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Possible deposits but nervous that it might disappear

  • 20-01-2009 04:50PM
    #1
    Draupnir
    Registered Users, Registered Users 2 Posts: 3,548 ✭✭✭


    Guys,

    If someone with a considerable sum of money they did not want to spend available, what kind of risk is there in just putting it into a regular bank savings account? e.g. with AIB.

    I am talking about a six figure sum here and the person in question is just worried by the collapse of banks and the loss of their money.

    Some simple advice would be good.

    Thanks.


Comments

  • #2
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Money is fully guaranteed. At the moment, the worst case scenarios is that the big banks (AIB/BOI) will be nationalised. More than likely, the government, will just further invest in them as they have said they would do. In nationalising a bank, you keep it running as usual, therefore no problem accessing your funds.

    Depositing in a smaller bank that could (potentially) be let go if the worst came to the worst would only result in a small delay accessing your funds. As they are guaranteed, it would only be a matter of paperwork/processing your funds.

    If you're still not satisfied, you could always spread the money between several banks. If the sum is intended for long term investment, you should speak to a financial advisor in person.


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