Deposits

InvestmentsDeposit Accounts

A deposit account has a place in all portfolios.  Getting a good rate that also offers flexibility  can however be a challenge.  Its important to shop the market to get the best return on your lump sum. Opening new accounts takes time and effort, but you may consider this if you want to avail of the Deposit Guarantee Scheme.

Under this scheme the Central Bank of Ireland will compensate, within 7 days, a depositor covered by the scheme 100% of their total deposits held with that financial institution, subject to a maximum compensation payment  of E100,000 per depositor in respect of all deposits held by that individual with that institution.  In the case of joint accounts, each deposit holder is treated for the purposes of the DGS as having a deposit of their share of  the account e.g. typically 50%.  The DGS does not have a termination date.  It is open ended.  You should check with each financial institution to establish if they are covered under this scheme.

Whilst the value of your investment may not fall in a deposit account your return may not keep in line with inflation. This may have the affect of eroding your savings over time. However, if you are looking for an investment without an element of investment risk a deposit account may be the right option for you.

Some deposit providers allow 20% access to your funds on a once off basis in case of an emergency.

In addition to high street banks, you can also use other institutions e.g. KBC or Investec Bank.

We act as deposit takers for Investec Bank and if you would like to open an account, please contact us.  Once opened, Investec offer an excellent online facility.

For Clear Impartial Deposit and Investment advice: Contact Future