at least until December 31st 2010.

Anglo's future is far from certain. An Post might be perceived as being 'safer'.
 
I looked into this in detail yesterday and my understanding is as follows...

Under later GLS Gov Guarantee scheme, provided that you place you TERM deposit before 31st Dec 2010 with an institution that is covered under the GLS scheme (and provided that deposit was placed with the institution AFTER they joined the GLS scheme) your deposit is guaranteed for the full term of the deposit upto 5 yrs. Therefore it does extend beyond the 31st Dec for TERM deposits provided you deposit before then.
 
so if i place any funds in account after 31st dec or if i open a new account and move funds let say from BOI to AIB then they are not covered is that what you are saying galleryman?
 
I was with Anglo yesterday as my fixed term had ended and was transferring to a new fixed term. I was assured that my deposit would be protected for it's full term.
While the Bank Guarantee scheme ends in September (unless it is renewed) the Government Protection scheme is open ended.

Obviously I thought long and hard before going this route so fingers crossed that I made the right decision

Or I'm in deep sh.......
 
I was thinking of putting my few bob into Ulster bank for a year at 3.15 gross and actually withdrew my cash from an Anglo Easy access account last tuesday and lodged it into an oldfirst active account I still had pending me getting some forms signed to start a fixed term with Ulster Bank next week.

Then Ulster got bad publicity last Friday and it puts doubts in your mind etc. Anyway, after a bit of research,checking etc it seems that once you don't have more than 100k in practically any bank you are covered if things ever go belly up.

If thats the case maybe we should all stick our money in Anglo.... Might stick it back in there next week:))
 
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