Where to deposit the NR withdrawl, spreading the risk?

My brother is with them and he hasn't had any problems with their customer care. It's awful to have fustrating service, it makes my blood boil. This shambles with NR has shaken up the whole concept of internet banking, I heard in the radio either today or yesterday that only a very small minority of Irish people do online banking and I think that after this latest fiasco they will be less of an uptake for it. I can't wait for Friday to come, my 3 weeks notice period with Permanent TSB is up, I am going to withdraw my ssia savings because according to the indo a couple of weeks ago they are also in a percarious state.
 
Re: Where to deposit the NR withdrawl?


The guarantee lasts until the existing period of instability is over. I presume that means until the BoE decides it's over. Heard an official in NR this morning state that the guarantee will end when (not if!) NR is taken over. That's pretty obvious I suppose but it means that customers will then have to take a view on the financial stability of that organisation.
 
I read in one Sunday paper that the BoE had guaranteed deposits in all English banks, and not just NR. Can anybody confirm?

Given the events of the past two weeks, I'd be very careful where you put your money. Rates and customer service are important, but I'd be more concered about capital guarantees in the current financial markets.

Working on the assumption that any bank can have a run or go under, the Irish banks have the worst capital guarantees. 90% of your deposit, subject to a max guarantee of €20k. Also, note multiple/joint accounts are accumulated, so the maximum guaranteed per person is still only €20k.

An Post is state guaranteed, NIB comes under the Danish schemes, Rabo comes under the Dutch scheme & Northern Rock under the UK scheme - all of which offer slightly better capital guarantees than the Irish guarantee scheme.

The Irish banks are the last place I'd put my cash at the moment.
 

Is it fair I wonder to make a judgement about online banking in general because of NR's debacle? A Bank cannot reasonably be expected to install an infrastructure and staff up on the assumption that a crisis is going to occur, and have the resources sitting there most of the time doing nothing. NR were under considerable pressure. Their Dublin staff were very heavily stretched (I happen to know one) and you can't pull untrained people in off the street in situations like that. Staff had to be brought in from the UK and I'm sure they had difficulty sparing them.

I've been using online banking for years without any complaints whatsoever. I'll guarantee that if there was a run on a non-online institution the situation with queuing and with settlements would be every bit as bad.
 


Don't forget the Political element, How likely do you think it is that the Irish Government / Central Bank would let BOI or AIB go under, or have depositors lose a penny and potentially precipitate the collapse of the Irish financial system?

I guess AIB's faith could hinge on how favourable they are to Berties's latest recollectionss.....
 
Business Post?

Is it my imagination or was the Business Post advertising this week that it would have a special this week on the safest place to invest.

I bought it this morning, but can't find find any article like that.

Was it another paper, or is it just me losing it
 
I was looking for it, too! Maybe the item on internet banking..a bit disappointing, I don't usually buy it. Advertising works!

Titch
 
Re: Business Post?


Maybe this?

[broken link removed]

Northern Rockers go for gold

30 September 2007 By Richard Curran

Some beleaguered Northern Rock customers who withdrew their savings used the money to buy gold in search of old fashioned stability.

Dublin-based broker Gold and Silver Investments said that some of its British customers had switched funds from Northern Rock to gold as the price of the precious metal hit a 28-year high last week.
 
Yes, I heard them advertise this also. Didn't buy the Business Post to-day - from previous experience have discovered their advertising flatters to deceive.
 
titchmurph said:
I was looking for it, too! Maybe the item on internet banking..a bit disappointing, I don't usually buy it. Advertising works!

Titch
Click to expand...

Yes, they caught me this time,, but like oldtimer, I will be giving the BP a skip in future, Their "feature" on Internet banking was disappointing, just looked like a regurgitation of various banks marketing blurbs.

No real analysis of features etc.,
 
Hi,
Rather than start a new thread I have posed the question in this old thread even though the last entry was in Oct 07.
My question is where is where is the safest place to put cash on deposit with a decent interest rate, my priority is security and second is interest rate.
My guess WAS Rabobank as they have a AAA rating and my money would be guaranteed by the Dutch Deposit Guarantee Scheme for a max of €38K. For joint accounts held by two persons, this maximum amount applies for each of the joint accountholders.

But having done the research I think I am better off with Northern Rock....interest rate with their online account is 4.85% but the big thing here for me is the FULL deposit is guaranteed by the BoE.

To me this is a no brainer.....put the money in NR earn more interest than I would with one of the safest banks around (Rabo bank with its AAA rating) and have 100% of my funds guaranteed. Where’s the catch, am I missing something.


Very much appreciate any feedback as I have spent the last 3 days reading all the associated threads and getting a better understanding of all this but in no way an expert.

Thanks.
 
Isn't the interest rate 5%? Or do you intend drawing down the interest monthly - hence 4.85%. And, yes, Northern Rock appears to be the safest at the moment.
 
Northern Rock ,5% annual interest ,100% guaranteed by HM Government. Peace of mind and good interest too.
 
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