Deposit safety 300k

M

mmmmm

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Hi everyone, So i've had circa 300k floating around for the last 3 years. I planned on buying a house but I am not sure it is the right time to buy so despite being very concerned about the safety of deposited money I am holding off on buying a house. I have money spread between Rabo, Northern Rock, NIB, AIB, and Ulster Bank. I plan on moving money from Northern Rock now that the guarantee is being removed. Where would you deposit 300k? Or how much where?

Thanks for advice- I got good sound advice here a long time ago and thank you again to everyone who replied then. Hopefully some of you out there can give me some advice now!! Cheers!!
 
Nationwide UK @ 3.30%. They are AA rated and they give you a good rate of return.

What account do you have with NIB and AIB? Your return is likely to be low with these banks.
 
Depends on personal preference really. Risk versus return versus easy access to your money.

In terms of risk you might want to spread your money round. Depending on the bank the irish deposit protection scheme should cover you up to €100K. Woth noting that NWUK is only covered by up £50K. Have a look here for more details http://www.itsyourmoney.ie/index.jsp?1nID=100&nID=153&aID=620. So it might be worth spreading it aorund a few banks. Ultimately its a personal preference you may decide to put all your eggs in the one basket.

The next quesiton is will you need access to all/part of the money. If the answer is yes then you you might think of putting it all or part of it in an instant access demand account. More here http://www.askaboutmoney.com/showthread.php?t=102329

Otherwise you might get better rates locking all or part of it away for a period of time. More here http://www.askaboutmoney.com/showthread.php?t=101813

Personally I employ a combination of the above. In addtion I feed a number of regualr savers account. http://www.askaboutmoney.com/showthread.php?t=20747

If its a house fund i.e., a fund you're not looking to touch for a while why not consider an Post rates, State guarneteed and very goof for maturitees of 3-5.5 years. Otherwise jsut run through the best buys
 
I'm likely to be in a similar sort of situation in the next few weeks and like the OP I'm a bit concerned about the security.

Nationwide depositors are covered for £50k by the FSA guarantee. That leaves a lot of cash (theoretically, at least) vulnerable out of €300k, right?

Is there merit in the idea of putting say €100k in Nationwide, €100k in Ulster Bank and €100k in INBS or Anglo? Or is this riskier?

Also is it fair to say that demand accounts offer more security than term deposit accounts as you can pull out if things start to look a bit shakey at any point?


Thanks.

Edit : (didn't see your post before replying Skrooge)
 
Gringo said:
Also is it fair to say that demand accounts offer more security than term deposit accounts as you can pull out if things start to look a bit shakey at any point?
Click to expand...


Some term accoutns allow you to make withdrawels or even close them all eb it at a cost in terms of interst or other charges. I'd be careful thinking like this. Remember the line of people outside NR office in Dublin. Unless you know something other people don't it's very easy to get caught out like this.
 
Similar situ myself, have deposit maturing end of month. I'm trying to weigh up the possibility of Ireland defaulting. Very hard to know what's going on behind the scenes - is alot of money leaving the state. An post , Anglo and Ulster have best rates if confident all is and will be ok.
 
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