Sunday 21 January 2018

Reef it out quick savings

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.

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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