MSE News: Irish banks: how are your savings protected?

Former_MSE_Guy

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 ..."

Read the full story:
Irish banks: how are your savings protected?

ceridwen

Can I just have a quick check here please?

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?

MSE_Martin

ceridwen wrote: »

Can I just have a quick check here please?

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

Mr_K

Post Office (Bank of Ireland) maybe UK protected but that doesn't stop it from failing and your money being tied up for months until the FSCS pays out. Although I've opened an account I'm not inclined to fund it at the moment.

juicyjude

Yes I must admit I have changed my mind not only because of the Irish situation, but also because it seems quite a hassle to open an online account with them at the moment.

jamesd

What business unit handles Post Office counter payments for other banks like Santander and soon RBS? What about bill payments? Hand over the cash or a cheque, what scheme, if any, is protecting it until it arrives at the ultimate destination account?

stphnstevey

What about business accounts - is there the same protection?

mr._prude

Hi All

Does anyone know if the First trust bank (part of AIB) is UK protected?

P

Baldur

mr._prude wrote: »

Hi All

Does anyone know if the First trust bank (part of AIB) is UK protected?

Your question is answered on their website.

The FSA Register confirms the above - http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77534