Worried about my anglo deposit

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chewchew

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I am worried about my anglo deposit of about 70k. If the bank does go to the wall I am guessing the state guarantee will pay me back my 70k eventually, but I won't get any interest on my investment.

I'm tempted to withdraw because I don't want the above to happen. However I don't want to lose the interest I have accrued in the 1st 6 months of the year either. If I withdraw my money now (premium demand account) will I get any interest for the 6 months of the year so far?

Thanks
 
Your 70K and Interest is state guaranteed. It's safe.

If you close your premium demand account you will get bank interest accrued to date.
 
Chewchew, out of interest, where would you consider depositing your funds when you take them out ? With another Irish guaranteeing bank ?
 
From independent.ie:
[broken link removed]

...in particular:

Anglo Irish has already failed, and must now be put out of its misery with as little further drain on the taxpayers' non-existent funds as possible.
That means a break-up and sale of whatever can be sold, an aggressive negotiation with bond holders and the shifting of its most toxic loans into the National Asset Management Agency.
And then shut the door.

I'm too scared. I'm moving everything to rabo.:(
 
Godfather said:
I'm too scared. I'm moving everything to rabo.:(
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If you're moving money, why put it with those rip-off merchants?
Have a look at Nationwide UK Ireland or Northern Rock, for instance.

Personally, I am diversified across several banks. I have about 30% in Anglo and I'm leaving it there. The rate of return is good.
I wouldn't put 100% of my assets there, or several hundred thousand euro. Neither would I put that amount with any other institution.

If the government allows Anglo to default on small depoists from ordinary customers, I think that will be in a scenario where the guarantee has been called upon and the government has defaulted.
In that case I will be more concerned with building a good secure bunker and loading up on shotguns and beans, than whether my interest is covered by the compensation scheme.

In other words, if you don't trust the guarantee, it may be a good idea to consider leaving the country altogether before armageddon unfolds. Personally I'm trying to retain some hope in the future of the state.

Disclaimer: No association with Anglo Irish Bank except 30% of deposits held with them
 
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In that case I will be more concerned with building a good secure bunker and loading up on shotguns and beans, than whether my interest is covered by the compensation scheme.

I think a lot of us would be more concerned with booking our flights out of here to London, New York or Boston or wherever !
 
Godfather said:
I'm too scared. I'm moving everything to rabo.:(
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Theres no reason to withdraw your deposits. Anglo is state owned and guaranteed. The government and the ECB will not let ordinary depositors lose out, as it would spark a run on other irish banks.

No reason to worry about Anglo. They are being wound down in an orderly way.
 
Thank you Mercantilist. I'll work on diversifying a bit... As soon as I can start sleeping well again I promise! The last weekend's news really got to my stomach despite a fantastic weather in Dublin!
 
I'm not really worried for my deposit, I know it's state guaranteed and I'm happy with that.

My worry is that it might take a number of months to get my money back if the bank does close.

If the bank were to wind up in August, would I be able to get my cash immediately or would I be waiting a while, also would I be paid every penny of interest due to me up until the day I recieve my money? These are the questions that are troubling me.
 
chewchew, your worry is similar to mine: when/how would we get our money back? We want them when we need them. And I'm not here to advertise Rabo but if that's your worry then forget about the +1.6% rate you get with An-IB and move to Rabo like me so that you can sleep better. Or am I wrong?
 
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But the bank already "failed" , that's what happened when the government took it over.
 
Godfather said:
chewchew, your worry is similar to mine: when/how would we get our money back? We want them when we need them. And I'm not here to advertise Rabo but if that's your worry then forget about the +1.6% rate you get with An-IB and move to Rabo like me so that you can sleep better. Or am I wrong?
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Personally, I think you're wrong.

There is very very little to worry about a state backed and owned savings account.

I believe all the below to be the case ...

1) Your deposit is 100% state guaranteed.
2) The Irish Govt. will not let ordinary savers lose money from Anglo.
3) The ECB will not let ordinary savers lose money from Anglo.
4) The EU will not let ordinary savers lose money from Anglo.
5) Based on media speculation, I think it is quite likely that the huge deposit base in Anglo will be sold inside the next few years to a larger financial institution.

I think there is too much hysteria about the safety of Anglo and similar deposits.

Your money is safe.
 
my worries are with the state guarantee because in reality does the goverment has the funds to pay out?
 
Fungus, I wish I would have your faith in the European Community and your optimism. In my opinion Ireland (that I love so much) is at the verge of bankruptcy because of the too easy debts all around and the Euro project could fail if countries like Ireland (that refused the Lisbon Treaty already) will then ask for too much money to the ECB.

The Euro is just a project, and as I learned it can fail as well as go on depending on the credibility of it. If now every country including Ireland gets sustain from ECB printing money in order to sort out the economical crisis then goodbye Euro in my opinion.

Sorry maybe I sound too pessimistic but I am really worried about the finances here... And I love Ireland with all my heart but not at the point to risk my own few savings that I accumulated with my hard work.:confused:
 
Does anyone know if the state guarantee will pay interest due also? If it takes them 12 months to repay our deposit are they going to give us the 12 months interest we would have got in that time also?

I have Halifax and Northern rock accounts too and am considering moving some of my deposit to both of these. I assume Halifax is in better shape since Lloyds came in?

Are those accounts covered by the UK or Irish government; how much is covered by the UK deposit proetection scheme?

In the past 18 months i've moved my money from NR to Halifax to Anglo, and now maybe back again. This is getting ridiculous, maybe I should buy gold.
 
chewchew said:
In the past 18 months i've moved my money from NR to Halifax to Anglo, and now maybe back again. This is getting ridiculous, maybe I should buy gold.
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I have done similar but with different institutions and different amounts because of the uncertainty. Bits of paper everywhere from different banks. I hope someone can make sense of it all if something happens to me!
 
For what it's worth, i think buying gold is the best idea - seriously. Regardless of whether the bank goes under or not, the rate will change substantially in the near future. Inflation is sure to rise and at that point, all the value that's out there will be gone.

It looks like the world's economies have pumped so much cash into circulation that inflation will be a huge issue and i have a feeling that when this happens the dollar will buckle - a number of the world's largest economies have began muttering about moving away from the dollar as a super currency - gold is the only credible alternative.
 
chewchew said:
I am worried about my anglo deposit of about 70k. If the bank does go to the wall I am guessing the state guarantee will pay me back my 70k eventually, but I won't get any interest on my investment.

I'm tempted to withdraw because I don't want the above to happen. However I don't want to lose the interest I have accrued in the 1st 6 months of the year either. If I withdraw my money now (premium demand account) will I get any interest for the 6 months of the year so far?

Thanks
Click to expand...

I personally would not have 70,000 in one bank. I would spread it about!!
Also keep an eye on the state gaurantee....correct me if i'm wrong but isn't that gaurantee valid for only 2 years??????
Divide that money up
 
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