Where should I invest €70k for three years?

D

deco87

Registered User
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Hello I retired in 2020. I put 35 k into two different credit union - into my “ share “ accounts , just for peace of mind.

Now 2023 , funds still there - have no real need / use for them - no loans / mortgage.

I’m just wondering - would be be wise to put this money - 70k total - somewhere for the next three years - where it would be safe low risk - and might make a small return ?

Many thanks
 
Then that's as good as you will get without taking on more risk

You really should know what return you got - otherwise how can compare other options?
 
No dividend last year very very little year before ! Not sure about this year yet - bad !!
 
Ok
jpd said:
Then that's as good as you will get without taking on more risk

You really should know what return you got - otherwise how can compare other options?
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so true - I knew it was poor - it’s nil really - wonder would saving certs be an improvement
 
deco87 said:
I’m just wondering - would be be wise to put this money - 70k total - somewhere for the next three years - where it would be safe low risk - and might make a small return ?
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After DIRT your €70k would earn around €2,800 in AIB's 2 year fixed rate account, you could then reinvest for another 1 or 2 years at whatever rate is best then.

If you are not liable for DIRT, even better.
 
Des Pondent said:
After DIRT your €70k would earn around €2,800 in AIB's 2 year fixed rate account, you could then reinvest for another 1 or 2 years at whatever rate is best then.

If you are not liable for DIRT, even better.
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Oh that’s a very good return I think -
I have no bank account only credit union -
I presume I could just open an account on AIB , for the purpose of putting that money in…. That would come in under the bank garuntee of 100 k , would it ? Thanks
 
You should also look at the best buys threads:

Best Buy - Savings Best Buys

Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...
www.askaboutmoney.com
 
thanks a lot , was looking at sone there - better rates than AIB , but , are they 100 per cent safe ? With the various countries 100 k gaurantee
 
deco87 said:
thanks a lot , was looking at sone there - better rates than AIB , but , are they 100 per cent safe ? With the various countries 100 k gaurantee
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The best buys threads contain some info about this and there is extensive discussion of the issue in existing threads on these new European online banks.
 
PTSB 3 year fixed 3% per year is best domestic bank rate for that period you will get. Or AIB 2 year fixed 3% per year.

Moving to "other European banks" online (and lots of us have done it) requires a bit more work for very little gain, other than the funds being on demand rather than locked away for 3 years.
 
Des Pondent said:
After DIRT your €70k would earn around €2,800 in AIB's 2 year fixed rate account, you could then reinvest for another 1 or 2 years at whatever rate is best then.

If you are not liable for DIRT, even better.
Click to expand...

Is this the way you have calculated that?

3% of €70,000 = €2,100
€2,100 x 2 years = €4,200
€4,200 - 33% DIRT = €2,814
 
Yeah, that's my simple calculation for illustrative purposes.
I think compounding would make the final figure slightly more, probably around €2,850.
 
podgerodge said:
PTSB 3 year fixed 3% per year is best domestic bank rate for that period you will get. Or AIB 2 year fixed 3% per year.

Moving to "other European banks" online (and lots of us have done it) requires a bit more work for very little gain, other than the funds being on demand rather than locked away for 3 years.
Click to expand...
To be fair, the instant access is a very considerable gain.
 
Lads thanks for all the information above - I think I will invest as I am getting virtually nothing on the shares in the credit union - once there is no risk this seems a reasonable return to me - rather then getting nothing
 
To @time to plan point, bear in mind that if you go for the 2 yr AIB 3%, and find you need access to the funds, you may find it considerably more difficult to withdraw mid term. With the 3 yr PTSB 3%, they at least provide for withdrawals, albeit subject to a fee.
 
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