EBS - 5.1% Fixed Rate - lump sum deposit a/c

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eileen alana

Registered User
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476
EBS have a new 5.1% gross P.A./A.E.R, fixed rate savings account for lump sums. Min Balance 25,000 euro,Max Balance 500,000 euro.

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Yes and if Nationwide decides not to demutualise for another two years, savers are in with a chance to share in any eventual payout :D.
 
If you already have an Irish Nationwide Account that currently would qualify for demutilisation, would there be any danger in opening another account?
 
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Where you transfer your funds directly from one Share product to another Share product, your membership with the Society remains continuous from the date on which you originally opened your first Share account, provided that the representative account holder remains unchanged.
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The 5.1% offered by both EBS + Irish Nationwide seems to offer the best rate for 1 year lump sum deposits, unless anyone knows of a better one? I would be looking to invest 250k circa.
 
Are you putting €250K on deposit for a year because you will definitely need it after that time? If not then you should be aware of the risks of putting such a large amount on deposit - e.g. 5.1% after DIRT is c. 4% net which is less than the last reported inflation figure (4.3%) so your money is losing real value. There is also a (most likely slight) risk in investing such a large sum with a single institution since the CB/IFSRA depositor compensation scheme only covers about €20K in the worst case scenario.
 
U2Fan said:
The 5.1% offered by both EBS + Irish Nationwide seems to offer the best rate for 1 year lump sum deposits, unless anyone knows of a better one? I would be looking to invest 250k circa.
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I agree, it is far too risky putting all your eggs in one basket. You are looking at opening 12 accounts saving approx 20,000 in each one, if you are married you'll be able to open two separate saving accounts within the same institution which will lighten the workload involved. Have a look through the Financial Best Buy Forums for the best interest rates currently on offer. With that amount of spare cash and the risk of inflation eating away at it perhaps it would be advisable for you to see an Independent Financial Advisor
 
if you're married, you should be able to open 3 accounts, one in your name, the other in your spouse's and one joint a/c.
 
vipera1 said:
if you're married, you should be able to open 3 accounts, one in your name, the other in your spouse's and one joint a/c.
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Would a saver be covered by the deposit compensation scheme if he had his name on more than one account (be it a single and joint a/c) with a particular financial institution?
 
For the record you're covered for 90% of your savings up to a maximum of €20K. This means you can save up to €22,2222.
 
You are covered for 90% of your savings, with a maximum of € 20,000

So if you have € 22,222, you will get back 90% of €22,222 = €20,000
If you have more than €22,222, you will get back €20,000
If you have less, you will get back 90% of the amount
 
ClubMan said:
Are you putting €250K on deposit for a year because you will definitely need it after that time? If not then you should be aware of the risks of putting such a large amount on deposit - e.g. 5.1% after DIRT is c. 4% net which is less than the last reported inflation figure (4.3%) so your money is losing real value. There is also a (most likely slight) risk in investing such a large sum with a single institution since the CB/IFSRA depositor compensation scheme only covers about €20K in the worst case scenario.
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Just wondering clubman i have 300k to invest from the sale of a property which i won't be needing for a long time i was going to invest it with either Anglo or ebs and i would be earning approc €12k after dirt tax. I would not be prepared to invest in stocks or shares not for me i'm afraid not brave enough.you are saying i would be loosing real value how is this?
 
I feel it would be madness and extremely risky to invest such a huge sum of money in one financial institution. In addition, inflation is currently running at 4.8%, you will lose out because most of the higher interest saving accounts are paying around 4% after deduction of dirt tax.
 
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