Buying shares in AIB or other companies in the benchmark Euro Stoxx 50 index of European blue chips is no guarantee of money. But it's a safety net if the dollar tumbles or the markets lose confidence in Asian currencies.

Irish investors seem to be throwing caution to the wind, however, if the experience of internet bank RaboDirect in its first year of business is any guide.

With a minimum investment of 100, by far the lowest on the market, its motto is anyone can be an investor. But customers could be following the latest flash-in-the-pan rather than a well-thought-out strategy suitable for people dipping their toes in the water.

RaboDirect's top seller is the Emerging Europe Fund, managed by Merrill Lynch.

At first glance, it is not hard to see why: people who got in a year ago have doubled their money. But it is a hugely risky punt, heavily exposed to Russia's booming if unstable commodities markets.

Key holdings include oil company Lukoil, gas giant Gazprom and Norilsk Nickel, a mining company. If you are lucky, these stocks could move you a step closer to the vast riches accumulated by Russia's oligarchs. But they are no place for investors still wet behind the ears.

Given Ireland's appetite for bricks and mortar, it is no surprise property is a popular choice with RaboDirect's customers. A recent addition to the range of funds, the Henderson Pan-European Property Fund is already a best-seller.

It posted more than 50% growth over the last year and, rather than investing directly in property, it buys shares in companies that buy properties.

But with European interest rates on the rise, a question mark hangs over the amount of upside left in the property market. "Even though property has had a good run, we feel there's a lot of fuel still in the tank, " says Steven de Vries, head of Henderson's Dutch office.

He says property is a good counterweight for investors who have loaded up on stocks and shares. But if the market takes a nosedive, Henderson's property companies are unlikely to escape damage.

Asia is the next frontier for RaboDirect's customers.

The Robeco Asia-Pacific Equities Fund has been a best-seller and last week the bank added two more choices: an Asian property fund and a Japanese equity fund. If they fail to float your boat, RaboDirect offers something even more exotic. How about gold, mining stocks or a fund that invests only in banks? If not, you may be interested in the health care and renewable energy funds RaboDirect has in the pipeline.

As an execution-only outfit, RaboDirect does not give investment advice and general manager Greg McAweeney dodges any question about where he would park his own money.

Rather than risking their life savings, he says customers are taking advantage of RaboDirect's low 100 minimum investment to have a little flutter on something exotic.

"The funds that tend to be the most popular are the riskier ones, " he says. "But if you only invest the minimum 100, you don't have too much to lose."

The more level-headed investor will probably stick with RaboDirect's PanEuropean Equity Funds, a new addition that has still to make it to the best-seller list. Managed by Henderson, it holds 1bn work of stock in more than 50 European blue chips with emphasis on financial institutions such as Axa, UBS and Deutsche Bank.

Most of the money is invested in the eurozone, cutting investors' exposure to currency swings, although British companies make up 19% of the fund while Swiss multinationals account for 15%.

McAweeney says an Irish equity fund will be added as soon as he can convince one of the local fund managers to accept investments as low as 100.

However questionable their investment strategies, RaboDirect's customers have at least avoided the cardinal sin of allowing their money rot away on deposit, where it would barely keep pace with inflation.

Based on past returns, somebody investing 50,000 in the stock market today might expect to have 67,000 after five years and close to 90,000 in a decade.

But the same money on deposit earning 2% interest would only be worth 55,000 after five years and 61,000 after 10.

"Savers can lose 2,000 3,000 a year on a 50,000 investment if they opt for a deposit account and, the longer they leave it, the bigger the loss, " said Diarmuid Kelly, chief executive of the Professional Insurance Brokers' Association.