Safety of house deposit?


Frequent Poster
Hi all,
It’s looking like we’ll be closing house sale around August 21st. I have the remaining deposit & solicitors fees in accounts in two different banks. I’m uneasy about collating them into one account because the combined funds exceed the deposit guarantee. How close to closing do I need to transfer the money to the solicitors?


Frequent Poster
I wouldn't worry, for two reasons:
  1. My amateur opinion is that resolution of a large Irish credit institution if highly unlikely at the moment.
  2. Even still, you may qualify for what is called a 'temporarily high balance' which has greater protection. From the DGS website.

Temporary High Balances
The maximum amount of compensation payable by the DGS is €100,000 per person per credit institution. In addition certain deposits, known as temporary high balances may qualify for compensation in excess of €100,000. For a deposit to qualify as a temporary high balance it must stem from at least one of the following:

  • deposits resulting from real estate transactions relating to private residential properties
  • ...............
Qualifying deposits are protected up to a limit of €1 million (although unlimited cover is provided for claims relating to personal injury) for a period of 6 months after the deposits have been credited to an account or from the moment when such deposits become legally transferable.