Lump Sum Advice

K

kkid

Guest
We have recently sold our house and would like to place 1 mill + in a deposit account with favourable interest rates.

Our friendly bank manager has recommended or should I say highlighted, that Anglo Irish bank 'seems' to be the best institution that caters for lump sums deposits and that unfortuantely he would be 'unable' to compete with their rates should we decide to stay with him. Would he be correct or does anyone have any better advice? Many thanks..
 
Check the Financial Best Buys forum for details of the latest deposit rates. Witn €1M you may be able to negotiate a better rate unilaterally. Bear in mind that putting large amounts of cash on deposit for the medium/long term may not be a good idea since after inflation (c. 5% at the moment) the real value of your money may well be decreasing over time.
 
Remember too, that your money on deposit is not 100% secure - the Deposit Protection scheme covers up to € 20,000 per institution so you may want to spread the money around.
 
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