Money in bank.

Darc19

Salary Negotiator wrote: »

I worked in Anglo Irish Bank in late 2008 and they were AAA rated at the same time they were cooking the books.

I wouldn’t put much faith in credit ratings.

Or Eddie Hobbs

Anyone for a nice overpriced villa on the cape Verde Islands in the middle of nowhere and no direct flights?

Highly recommended by Mr Hobbs along with investment in run down shacks in America

blackbox

from_atozinc wrote: »

Thanks. Don’t care about interest or do dividends etc. Just want my money safe.

Based on this, is a bank or credit union better?

The guarantee for 100k is from the government, not from the financial institution.

Synode

from_atozinc wrote: »

Thanks. Don’t care about interest or do dividends etc. Just want my money safe.

Based on this, is a bank or credit union better?

Credit unions hold their money in banks

jrmb

from_atozinc wrote: »

Based on this, is a bank or credit union better?

They're all included in the deposit guarantee scheme, so it's a matter of personal opinion. I prefer to keep my savings in the credit union.

Salary Negotiator

iebamm2580 wrote: »

So does this mean its total 100k per person and it doesnt make a difference if you have 100k in aib and 100k in boi, you will still lose 100k?

It’s per institution per person so €200K spread across 2 banks is fully guaranteed.

Darc19

Do what a Peruvian family in New York did - they were concerned that the banks were not safe, so bought $27m of apartments (4)

Naked Lepper

what do millionaires do to secure their capital above 100k?

elperello

Naked Lepper wrote: »

what do millionaires do to secure their capital above 100k?

The guarantee we are talking about is only for cash deposits.

Presuming you are talking about multi millionaires, because 1 million is not much these days, you might be surprised at how little actual cash really rich people have.

The answer to your question is wealth management ie. money working for you.

Poor_old_gill

Salary Negotiator wrote: »

I worked in Anglo Irish Bank in late 2008 and they were AAA rated at the same time they were cooking the books.

I wouldn’t put much faith in credit ratings.

But the auditors said it was all fine...

Jim2007

Poor_old_gill wrote: »

But the auditors said it was all fine...

The auditors have no responsibility towards the general public and you would be foolish to really a body that has not responsibility toward you.

AndrewJRenko

Jim2007 wrote: »

The auditors have no responsibility towards the general public and you would be foolish to really a body that has not responsibility toward you.

They do have a responsibility to shareholders of banks and members of building societies, which they completely failed to meet in the case of Anglo Irish and Irish Nationwide.

Jim2007

AndrewJRenko wrote: »

They do have a responsibility to shareholders of banks and members of building societies, which they completely failed to meet in the case of Anglo Irish and Irish Nationwide.

And not relevant in the current context.

AndrewJRenko

Jim2007 wrote: »

And not relevant in the current context.

Fairly relevant in demonstrating the general uselessness of auditors, imho.

Jim2007

AndrewJRenko wrote: »

Fairly relevant in demonstrating the general uselessness of auditors, imho.

Still does not remotely help the OP in his situation... but rattle on