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Foolish to deposit money with Anglo?

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  • 29-03-2010 12:47pm
    #1
    BESman
    Closed Accounts Posts: 563 ✭✭✭


    Would it be unwise to deposit a small lump sum (c. €3,000) with Anglo at this time given the amount of uncertainty and expiration of the government guarantee? They seem to have one of the best deposit rates at the moment so I'm tempted. Should I wait for things to pan out or will the money be safe? I understand these kinds of questions are getting asked a lot around here lately so apologies, but given the constantly changing environment in the banking sector now I can't help but ask.


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


    In my opinion, it is perfectly safe. Even if/when Anglo is no longer covered by the blanket guarantee, your deposit is still covered by another permanent guarantee on figures up to €100K.

    Regardless of what happens, there would be plenty of warning (time to move your money).

    The other thing is the interest rate. It is unlikely to remain this high for much longer. Within a few months, expect that rate to lower dramatically.


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    #3
    Winty
    Registered Users Posts: 1,033 ✭✭✭Winty


    Dont worry its safe, but with such low interest why not try bonds? just as safe and you may win a bit


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    #4
    RoadKillTs
    Closed Accounts Posts: 1,710 ✭✭✭RoadKillTs


    They are probably one of the safest places to but you money. I have an account with them. The deposits are guaranteed.


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    Deposits "guaranteed" - but how safe is that guarantee ?


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    #6
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    Thanks lads, sound advice, suppose I'm just being a little over cautious.

    Winty wrote: »
    Dont worry its safe, but with such low interest why not try bonds? just as safe and you may win a bit

    I have thought about bonds before as they are low risk and offer more than a deposit rate, but wouldn't you need a bit more than €3,000 for bonds to be worthwhile, i.e. at least €10,000? Do you have any advice as to how I would go about getting into bonds? Appreciate the advice.


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    #7
    RoadKillTs
    Closed Accounts Posts: 1,710 ✭✭✭RoadKillTs


    Do you have any advice as to how I would go about getting into bonds?

    Some info here


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    #8
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    RoadKillTs wrote: »
    Some info here

    Sorry, that link doesn't seem to work, do you have the web address?


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    #9
    RoadKillTs
    Closed Accounts Posts: 1,710 ✭✭✭RoadKillTs


    Sorry.

    go to the NTMA site and click on Personal Savings on the left. Then click on the PO Saving Products link.


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    #10
    BESman
    Closed Accounts Posts: 563 ✭✭✭BESman


    Cheers!


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