Key Post The best way to protect your deposits

Godfather

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Good article by John Cradden

I've just a query re the sentences:
"The scheme applies per person, per institution. This means that the most you can claim is €100,000 for each institution in the scheme, but if you have deposits with more than one of them, you can claim up to €100,000 per institution."

Aren't they expressing the same concept 2 times or is my English getting worse???:confused:
 
This is a difficult concept for people to understand. So they are giving the rule "Per person, per institution" and then giving an example to illustrate what it means. I think it's well written.

I have made it a Key Post as it explains things well. You can also check out itsyourmoney.ie for a list of the institutions.
 
Govrnment Default-Deposits safe?

What happens to deposits in banks and building societies which are guaranteed by the State if the government is forced to default on its debt or has to leave euro?

In any event while the guarantee gives protection to deposits does it give one access to them also in the event of a 'crash'?

Thanks,
Bogeyman2
 
In some cases when countries defaulted, the government just blocked the deposits for a time and then, I seem to remember, eventually confiscated some of the deposit. But in a mature democracy, this would be a very difficult to carry out as it would entail political suicide on the part of the elite.
 
Thanks for that. Was thinking of taking my 40K from INBS and moving it Rabodirect but perhaps will leave it there for another three months as the interest rate is better(matches the risk?)
 
Brendan
I presume that joint accounts are covered up to 200k still under the Irish Deposit Protection Scheme, can you confirm this. Also I notice on the Fixed Term best buy page EBS and Permanent TSB the ELG scheme is only mentioned on security. Are these not on the Deposit Protection Scheme also.
 
Thank you but is there anyone who would disagree that the sentences I highlighted are both the same?

Thank you for marking my intervention as key post. I would like a gold membership now pls. :D
 
Thanks for that. Was thinking of taking my 40K from INBS and moving it Rabodirect but perhaps will leave it there for another three months as the interest rate is better(matches the risk?)

Perhaps, you definitely get a much higher return for your money and yes you take on higher risk.


Brendan
I presume that joint accounts are covered up to 200k still under the Irish Deposit Protection Scheme, can you confirm this.

Yes, confirmed.

Also I notice on the Fixed Term best buy page EBS and Permanent TSB the ELG scheme is only mentioned on security. Are these not on the Deposit Protection Scheme also.

They are also in the Deposit Protection Scheme.
 
Doesn't a lot of this come down to the Bank Gauruntee. It's hard to see how the Irish Governemnt could honour this given we are close to bankrupt? So what are the chances of the ECB doing so if our Government couldn't?
 
I can see people initially beginning to take out a few thousand euro in cash and keeping it at home - if thing's get any worse you could have a mini run on the bank's -guarantee or no guarantee.
 
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