Hi Folks
Being reading some of the great advice that has been given lately on this site. Thus i have withdrawn all my savings from An Post Savings Certificate due to concern over the safety of these funds.
Was reading Brendan's key post with regard to the safest banks to invest my savings in.
Was looking at three banks.
Rabobank
AAA rating, on demand access is 2% interest rate. Backed by Irish & Dutch guarantee.
This is a very poor rate but deposits would be safe enough here at present. Their Term rates don't seem up to much either.
Nationwide UK
Again, according to key post, these are a safe bank as well. Backed by UK Guarantee and solvent. 3%AER is the easy access interest rate but they do have an interest rate for 1 year of 3.4% i believe.
Investec
Again, this bank is also deemed to be safer than irish banks, backed by UK Guarantee and solvent bank. Have a 3.6% interest rate for 12 months.
My long winded question is -- Am i better to put my savings into an on demand account whereby i can access my money straight away even though the interest rates are not great.
Or are these banks deemed safe enough to put my savings into them for say 1 - 2 years and get a better interest rate.
I will not need access to my savings in the near future - just thought that it may be better to have easy access to your money in these worrying times.
But, if these banks are safe, is it better to go for term deposits with higher interest or easy access with low interest rate.
Just wondering on what people's thoughts are.
Thanks
PS. Looking at spreading my savings between two of these banks.
Being reading some of the great advice that has been given lately on this site. Thus i have withdrawn all my savings from An Post Savings Certificate due to concern over the safety of these funds.
Was reading Brendan's key post with regard to the safest banks to invest my savings in.
Was looking at three banks.
Rabobank
AAA rating, on demand access is 2% interest rate. Backed by Irish & Dutch guarantee.
This is a very poor rate but deposits would be safe enough here at present. Their Term rates don't seem up to much either.
Nationwide UK
Again, according to key post, these are a safe bank as well. Backed by UK Guarantee and solvent. 3%AER is the easy access interest rate but they do have an interest rate for 1 year of 3.4% i believe.
Investec
Again, this bank is also deemed to be safer than irish banks, backed by UK Guarantee and solvent bank. Have a 3.6% interest rate for 12 months.
My long winded question is -- Am i better to put my savings into an on demand account whereby i can access my money straight away even though the interest rates are not great.
Or are these banks deemed safe enough to put my savings into them for say 1 - 2 years and get a better interest rate.
I will not need access to my savings in the near future - just thought that it may be better to have easy access to your money in these worrying times.
But, if these banks are safe, is it better to go for term deposits with higher interest or easy access with low interest rate.
Just wondering on what people's thoughts are.
Thanks
PS. Looking at spreading my savings between two of these banks.