# Regular savings



## 2012Savings (3 Jan 2012)

Hi guys, new to this site and just have a few questions. For the new year I'm planning on saving up to 700 euro a month. I have read the best buy thread and just have some queries. I seen a link to the 10 year national solidarity bond and other state savings programs. Could anyone reccomend which would best suit my savings plan (as I dont know too much about aer etc)!! Thanks in advance


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## Boyd (3 Jan 2012)

First thing would be to read up on the types of savings. As defined by the best buys thread there are broadly three, lump sum, fixed term and regular savings. 

Based on the title of your thread and the mention of saving an amount of money per month you want a regular saver account. This means you save X euro each month and get interest accrued monthly (usually). These accounts have varying rules e.g. limit of 1000 euro deposit per month, minimum 12 months etc. There may also be limits on withdrawls.

Currently the best rate (as in best buys section) is the EBS Family Saver (which despite its name has nothing to do with family). I recently opened one of these without any bother.

The 10 year solidarity bonds are as the name implies, meant for ten years. This account is different from regular savers in that its not meant for month to month depositing, they are for long term with lump sums, usually providing better interest rates due to the long term and often restrictions on withdrawls. I believe this account is exempt from DIRT also (http://www.statesavings.ie/products/Pages/NationalSolidarityBond.aspx)

However, based on the info you provide, Best Buy Regular Savers is what youre after

EDIT: also check out http://compare.nca.ie/ for simple comparison tools on regular savers and lump sum deposit accounts

Hope this helps


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## Lightning (3 Jan 2012)

username123 - good post. 



2012Savings said:


> Hi guys, new to this site and just have a few questions. For the new year I'm planning on saving up to 700 euro a month.



EBS Family Saver @ 4.25% @ 700 EUR per month if you can save for one year. Then review your options after one year and move the money.


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## 2012Savings (3 Jan 2012)

Thanks guys for the replies. Yes the EBS savings seem the most appropriate if I want to save the 700-800 a month. Even though I would be willing to hopefully save this amount per month for the next 2-3 years..would it still be the best account? Thanks again


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## Lightning (3 Jan 2012)

2012Savings said:


> Thanks guys for the replies. Yes the EBS savings seem the most appropriate if I want to save the 700-800 a month. Even though I would be willing to hopefully save this amount per month for the next 2-3 years..would it still be the best account? Thanks again



Not the best account beyond 1 year. Open the account, keep it open for one year and then come back here and re-review your options before the 1 year anniversary.


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## 2012Savings (3 Jan 2012)

Thanks very much! Is there anything to be said for putting the money in a credit union account??


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## Lightning (3 Jan 2012)

Most CU's offer zero or close to zero return.


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## grotty (27 Feb 2012)

2012Savings said:


> Thanks guys for the replies. Yes the EBS savings seem the most appropriate if I want to save the 700-800 a month. Even though I would be willing to hopefully save this amount per month for the next 2-3 years..would it still be the best account? Thanks again


 

If you have long term plans for your savings how about considering putting part of them into a gold savings account www.yourgoldfund.com/Gold-Savers-Account.php - It's the same concept as a traditional savings account with a twist! 

I have an ESB Family Saver but recently moved part of it to a Gold Savers Account and now save €500 with ESB and €300 with my gold savers account. These part of my savings I don't intend to use for years and I am happy with the diversification. Plus, I feel a little more protected with regard to the constant devaluation of the euro.


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