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

Totally agree with Bigmc....everyone to there own in terms or leaving or withdrawing money from irish banks!! its all the uncertainly with this gob****e goverment about will the budget be passed or not!! what is going to happend is the budget will be passed without a doudt and the bailout will be signed, that should ease peoples worries.....and we can all have a good xmas
 
What is this, the mutual appreciation society.

Anyway I went in to AIB today. I'm transferring money tomorrow to the National Irish Bank. However AIB have refused to let me transfer money out my 30 notice account until the 30 days are up. This is where the bulk of my money is so hopefully nothing will go belly up before this date.

I'm thinking of moving the rest in to UK Nationwide or atleast splitting it between them. Am I making the best choice regarding the safety & dependibilty of financial institutions and secondly regarding return. Of course there is also Vestec, Northern Rock (I thought they had a dodgy reputation), Rabodirect, Leeds something or other. Would any one these be preferential to the two institutions I've chosen to invest in.

Also how do I contact UK Nationwide, have they a physical office open you can walk into yet in the IFC or Merrion Sq or when is the latter opening. Has anyone got addresses/phone numbers to contact them.

BTW National Irish Bank (NIB) are closing their branch in Terenure at the end of the week i.e. November 26th. They are a cashless bank, they maintain very dependable who have an agreement with the Post Office to let customers withdraw their money there. 50% of deposits are covered by the danes, 50% by the Irish government.

AIB wanted to know today had I an issue with their bank. Do I have an issue, of course I do. I've been quiet till now but after the weekend they put me through, I let them know it today.
 
DocOc said:
Is the 100k Euro guarantee in place at the moment or from January 2011? Thanks.
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Ciaran posted on this forum that is the case. I did not check, but I believe he is the person who knows.

CiaranT said:
Yeah, I assume the INBS penalty is taken off interest accrued rather than capital?
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I don't know, I am still waiting for them to reply.
 

Did the give you an option of a withdrawal penalty? Did you ask?

sandra1 said:
Ciaran posted on this forum that is the case. I did not check, but I believe he is the person who knows.
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It changes to 100,000 EUR per person per UK regulated bank from January 1st 2011.


Their contact details are on www.nationwideuk.ie
 
Are deposit rates likely to go up or down now?
Half of me thinks UP because the banks need to build a deposit base fast.
The other half thinks DOWN because the interest payments will cost too much.

What happened in Greece, Iceland, etc.? Thanks.
 
Irish bank deposit rates are going up, not because of ECB rate increases, but because of the need for funding.

Some foreign bank deposit rates are going down, because of excess funding, such as the NUK rate.

Some foreign bank deposit rates are going up, as they see now as a great opportunity to attract new customers, such as KBC and Investec.

Irish bank deposit rates are likely to continue to go up until IMF funding is put in place and a restructure has occurred.
 
I have a deposit with Permanent TSB locked until March.....should I withdraw everything now and loose interest/pay penalty or rather leave it there until March? Is the real danger just with BOI and AIB or all Irish Banks?

I also have a large sum with RaboDirect, I was thinking to take out most of it and spread it across these banks:

barclayswealth (UK)

webank (Italy)

keytradebank (Belgium)

I know if they decide to block funds leaving the Irish Banks then Rabo Direct would also be blocked as you need to have an Irish Bank account in order to use it, but would there be really a danger of losing those money or would they be able to pay out to a foreign account (or cash if necessary) ? I would hate to take everything out from Rabo as I have an account with the for almost 6 years now and I really like it.
 
Yes CiaranT,

Did the give you an option of a withdrawal penalty? Did you ask?
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Yes, I did ask. The bank official said there were no penalties for early withdrawal.

I was chuffed, I thought to myself how nice this person is. My smugness didn't last for long when she continued "We just don't allow you withdraw before the 30 days, you have to leave it in for the full term."

I begged & pleased to no avail, the lady was not for turning.

I made a mistake well actually I was informed wrongly by National Irish Bank. You can put in money through the post office but you can not withdraw it on behalf of the bank though withdrawal facilities may be available through the PO next year.
 
TripleAceIRL said:
I have a deposit with Permanent TSB locked until March.....should I withdraw everything now and loose interest/pay penalty or rather leave it there until March? Is the real danger just with BOI and AIB or all Irish Banks?
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PTSB are in a big mess like the other Irish banks. PTSB have got a massive 8 billion in emergency liquidity from the ECB (and the ECB have said they are pulling this liquidity in January), a huge tracker mortgage base which is unprofitable and an unsustainable 280% loan to deposit ratio.

That said, if the IMF agreement is passed by the Dail, I see the short term risk to your deposit as been low. I suggest you wait till March 2011.
 
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