Cash advice

Q

Quandry17

Registered User
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2
2 working adults with 2 young children - no mortgage, average wages.
  • 45k in BoI standard saving accounts
  • 30k in credit union (including 2 small accounts for kids)
  • 12k in BoI Trillogy (needs to recover to 15k from 07)
Looking for advice on where we should put some cash for growth and future planning please.
 
Welcome to AAM!

To get better answers than this you'd need provide more information e.g. is it a lump sum you want to invest, do you have pension, can you tolerate risk, when will you need the money back etc.

However, as a general starting point, have a read of the best buys section on deposits? http://www.askaboutmoney.com/threads/savings-best-buys.90481/. This gives overview of best buys for "no risk" deposits. If you are talking investment-type products, you'll need to provide more info, as above.

HTH.
 
Hi,

Thanks for your reply.

I will have a very small pension from my job - 40k lump sum with 5k per annum. My partner has no pension. I am 39 and he is 41. Our kids are 3 and 6. We own our house outright and have no other loans.

We could maybe invest 25k in a low to medium risk fund for 10yrs. Mainly we don't want our savings to decrease in value over 10-20yrs if you know what I mean.

What low-medium risk funds would you recommend / suggest we look at or should we be doing something else totally with our savings?

Any advice greatly appreciated.
 
State savings are the highest no risk funds AFAIK. 5 year lock in for longest term. Rates have been slashed in recent years though. Its best you'll get without risk.

Irish Life run funds that people have spoken of on here. MAPs I think they are called. They do all the work, and charge you for same (1% AMC per annum at least)

You could also dump the 25K into a US ETF using online broker. This would be much lower ongoing AMC, but you'd need to do your own tax return, and also pick the ETF(s) yourself.

Finally, could you put the 25K into your pension as a lump sum amount, getting tax relief on the way?
 
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