I have a sum saved in the Anglo Irish Bank (Issue 2) as I believe it has a very good 7 day notice rate. I am just worried that it is not covered in the UK Compensation scheme of £35k. Can someone shed any light on this? I live in the UK (NI) and have invested via their London branch.

Also, does anybody know when the new rates of compensation come into force - and what these rates are? I heard £50k mentioned.

Thanks.

http://www.theparaplanner.com/2008/07/23/savers-may-not-have-35000-protection/

Hi have a look at this link, I think you would only get the government top up compensation, at least in the short term. Around 18000 of your 35000 till the rest was released by the banks government.

Thanks DocW.

Very interesting read. I take it this means that it is guaranteed but there would be a delay in recouping funds by the looks of things.

Im starting to think Universities should run degree's on how to judge savings accounts! It gets more tricky by the day..

According to Martin Lewis' extremely informative article "Are your savings safe?" the amount protected by the Anglo Irish Bank Compensation Scheme is only €20,000 (£15,900).

We are also told,in the article, which banks are standalone and which are part of the same institution. If you have money in a combination of linked banks you only get one lot of the Financial Services Compensation Scheme (FSCS) safeguard.

Finally according to Martin Lewis's article in July 08 the Chancellor announced plans to increase the limit from £35,000 per person per institution to £50,000. This is subject to further consultation but is likely to pass through parliament in Autumn 08.

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Ms E.

All deposits in Anglo Irish Bank benefit from protection under various deposit protection schemes. Deposits held with our UK branches are protected by the Irish Deposit Protection Scheme and the UK Financial Services Compensation Scheme. It is normal for banks regulated in the UK and Ireland to be protected by either or both of these compensation schemes.

Payments under the Irish Deposit Protection Scheme are limited to 90% of the total deposits held by the Account Holder subject to a maximum of €20,000 (or the equivalent in pounds sterling). Payments under the UK scheme are limited to £35,000 of your total deposits with us, less any payments made to you under the Irish scheme. This means that each of our customers with deposits at a UK Branch is protected up to a maximum of £35,000, the same level of protection as customers of any other UK Bank to which only the UK Scheme applies.

Thanks Emily,

It looks as though you work for the Anglo Irish Bank. An Anglo representative told me today that I was covered for £35k as I had invested in a UK branch. I have sent them an email seeking 'written' confirmation.

Never knew it would be sooo much trouble to have a few quid ! :-)

Anglo Irish Bank tell me that they are covered - even for foreign resident holders - for a compensation amount of 100,000 euros by the Irish government. This would seem to be confirmed by this article http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=96&pID=145&nID=385&aID=0 .

Emily.

Are you able to confirm whether the Eu 100,000 is available to sums deposited in a UK branch or on-line by a UK resident, or only to accounts opened in Eire? Thanks.

yes - this covers all UK customers. please see link below for more info

www.itsyourmoney.ie

After the announcement by the Irish Banks this morning that all deposits are safe/guaranteed no matter how much you have invested, I was wondering if that includes me - I live in Northern Ireland (ie UK)?

Or am I just covered by the £35k limit?

Any help appreciated.

Hi Cuhullain,

Yes, it does. The system is still the same - if anything happened you'd have to apply to the Irish Deposit Protection Scheme and even though you're a UK resident, your savings are covered up to €100,000 (about £78,000/£79,000 depending on the exchange rate at the time). Clare Francis covers this in her article, 'How to keep your savings safe'.

Personally, I fully expect the UK government to revise the Financial Services Compensation Scheme (FSCS) limits soon after parliament returns in the next few weeks. A bit of cross-party political support should see it implemented quite quickly, too.

I hope that helps.

Hi again Cuhullain,

Apologies - I've just been reading a bit more on the Irish government's announcement and it now seems all deposits with Irish providers are fully covered - regardless of the amount. This appears to be great news for all savers.

I understand that this protection expires at midnight on the 28 September 2010, but it seems like a great option for any saver worried about the current state of banking.

Click here to read more

Click here to read the Irish Government's announcement

I live in Switzerland and use the Anglo Irish Isle of Man subsidiary for my sterling deposit account. I checked on this yesterday because the Taoiseach announcement was not clear on the position for subsidiaries.

I have received an e mail today confirming that the compensation cover extends to the Isle of Man subsidiary so I think we can all be confident that this also covers other subsidiaries.