# Credit Union or AIB Online Savings Plan



## Studentmike (9 Jul 2008)

I've 4k saved in a credit union account with the view to saving 20k by the middle of 2009. 

I currently have the money sitting in a credit union account and was wondering if I would be better off putting it into a savings plan like the AIB Online Savings Plan?


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## ClubMan (9 Jul 2008)

Have you checked the _Financial Best Buys _forum and www.itsyourmoney.ie lists of the best demand and term lump sum and regular saver accounts on offer and the many existing threads on mixing and matching these to maximise deposit interest? I am pretty sure that there are better options open to you than the _CU _and _AIB _ones mentioned above!

To reach €20K in mid 2009 from a base of €4K is going to take quite a bit of saving and interest returns. What are you planning to save per month? Presumably it'll have to be at least €1K and even then it will probably fall short of your target.


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## Studentmike (9 Jul 2008)

I'll be getting another 4k from college grant and also plan to put away around 6k to 7k over a six month period while working.


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## ClubMan (9 Jul 2008)

I hope you're not majoring in maths:

4 + 4 + 7 = 15 not 20 

and there is almost certainly no way that you will earn €5K in deposit interest over a year.


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## Studentmike (9 Jul 2008)

LOL

No, Im fully aware of the maths and im not looking to make up the shortfall with the intrest. 

Im just looking for the best place to put the money over the short period of time. I dont need access to the funds straight away so a notice period wont be an issue


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## ClubMan (9 Jul 2008)

OK - no offence intended. 

See my first reply and look at the lists that I mention. There is a wealth of info here and on www.itsyourmoney.ie about the best deposit rates on offer.


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## gebbel (9 Jul 2008)

Studentmike said:


> LOL
> Im just looking for the best place to put the money over the short period of time. I dont need access to the funds straight away so a notice period wont be an issue


 
The Credit Union is not the place for your money then. Check out Clubman's link and seek out a high interest regular savers account that best suits you.


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