Summary
Q. Is there any safe place to put my money?
A. NOBODY should be panicking at the moment. There is no reason to believe that any of the Irish banks are at risk of failure, and even if one of the retail banks did face difficulties, its unthinkable that the Government wouldn't step in. But if you are really worried there are a few places with 100 per cent guarantees. An Post Saving Certs and Bonds are fully guaranteed by the Government. That doesn't apply to Postbank. Although half owned by An Post, it is covered by the same compensation package as other banks. The problem with Certs and Bonds is that the interest rate is relatively low, particularly in the early years, and you can lose up to six months interest if you withdraw before the end of the term. Bonds are the better option since the term is three years and the early rates better while Certs mature after five years, six months. Northern Rock bank also enjoys a 100 per cent guarantee from the British government since its rescue last year. That guarantee extends to Irish depositors.See the full content of this document
Extract
Personal Finance Expert Colm Rapple's Advice ; Q & A
Q. Do some Irish banks provide better compensation protection than others? A. THE Irish compensation scheme...
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