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MSE News: Irish banks: how are your savings protected?
Former_MSE_Guy
Former MSE 1.7K Posts
This is the discussion thread for the following MSE News Story:
"We round up the guarantees for UK savers with cash in the three major Irish banks, which includes the Post Office ..."
"We round up the guarantees for UK savers with cash in the three major Irish banks, which includes the Post Office ..."
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A friend of mine has been telling me not to put any money into the Post Office Savings accounts at present (as she says that bit of the Post Office is owned by Irish banks or summat...).
However - I would imagine that the Premium Bonds one buys through the Post Office are perfectly safe without any hassle - ie that bit of the Post Office has no Irish connections? Does anyone know?
Your friend is right and wrong.
1. Post Office Savings and NS&I are different. NS&I runs premium bonds and is 100% UK govt owned. Specific post office savings branded products are run by the Bank of Ireland
2. Post office is UK protected. Since the beginning of Nov. the Post Office savings now have the full UK £50,000 savings safety protection as explained in the news story this discussion is about.
Martin
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Does anyone know if the First trust bank (part of AIB) is UK protected?
P
The FSA Register confirms the above - http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77534