100-150 to save per week, options

[girlies]

Hi there just been looking at the national recovery bond, have about 150 to save each week, can put up the 500 as initial deposit, willing to invest for 5-7 years, are there any better options for me out there,

Already contributing 1200 to pension per month, 30 years of age, no outstanding loans, looking for something low to medium risk

any thoughts would be appreciated.

 

[Lightning]

Have you read the 3 savings best buy threads here? I suggest you start there.

The State Savings 10 year term deposit is not suitable for someone that will be saving for less than 10 years. It is also not really built for regular savings.

State Savings: National Solidarity Bond
10 Years 3.96% (A normal deposit account would need to be paying 5.28% to match this rate because this product as the interest is not fully subject to DIRT)
Note 1: €500 minimum, €250,000 maximum (€500,000 for joint account)
Note 2: The bonus on this account is not subject to DIRT, the normal interest is subject to DIRT.
Note 2: Savers will receive the interest in the form of 10 annual payments of 1 per cent and a 'bonus' at the end of the 10 year term. If a saver cashes in their term deposit before the end of the fifth year they will not qualify for the 'bonus'.
Note 3: This is available from May 4th 2010.
Note 4: NB: As the interest penalties are significant on this account, you should only consider this product if you are certain that you will not need access to your money at any stage over the next 10 years. 10 year term deposits are not suitable for most savers. You should also be aware that you take on considerable upward interest rate risk by fixing for 10 years.
Deposit protection: Irish government guarantees all State Savings deposits.

I suggest the below, but switch after one year.

EBS Family Savings Account
4.00% for year 1 only.
Lower unpublished rate from year 2.
Note 1: Regular lodgements required by direct debit only.
Note 2: Minimum term one year.
Note 3: Minimum €100 a month; Maximum €1,000.
Note 4: Interest rate is fixed for year one. This has been referred to as a "regular saver term deposit".
Note 5: NB: "Prevailing" rate in year two. You can make a maximum of two withdrawals a year, one at any time and another at the end of the term.
Note 6: You can make best return from this account by withdrawing all money on the 1st anniversary "at the end of the term".
Note 7: The monthly amount can only be changed by written request.