large lump sum losing income, ideas?

D

duffsaw

Registered User
Messages
30
hello to all,
i would like some advice if possible. i have a very large sum on deposit in boi at a good rate for the next couple of months, but with things how they are on the banking and government finances front, i just wanted some opinions on what i should do both for safety and income/interest.
should i split it? is there any point doing that? should i move it to another country's bank, what about us pulling out of euro? and any more frightening scenarios you could think of.
like everyone else i'm worried, but if you could give me some idea i would appreciate it.
this is a great site, grat info and discussions, if a little scary this past while!!!
duffsaw
 
I`m in a similar position Duffsaw but you have me wondering what "good rate" you are getting in BOI?
 
Well IMHO you would be wise to have some in another bank....just in case access becomes difficult in your only bank. Why not try some of the higher interest rates accounts?

Based on my years as a housewife, my economic opinion is that "worst case scenario" would look like not getting immediate access to your cash on demand if that bank sank, but I believe you would get it eventually.

But it makes sense to have it spread around a little bit.
 
We're all in the same boat !! The best rates for deposits are with Bank of Scotland (Ireland) at the Treasury Department in Stephen's Green. At this point in time, it appears that Governments are not about to let any Banks go under. As I have already mentioned in other Posts about Anglo, the best (or worst) is yet to come out about BoI.
 
Mercman

And what are the deposit rates at Bank of Scotland, Treasaury H/Q.
 
Varies on the amounts. But I have found them to be the best deposit rates for the past 3 or 4 years. Currently locked in at 4.5% sterling.
 
duffsaw said:
hello to all,
i would like some advice if possible. i have a very large sum on deposit in boi at a good rate for the next couple of months, but with things how they are on the banking and government finances front, i just wanted some opinions on what i should do both for safety and income/interest.
Click to expand...

From an interest income perspective read The Best Buys Term Deposit Thread (Assuming you don't need instant access to the funds)

BOI don't offer any market leading rates.

1. Best Buys - Highest Term Deposit Rates

6 Months - Investec - 5.58% (Discuss here) Expires March 31st 2009
1 Year - Anglo-Irish Bank - 5.25%
2 Years - Halifax - 4.28%
3 Years - Halifax - 4.03%
5.5 Years - An Post - 4.58%
Click to expand...
 
You must log in or register to reply here.
Back
Top