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

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 ..."

Comments

  • ceridwen
    ceridwen Posts: 11,547
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    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
    MSE_Martin MoneySaving Expert Posts: 8,273
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    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
    Martin Lewis, Money Saving Expert.
    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.
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  • Mr_K
    Mr_K Forumite Posts: 1,171
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    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
    juicyjude Forumite Posts: 670 Forumite
    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
    jamesd Forumite Posts: 25,833
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    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
    stphnstevey Forumite Posts: 3,224
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    edited 17 November 2010 at 9:08AM
    What about business accounts - is there the same protection?
  • mr._prude
    mr._prude Forumite Posts: 130
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    Hi All

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

    P
  • Baldur
    Baldur Forumite Posts: 6,565 Forumite
    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
This discussion has been closed.
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