# Put savings out of reach



## moneymakeover (18 Feb 2018)

Hi

With interest rates so low the 0% on my current account is as good as any 1% in some long term savings account.

One advantage of a 30 day notice account is the delay accessing the funds.

Is that a good way to avoid spending?

But if I don't give the 30 days notice the penalty is very small...I lose 1% in interest.

What strategies can people suggest given the lack of financial return from deposits?

Because having the cash sitting in the current account is too easy to spend.


----------



## Bronco Lane (18 Feb 2018)

I have a chunk of money in Prize Bonds. It's fun to get the prize win in the post every other Wednesday.  Lunch on me today......


----------



## noproblem (18 Feb 2018)

You must go hungry on an awful lot of Wedensday's.


----------



## moneymakeover (18 Feb 2018)

what I have learned myself:
Credit union not much use for amounts greater than 30k

If you can put money away for 5 full years the 5 year state savings gives 5%

If you need to withdraw after 3 years only get 1% total!
After 4 years only get 2% total!

All fairly miserable

In each case you can get your money after 7 days


----------



## Buddyboy (19 Feb 2018)

I get some money transferred into the company credit union directly out of my salary. I don't see it in my net pay, or in my current account, so tend to forget it's there.


----------



## moneymakeover (19 Feb 2018)

For my credit union
They only allow 30k per person
Last year the dividend was 0.125%
I suppose good as anywhere else


----------



## Buddyboy (19 Feb 2018)

Like Bronco, if I have spare cash in the current account, I put it into prize bonds.  Again, more hassle than it's worth to get it out (unless I really need it).  And just got another €50 prize last week.


----------



## Bronco Lane (20 Feb 2018)

noproblem said:


> You must go hungry on an awful lot of Wedensday's.



Thankfully I will have something to eat this week as well.... another €50 today....


----------



## noproblem (20 Feb 2018)

And it's only tuesday. Believe me, you're beating the odds, hope it lasts.


----------



## Lightning (20 Feb 2018)

moneymakeover said:


> With interest rates so low the 0% on my current account is as good as any 1% in some long term savings account.



Consider regular saver accounts that will pay up to 2.50%


----------



## DK123 (21 Feb 2018)

What about a Term Deposit account in your bank in Turkey at 15% Gross for 3,6,9, or 12 months with internet banking in your turkish bank so you can control of it in Ireland and transfer it to your irish bank at any time if you feel it 
is neccessary.Check it out!!!!


----------



## noproblem (21 Feb 2018)

DK123 said:


> What about a Term Deposit account in your bank in Turkey at 15% Gross for 3,6,9, or 12 months with internet banking in your turkish bank so you can control of it in Ireland and transfer it to your irish bank at any time if you feel it
> is neccessary.Check it out!!!!



Yeah, you'll have to change your dosh to Turkish Lira and do the same again when you take it out. Now, go and check the fluctuations in the Turkish currency and anything else that might happen over in that country?


----------



## DK123 (21 Feb 2018)

Hi no problem.Changing to liras and back to euros is simplicity itself with excellent exchange rates.Already checked all this over the last 15 years and alright  the TL.is in a slightly downward trend.Im undeterred by this.You say "anything else that might happen over in that country".I presume your talking about unrest or warfare.but we have had a war next door here  for over 30 years and i think there is at least 30 wars in the world at any given time.so why should that  be a factor also the money can be moved home anytime by internet banking.If you break the term you simply forfeit the interest for three months.


----------



## moneymakeover (21 Feb 2018)

I guess the 15% is an attempt to stem the tide of a weak currency

Therefore high risk

But I like the suggestion

What about gold as an investment?

Precious metals, cobalt?


----------

