€150K to put on deposit, options?

duchalla

Registered User
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65
Hi,

I've €150,000 to put on deposit. I'm putting €80,000 in to a 7 month term deposit with EBS paying 3.5%. I was thinking of putting the remainder into a 3 month term deposit with Irish Nationwide also paying 3.5%, but the government gaurantee runs out before the INBS account matures. To be honest INBS doesnt inspire me with confidence, I just feel there will be a run from INBS just before the gaurantee ends. Am I being paranoid?

Another option would be to transfer the €70,000 into my wifes name and get her to open a 2nd 7 month term deposit with EBS in her name. Would both EBS accounts be covered by the gaurantee as they both have less than €100,000 and are in different names even though they would have the same address?

I know if you were to open a term deposit before the gaurantee runs out, you'll be covered for the lenght of the term. I just want to have all the bases covered.

Thanks in advance.
 
Another option would be to transfer the €70,000 into my wifes name and get her to open a 2nd 7 month term deposit with EBS in her name.
Thanks in advance.

Wherever you decide to put your savings, would it not be better to have joint accounts, so if anything happened to either of you the other would still have easy access to these funds.
 
I think it is understandable that you have concerns about INBS. Your money is almost certainly safe but the risk is certainly 'greater' than other banks.

Another option would be to transfer the €70,000 into my wifes name and get her to open a 2nd 7 month term deposit with EBS in her name. Would both EBS accounts be covered by the gaurantee as they both have less than €100,000 and are in different names even though they would have the same address?

The 70k/140k deposit would be guaranteed if it is in your name or your wife's name or both. Any term deposit opened before the expiry of the guarantee is fully state guaranteed regardless of the amount.
 
Cheers for that Ciaran, much appreciated. went into EBS this morning, put the €152,000 into 1 term deposit account. Bank Manager confirmed what you had said. Keep up the good work!
 
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