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Possible deposits but nervous that it might disappear

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  • 20-01-2009 4:50pm
    #1
    Draupnir
    Registered Users 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.


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    #2
    dotsman
    Registered Users 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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