What should i do with €7,000?

M

moonfrog

Guest
Hello, I found this site a few days ago and its been a great help to me,theres a great community here.
I have been saving in small amounts over the past few years and had a lot of cash in a local credit union just sitting there.
About two months ago I put 10 000 in to aib Secure Capital fund ( i think that wasnt the best thing to do with it) anyway after finding this great site I put 7000 into aib's 7 day notice account,much better than sitting in the credit union.
I was thinking of puttting the remaing 7000 into first actives online account,(i'll need to join first).
So i guess my question is do you think its wise to have two bank accounts? is there a better place for the money to go?
also I'd like to hear someones opinion on my decsicion to put 10000 into the secure capital fund,was it a bad move as i suspect? I've only started thinking about "making my money work" in the last few months.

thanks in advance for reading,sorry it's a bit long
 
Re: What should i do with 7000?

Having several bank accounts is quite common. I probably have at least 5 (not counting multiple accounts with single back such as current a/c and saving a/c) I'd say. People open several banks accounts for various reasons, but often if is to avail of maximon interest rate.

The investment decision around your 7000 depends on 2 things: 1) Appetite for risk, 2) How long you can put it away for.
 
Re: What should i do with 7000?

I think you are doing fine putting €7,000 in AIB 7 day account @ 5% and €7,000 in First Active on line account @ 5.22%. No problem opening a First Active account - did it myself recently. It is no harm having several accounts - good policy to spread savings around- watch out for the most attractive rates. I know nothing about the AIB secure fund. Are you tied in for several years? Is it medium or high risk? If you can draw it out now how much do you lose? Not a good idea to go into a bank and seek financial advice. They will only sell what is their best product, which isn't necessarily the best out there. Plenty of good advice on this site so read guidelines.
 
Re: What should i do with 7000?

thank you for your replys, im only starting to make the effort to learn about these things now. I think i will definately open another account now.
as for the aib secure fund, my money is locked away for 5 years at low risk(i will def get my 10 000 back at least with the possibility of the fund doing better) I have reservations now because although i wanted low risk,i think the secure fund dosent pay much over a five year period and there are penalties if i withdraw.
I think i will do some research on investing and maybe take a risk with some future savings when I understand the markets more.
Thanks again,theres some good advice on this site,I'll add it to my favs...
happy new year!
 
What are your short, medium and long term goals and how do these need to be financed? Have you read things such as the AAM and IFSRA guides to savings & investments to get an idea of how to do your own financial review/health check before attempting to pinpoint specific savings/investment products that might be suitable for your specific needs? If you have any debts then you should consider reducing/clearing these before building up savings/investments.
 
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