Where to deposit 15k ?

J

Joanne1

Registered User
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105
Hi,

Looking for some advice on where to lodge 15k which I will be withdrawing from UB esavings plus account after interest rate dropped.

(I already have deposited some of my other savings in Anglo Irish fixed for 1 year @ 3.6%.)

I am considering Halifax fixed @ 7% for 24 months. (3.44% AER).

Alternatively thinking about Irish Nationwide Building Society Instant Access or Halifax Flexisaver. Both are 3.75% variable.

If anybody has any advice or suggestions I would be very grateful.
 
Halifax have a cap of 10,000 EUR for the 3.75% rate. INBS have a cap of 20,000 EUR for the 3.75% rate.

If you have 15,000 EUR, you are better off with INBS, but you will only get paid your interest once a year.

If you want to fix, you won't get better than the Anglo rate that you mentioned above.
 
Thanks Fungus.

Yes Anglo fixed rate is best but I'm reluctant to put any more of my savings into the same institution. Somehow I don't have alot of faith in the government guarantees, I am too prudent I suppose.
 
I have just pulled my money out of the Halifax after one year because it drops to 2%, What a mess on to have to open a new account to get the 3.75% interest.
I have the forms to open a INBS account, what does it mean if you only receive interest once a year? what happens if you drew money out mid year or close the account? They may still be closing some branches after their shake up.
 
Some banks pay interest monthly, some quarterly, some semi annually and some annually. Generally, the more frequent the payment the more it is in the consumers interest.

With INBS interest is paid on December 31st of each year. Normally, when you close a bank account you are entitled to interest accrued to date.
 
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