Where should I put savings? Under mattress?

M

Meridian

Guest
I have around 400k currently in an bank account where it's not doing much. I may need the whole amount, or a large proportion of it, in nine months to a year.

The things I'm not sure about are:
- Will the end of the bank guarantee scheme in Sept destabilise everything again?
- Are Irish Nationwide and Anglo safe enough?
- Would Nationwide (UK) Ireland be the best, safest bet?

My priority is keeping it safe rather than taking a risk for the highest rate.

Any suggestions or advice appreciated, thanks.
 
The easiest way is to split it up into 4 deposits of 100k in four different banks as the government guarantee covers up to 100k per person per institution.
 
Thank you elcato, great idea. I guess the only thing that worries me is what happens when govt guarantee ends in Sept. Is there a consensus of opinion on what will happen? eg, worst case will there be a rush to get money out of Irish banks? If this sounds like a stupid question, apologies - I'm not too well informed about the situation.
 
The government guarantee that finishes in September is for all deposits in the banks not just up to 100k. After September they guarantee up to 100k only so you're safe as long as their word is true.
 
If you don't fully believe in the solvency of the Irish state, you might consider moving it to non-Irish banks (e.g. Rabo/ Northern Rock).
 
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