Savings in Newry UlsterBank Should I put in other Newry bank?

[joeryan]

Hi,
I decided to put my savings into Sterling in UlsterBank in Newry because it's near enough Dublin.

I put it in a 1 year fixed term account which has just matured and I got the balance and it's all good with no problems.

Would I be mad to put my money into another 1 year fixed term with UlsterBank Newry?

Is UlsterBank as safe as the rest of the banks in Newry despite it's recent problems?

Should I look for another bank in Newry like Halifax or Santander?
(if they let me open an account)

Any advice/comments welcomed.
Thanks.

 

[mercman]

Is UlsterBank as safe as the rest of the banks in Newry despite it's recent problems?

I'm in the same boat as you. Have my sterling deposits with UB in the North. My own view is that the RBS, parent of UB are 83% owned by HM Government. As the UK have and control their own currency, my own belief is that they are working through the problems and should hopefully come out of the disaster area in a few years.

Other than that I would have less faith in Santander which are Spanish, (look at their circumstance) and Halifax which are part owned by the UK Govt, but to a much lessor extent.

 

[joeryan]

I'm in the same boat as you. Have my sterling deposits with UB in the North. My own view is that the RBS, parent of UB are 83% owned by HM Government. As the UK have and control their own currency, my own belief is that they are working through the problems and should hopefully come out of the disaster area in a few years.

Other than that I would have less faith in Santander which are Spanish, (look at their circumstance) and Halifax which are part owned by the UK Govt, but to a much lessor extent.

Thanks for the excellent information - I didn't know they were 83% owned by the UK Government. I think I will leave it there - I feel better already

 

[robd10]

Joe,
I have some sterling that I’m looking at relocating, I rang the Ulster bank Enniskillen and was told fixed term deposits had to be UK resident, which I’m not. They offered me a deposit with ‘moneydesk’ @ 1% apr!! How did you get on with your deposit account?