More and more I am being asked how safe people’s savings are. I spoken about this previously but think it is worth recapping on it again.
The Government Guarantee Schemes for your savings has been extended till 30th of June 2011. This is good news for all those who have savings above €100,000.
If you have savings of less than €100,000 (like me, a lot less!) then you are protected under the Deposit Guarantee Scheme.
This protects you if your bank, building society, or credit union has been declared insolvent or a liquidator declares that it cannot repay its deposits. The funds will come from the scheme. Prior to September 2008, the maximum claim per person was 90% of all deposits held by the financial institution up to a maximum of €20,000.
With Chicken Little running around saying the sky was falling in, the government stepped in and said they guarantee 100% of all deposits up to a maximum of €100,000. A few days later they announced an unlimited Government guarantee for all deposits exceeding €100,000 in certain Irish banks.
If your money is with an unauthorised financial service provider then you should begin to worry.
Allan Matthew Cuthbert t/a Financial Wellbeing is regulated by the Central Bank of Ireland to advice on Mortgage,Savings, Life and Pension products