Anglo Irish 1 yr fixed 5% - to proceed or not?

T_saver

I applied for this account at the end of last week for my Dad. The majority of his retirement payout (£50K) is due to be invested but the application is going through and we can still stop the cheque. Given the nationalisation I'd really appreciate some advice on what to do?

I can see UK gaurentee fixed deals for around 4%.

withnell

Well its your assessment of how stable the Irish government is. I'd say that Anglo Irish nationalised is a safer home than as a plc with plummeting share price!

pink_princess

I wouldn t trust them with my money .

trenchwars

Not worth the risk in my opinion for the sake of 1%.

masonic

It seems like a bad idea to me to have the vast majority of your savings in any one place.

bendipa

T_saver wrote: »

I applied for this account at the end of last week for my Dad. The majority of his retirement payout (£50K) is due to be invested but the application is going through and we can still stop the cheque. Given the nationalisation I'd really appreciate some advice on what to do?

I can see UK gaurentee fixed deals for around 4%.

The Irish Finance minister Brian Lenihan over the weekend pledged that no depositor of ANG bank would not lose any money now that they are to be nationalised. So basically the bank is as good as the safety and word of the Irish government. Personally, given the precarious state of the Irish economy I'd think twice. But really I don't believe the government can afford to lie about this as Ireland would be finished as a country if they were to renege on this. Being an EU member they also have the financial backing of the ECB, but there are rumours that Ireland might quit the EU.

Andrew64

I wouldn't put my money outside the country. If anything did go wrong it would be easier to deal with the FSCS than the Irish scheme.

eeja

Andrew64 wrote: »

I wouldn't put my money outside the country. If anything did go wrong it would be easier to deal with the FSCS than the Irish scheme.

Don't be so chauvinistic ! It's a global economy nowadays !

Ooops....did I upset a few people ?
ps Had you converted to Euro only last year your money would be worth 30-40 percent more now ! Remember phoning a friend to tell him the pound has hit 1.52 Euro and he should change now.