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Ulster bank - safe for savings?

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  • 31-05-2011 6:31pm
    #1
    lifestyle
    Registered Users Posts: 39 ✭


    I currently have my savings with AIB and Permanent tsb. Up to now I didnt believe that Ireland would default but I feel that the country will. Like many people who have worked hard to save a little every week I am afraid of waht will happen to my savings.

    Would Ulster Bank be a safe place for my savings i.e. if Ireland defaults my savings wont automatically be halved?
    Any help appreciated


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Check out any number of other threads on the topic. Ulster Bank is regulated by the FSA in the UK and as such is not an Irish Bank, it is not covered under the Irish Government state guarentee but is covered under the UK's.


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    #3
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    lifestyle wrote: »
    I currently have my savings with AIB and Permanent tsb. Up to now I didnt believe that Ireland would default but I feel that the country will. Like many people who have worked hard to save a little every week I am afraid of waht will happen to my savings.

    Would Ulster Bank be a safe place for my savings i.e. if Ireland defaults my savings wont automatically be halved?
    Any help appreciated

    UB are 90% odd own by the british government. Which is outside of the euro currency. I would say it's one of the safest banks tohole savings.

    All deposits are protected under the european banking guarantee up to 100k so spread your funds around.
    Pablo Sanchez wrote: »
    Check out any number of other threads on the topic. Ulster Bank is regulated by the FSA in the UK and as such is not an Irish Bank, it is not covered under the Irish Government state guarentee but is covered under the UK's.

    In correct. UB is regulated by the Central Bank of Ireland and is fully covered by the European banking guarantee. It's an Irish bank all the way to to head office, just owned by rbs.

    UB received no extra protection from any uk guarantee.


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    #4
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    unclebill98 wrote: »
    In correct. UB is regulated by the Central Bank of Ireland and is fully covered by the European banking guarantee. It's an Irish bank all the way to to head office, just owned by rbs.

    There is no European banking guarantee.


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    #5
    Hal Emmerich
    Closed Accounts Posts: 2,078 ✭✭✭Hal Emmerich


    Pablo Sanchez wrote: »
    Check out any number of other threads on the topic. Ulster Bank is regulated by the FSA in the UK and as such is not an Irish Bank, it is not covered under the Irish Government state guarentee but is covered under the UK's.
    No point doing that, OP won't find an answer to his question in any of them, no one knows what's going to happen.

    In a different currency in a outside bank in a different country seems to be where it's at now BUT if moved from Ireland it may still be risky!?

    It's pathetic the way this situation has been let drag on and all the worry and hassle it's causing people.

    Look around askaboutmoney, this thread maybe.


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    #6
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    Hal Emmerich wrote: »
    It's pathetic the way this situation has been let drag on and all the worry and hassle it's causing people.

    So stop talking about it.


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    #7
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Fungus wrote: »
    There is no European banking guarantee.

    Ask any financial advisor or investment specialist. They simple dropped the word Irish and replace with european cause in the land of investment Irish is a bad word. It's the same things.....crafty bankers.
    :P


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    #8
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    unclebill98 wrote: »
    Ask any financial advisor or investment specialist. They simple dropped the word Irish and replace with european cause in the land of investment Irish is a bad word. It's the same things.....crafty bankers.
    :P

    They are very different things. The Irish guarantee is guaranteed by an insolvent state.


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    #9
    miec
    Registered Users Posts: 856 ✭✭✭miec


    Hi Op

    Yes UB is potentially safer.


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    #10
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    The thing is their is no difference, it's the same thing said a different way...


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    #11
    lifestyle
    Registered Users Posts: 39 ✭lifestyle


    miec wrote: »
    Hi Op

    Yes UB is potentially safer.

    Thanks for the replies. I guess no one knows for definate what will happen with the banks. Its' just a scary thought of hard earned savings being potentially wiped out..I may open an account with ulsterbank..


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    #12
    Voodoo_rasher
    Registered Users Posts: 521 ✭✭✭Voodoo_rasher


    UB ought to be relatively safe for savings compared with the apparently insolvent Irish banks..?

    But surely the Post Office is the safest of the lot since it does not engage in here-to-fore dubious lending?

    Bank bail-ins on the way you know - they help themselves to a percentage of your savings to save their bacon!


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    #13
    Skill Magill
    Registered Users Posts: 2,570 ✭✭✭Skill Magill


    old voodoo?


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    #14
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Old thread. Do not revive


This discussion has been closed.
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