Is your deposit earning the best interest rate?
In the current economic environment we can no longer afford to be passive about the rate our funds earn on deposit. As Authorised Financial Advisers we understand the market and are committed to advising our clients on the best rates and all options available to them.
The deposit services we provide are as follows:
- To help you maximise return for your funds while alleviating the administrative burden associated with deposits.
- To help our clients understand the full range of deposit options available to them on setting up a new deposit and as each deposit account matures.
- To minimise the risk for our clients by being up to date with changes in interest rates, guarantee schemes and credits ratings.
- Apart from personal rates, corporate deposit rates are also available upon request.
- We also have the facility to arrange Foreign Currency Deposits.
If you wish to receive our monthly email that will include updates on latest deposit rate and any changes relevant to the deposit market please subscribe below.
Fees
We can be remunerated for our services by either commissions or fees. Some deposit providers pay us commission for the deposits we arrange and many do not. Therefore we may charge a fee in advance of placing a deposit. Where we receive commission from a deposit provider, it does not affect the rate you receive.
Chartered Financial Solutions is paid commission by the following financial institutions;
- EBS Limited
- Investec
- KBC Bank Ireland plc.
- Permanent TSB
Existing Deposit Protection Schemes
- Deposit Guarantee Scheme (DGS) – The Deposit Guarantee Scheme is a scheme established and backed by the State to protect deposits in Irish Financial Institutions. Currently deposits up to €100,000 per person per institution are protected and it does not have an expiry date. For example if you have €100,000 in EBS and €100,000 in PTSB, you are covered under DGS for both deposit amounts. The institutions covered under the DGS are as follows:
- ACC Bank
- AIB
- Anglo Irish Bank (now AIB Direct Deposits)
- Bank of Ireland
- Bank of Scotland (Halifax)
- Credit Unions
- EBS Limited
- ICS Building Society
- Irish Life and Permanent (Permanent TSB)
- Irish Nationwide Building Society
- KBC Bank Ireland plc. (IIB Bank PLC)
- National Irish Bank
- Pfizer International Bank Europe
- Postbank Ireland Limited
- Ulster Bank
- The Credit Institutions Eligible Liabilities Guarantee Scheme (ELG) Scheme 2009 came into effect on 9 December 2009 with an initial expiry date of 29 September 2010. However since this date the scheme has had its extension approved by the EU commission on several occasions. The practice is to approve member state guarantee scheme for six month periods at a time. The ELG covers the amount in excess of €100,000 on deposit by participating institutions up to a maximum maturity of 5 years. The ELG scheme expired on 28 March 2013. The institutions participating in the ELG Scheme include the following:
- AIB
- Bank of Ireland
- Irish Nationwide Building Society
- Anglo Irish Bank
- EBS Limited
- ICS Building Society
- Irish Life and Permanent (Permanent TSB)
- UK FSA Financial Services Compensation Scheme – This covers deposits up to an equivalent of £85,000 (euro equivalent capped at €100,000). This guarantee applies to any UK registered Bank that operates a branch in Republic of Ireland. The institutions covered under the scheme are as follows:
- Leeds Building Society
- Investec (UK) Ltd
- Northern Rock
- Nationwide (UK) Ireland
- Dutch Central Bank Dutch Deposit Guarantee Scheme – covers 100% of the €100,000 deposit per person. Rabobank is covered under this scheme.
- Danish Guarantee Fund for Depositors and Investors – The Danish scheme covers €100,000 per person as a back up to the Irish DGS ( only one overall €100,000 per person is covered). Danske (t/a National Irish Bank) is covered under this scheme.
Does the ELG scheme cover all deposits?
- The majority of personal deposits will continue to be guaranteed under the existing statutory €100,000 Deposit Guarantee Scheme which covers 100% of retail deposits with all credit institutions in Ireland up to a maximum of €100,000 per qualifying depositor per institution.
- The ELG covers the amount in excess of €100,000 on deposit by participating institutions up to a maximum maturity of 5 years. (i.e. the amount not covered by the DGS)
Are deposits in other currencies covered under the ELG scheme?
The ELG scheme covers all deposits in the participating institutions regardless of whether they are euro dominated deposits or not. This means that deposits held within these institutions in non-euro denominations are covered in the exact same manner as those dominated in euro.
What guarantee applies for corporate deposits?
The DGS guarantees the first €100,000. The ELG scheme applies to all corporate deposits over €100,000 (for any duration up to five years) in the same way as for other deposits.
For more information on the deposit providers with whom we have agencies, please click on the logos below:
