# Where to move money. AIB bad?



## Donkeyman (23 Mar 2014)

What should I do with my money. 

44k sitting in the post office bonds. Only on first year.
14k sitting in an aib current account
10k sitting in an aib online notice 7 account
9k sitting in an aib online savings account. (I havent added or removed money from this for ages, Im not even sure its returning any interest at this point. I read AIBs terms for this but they are too confusing.)
2k sitting on credit card.

I don't think I should touch money in post office, but feel like I  should close my aib account and go elsewhere. Preferably I don't want to  tie up this money as I may need it soon, I just don't want it sitting  there doing nothing in the meantime.


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## dub_nerd (23 Mar 2014)

Those amounts are all below the government guarantee limit, so just check out the best demand deposit rates on the Savings Best Buys thread.


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## Lightning (23 Mar 2014)

Donkeyman said:


> 44k sitting in the post office bonds. Only on first year.



What rate are you getting? Which NTMA State Savings product do you have?



Donkeyman said:


> 14k sitting in an aib current account



Good god! Get that out of there as you are earning zero interest. Also, switch your current account to a PTSB free current account. 



Donkeyman said:


> 10k sitting in an aib online notice 7 account



You are not getting the best return possible for your money. It seems you want an instant access account, have you read the best buys for instant access accounts?



Donkeyman said:


> 9k sitting in an aib online savings account. (I havent added or removed money from this for ages, Im not even sure its returning any interest at this point. I read AIBs terms for this but they are too confusing.)



Is that the AIB Personal Online Saver product? The legacy product? If so, you are getting a very poor return for your money with this product. Close it. Switch. 



Donkeyman said:


> 2k sitting on credit card.



2k positive? 2k negative? 

If you have 2k positive, there is no need for this. You are getting zero return for this money. Pay your credit card monthly when the bill comes in, don't keep a positive balance. 

If you have 2k negative, pay it off straight away using your savings. You are paying a very high rate of interest. 



Donkeyman said:


> I don't think I should touch money in post office,



Depends on term and rate. 



Donkeyman said:


> but feel like I  should close my aib account and go elsewhere.



Yeah, close all your AIB accounts and move them.


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## Donkeyman (24 Mar 2014)

Thanks CiaranT,

For state saving I have the 3 year one.
2k in credit card is positive. 

I think I will go with PTSB and move everything over.
Are these a good bank in general to deal with and trust?


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## Sue Ellen (24 Mar 2014)

Donkeyman said:


> Thanks CiaranT,
> 
> For state saving I have the 3 year one.
> 2k in credit card is positive.
> ...



Very dangerous to have that type of credit on a credit card.  That type of situation is usually only used by people on holidays, if that is their preferred use of currency.  With the possibility of 4/5/6 weeks interest free credit it is best to avail of that and just ensure that you clear your bill each month.  Manna from heaven to a thief if card stolen or fraud of some description.

Best not to have all your eggs in one basket by moving everything to PTSB, certainly move current ac, as recommended by CiaranT.   Best to familiarise yourself with the AAM Best Buys as previously mentioned.


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## NewEdition (24 Mar 2014)

CiaranT said:


> Yeah, close all your AIB accounts and move them.


 
Couldnt agree more - Get out of AIB!!!


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## Lightning (24 Mar 2014)

Agreed that keeping 2k positive on your credit card is not a good idea. 

The AIB comment is purely due to the fact that you can get a better return for your money elsewhere. 



Donkeyman said:


> I think I will go with PTSB and move everything over.
> Are these a good bank in general to deal with and trust?



I have had a current account with PTSB for some time without any major issues.


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## margaret1 (25 Mar 2014)

Donkeyman said:


> Thanks CiaranT,
> 
> For state saving I have the 3 year one.
> 2k in credit card is positive.
> ...



I am a new customer with PTSB and apart from a few little "errors" starting off (I believe that was possibly down to the volume of new customers recently) I have had no problems with them since. You could keep your 3 accounts separate if you wish same as your set up with AIB. 

Open the current account first, you will need to make an appointment with a branch or complete a application & return it by post. If you lodge €1500 per mth you will receive free banking & 1% interest on balances up to €1500. Once the c/a is in place & you have access to online banking you can open up the Online Regular Saver 2.7% int. & the Instant Online Instant access 2% int.
The online banking system they use is ok, just takes a little getting use to the basic layout compared to Danske bank.


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## Daddy (25 Mar 2014)

Hi just a query. Have recently been approved a € 3.5k blance on a new Tesco Card with Tesco.   Have to move from Danske.   I would intend using it to purchase most things and clear every month.   A poster said above it's a bad idea to be in positiver on the Card re fraud etc.,   Is it ok on the other hand to have a limit of  €3.5k and not be using it to the full .  i.e should I be telling Tesco I only want a limity ay of € 1k or € 2k on it.   Thanks.


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## Lightning (25 Mar 2014)

Daddy said:


> Is it ok on the other hand to have a limit of  €3.5k and not be using it to the full .



That's fine. Just pay the bill, in full, each month. 



Daddy said:


> i.e should I be telling Tesco I only want a limity ay of € 1k or € 2k on it.   Thanks.



You might find 1-2k very restrictive. I would think that there is little reason to have a lower cap. If fraud occurs on your account, Tesco Bank should reimburse you.


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