Worried about the Irish Bank Guarantee? Want to maximise your demand deposit interest

Hi Bigmc, thank you for your advice. I'd transfer my money on Monday in case there is no penalty involved. Nobody knows for sure what is going to happen, but for the moment I hope it is going to be OK until June.
 
No problem, glad to be of help.

If there is no penalty or a lower than expected penalty, then absolutely move the money out of INBS.
 
Hi Sandra,

I think after tonights news we & lots of people like us are ok with our deposits for the medium term anyway, well at least thats the way i read it!

If you do go ahead withdrawing your money from INBS would you be so good as to let us know how you get on & what penaltys you are given for withdrawing your money early.

thanks
 
Hi Bigmc, I think I will wait until June and transfer my money after the term ends.
I am going to find out what the penalty is and I'll let you know. I know I should have asked before I put my money there, but I didn't. Thank you for your concern and help :)
 
No Problem at all.
There is alot more people than just you with your money in the likes of INBS so dont be hard on yourself for puting your money in there. Im sure like myself when you were investing it you were looking at the interest rates & trying to get the best for your money. Also its very hard to make the right decision when we are being lied to by the goverment & bankers etc etc
 
Like Sandra1, I also have money in those institutions and watching and waiting very nervously.I hope the bailout means we can sit tight til may atleast??
 
SPC100 said:
If you dont fully trust the Irish Bank Guarantee, and if you don't want to open a bank in a foreign country, but you do want the best possible demand deposit return with a foreign guarantee, here is my suggestion;

Obviously this solution would not be optimum if Ireland was to leave the Euro.
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How so SPC?
 
CiaranT said:
Slim chance. 99% likely your money is safe, for the medium term, if there is an IMF deal.

Where are your deposits at the moment?
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I have most of my cash inThe EBS but does it make any difference which bank since they all seem to be lumped together and all of them have problems ?
I didnt put my money into the bank for the pathetic rate of interest but to keep it safe :/
I also have an old with profits fund with standard life which was originally taken out in punts but paid up to the end in Euro.
Is an insurance company like Standard Life also safe ?
 
to answer both questions -

Doc is here http://www.imf.org/external/pubs/ft/wp/2008/wp08224.pdf
The doc "covers all systemically important banking crises for the period 1970 to 2007, and has detailed information on crisis management strategies for 42 systemic banking crises from 37 countries"

If we leave the euro, it is likely that the banks in this list will be legally obliged to change your euros into the punt nua, as they all operate in Ireland.
 
sandra1 said:
Hi Bigmc, I think I will wait until June and transfer my money after the term ends.
I am going to find out what the penalty is and I'll let you know. I know I should have asked before I put my money there, but I didn't. Thank you for your concern and help :)
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Hi sandra1, I envy you quite a bit. If hear that my savings could remotely be at risk I would move them away ASAP... :confused: Well done on keeping so cool! :eek:
 
bullworth said:
I have most of my cash inThe EBS but does it make any difference which bank since they all seem to be lumped together and all of them have problems ?
I didnt put my money into the bank for the pathetic rate of interest but to keep it safe :/
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EBS are one of the 6 Irish banks. They are guaranteed by the Irish state like other Irish banks. There is nothing that makes EBS 'different'.
 
I have just under 100k in INBS :(
70k in EBS
and 55k in Ulster bank, Should I move the 100k into Rabo? Im afraid I will loose all

What kind of penalties should I expect from INBS account is mature in Aug 20th

thanks
 
Hi tech, welcome to the club. I am happy I'm not alone. I have sent an email to INBS and I'll post when they answer me about the penalty.
If there is no penalty on your other accounts NUK is the best option for the first 100K.
 
sandra1, then if you are worried then why not forget the penalties and save the capital sorry? It's like trying to save small things while the house is burning and you should save the valuables... :confused:
 
sandra1 said:
Hi tech, welcome to the club. I am happy I'm not alone. I have sent an email to INBS and I'll post when they answer me about the penalty.
If there is no penalty on your other accounts NUK is the best option for the first 100K.
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Is the 100k Euro guarantee in place at the moment or from January 2011? Thanks.
 
tech said:
I have just under 100k in INBS :(
70k in EBS
and 55k in Ulster bank, Should I move the 100k into Rabo? Im afraid I will loose all

What kind of penalties should I expect from INBS account is mature in Aug 20th

thanks
Click to expand...

thier was a slim chance of savings being in danger last week , thier is no chance now , the whole point of the bailout is to prevent an irish banking collapse from becoming a european bank collapse and subsequently a euro collapse , german and british banks lent heavily to irish banks so the two were joined at the hip , even you took out your money and put it in a german or belgian bank , were thier to be a european wide bank run , no one would be safe anywhere from the carnage

id be more worried right now about the impending 100 billion mortgage were being saddled with for generations to come , this is the price we are paying for the protectiong of irish ( and european ) banks , let no one think that the EU is rescuing us , they are rescusing themselves
 
sandra1 said:
Thank you Marietta. Would you know am I going to loose anything if I withdrow the money before the end of 1 year term? I know I'll not get interest but am I going to get the whole deposit if I withdrow earlier?
Is the second bank you recommend Northen Rock?
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Check out Nationwide UK!!

As for your deposite they are 100% safe, if people were to start losing their money there would be chaos on the streets and law and order would totally break down.....so in reality the IMF/ECB are not going to let that happen.
 
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