Thursday 8 December 2016

Reef it out quick savings

Published 21/11/2010 | 05:00

With the IMF bailout and the crisis facing our banks, you'd be forgiven for losing sleep over the safety of your savings. There's a fear that the Grinch may come and take them, too.

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The bottom line is that they are safe. Everything under €100,000 is covered by the guarantee, which is now enshrined in European law.

Everything over €100,000 is still covered under the ELG State guarantee which expires next year. The sums of more than €100,000 are covered for the fixed rate term. . . so if you have a five-year fixed rate, it'll be covered for five years.

The best rates for €50,000 in a demand or reef it out quick account. Very useful if you need to cover larger-than-expected bills. Yes, it's Anglo . . . but it's still State backed. And the Central Bank says it's safe.

Best: Anglo Easy Access Reward Account 3.2 per cent

Avoid: Ulster Bank easy access 0.01 per cent

Saving: €1,595 in interest

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Sunday Independent

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