Category Archives: Deposit accounts

End of the guarantee

This week our bank guarantee (the last vestiges of it) was given an end date, the 28th of March 2013, that’s when the ELG or ‘eligible liability guarantee’ will be terminated. The regular deposit guarantee scheme (DGS) will continue.

TV3, The Morning Show – Personal Finance piece

Our personal finance piece on The Morning Show with Sybil & Martin focused on Credit Unions this week and the fact that they need one billion Euro to stay afloat. mentioned in the Sunday Business Post

It is likely the case that deposit rates will start to go into a downward move as the ECB drops its odds of raising rates and as banks seek to find margin (which they can do via lower deposits). This contrasts with the massive funding issues the banks are having (and the country for that matter!), but it is still important to see that a guaranteed 4% plus return is possible and on that basis locking away some cash is a good idea. The excerpt is below:

‘‘There is an argument to go out one year at 4 per cent,” said Karl Deeter of ‘‘Locking it away is the downside. Rates are coming down, but banks might be so deposit-hungry that they keep savings rates up.”

News of the World: Money Expert on Savings & the Greek Crisis

The problems in Greece are weighing heavy on Europe; the worry is that Greece will be Dracula and suck the lifeblood out of the Euro, or they will go Drachma – returning to their own money. For now, they remain the focal point of almost every financial worry at present worldwide. At we are getting calls from clients on a daily basis who are worried about their savings, wondering if their money is safe, and they ask us what they should do in order to protect themselves.

News of the World: Deposit accounts 18th April 2011

Deposit accounts are one of the safest places you can put your money, the issue with them traditionally has been that they tend to under-perform versus alternatives with some risk (like stocks and bonds). But that doesn’t mean you should only ever opt for risk, a steadily increasing plain vanilla deposit account can make a big difference over time, indeed, it lead Albert Einstein to once say that ‘the most powerful force in the universe is compound interest’.