# Where to deposit my Emergency Fund?



## Keen Ark (18 Dec 2020)

Hi, I'm not very knowledgeable about money in general and have no experience in investing (apart from my private pension, which the bank deals with).  The thing is, I've finally saved enough for an emergency fund, covering a few months of expenses in case things go awry.

This is currently in my Credit Union shares account, but I'm wondering if there's a better place to deposit it.  I've heard of Money Market accounts, though these seem to be more popular with US investors - do we have an equivalent where my money can earn a little bit of interest?  I would be happy to limit the number of transactions I can make in return for the knowledge that my money can somehow work for me.  

Thanks in advance - Brian


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## Sarenco (18 Dec 2020)

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## Keen Ark (18 Dec 2020)

Thank you!


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## Keen Ark (21 Dec 2020)

Having gone through the options, I'm wondering whether a Bank of Ireland Goalsaver account might be a better option than a State Savings one?  The rate of interest on a regular savings balance is currently 0.25, it seems.  I'm probably missing something here; apologies for my ignorance - the lump sum balance is 0.01, but I'm not sure of the difference.


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## Landscape (21 Dec 2020)

Hi Keen Ark, you often get better interest rates for regular savings accounts than lump sum. For example Ulster Bank has one that gives 0.85% interest on balances up to €15,000. There are likely some T&Cs that would need to be checked to see if it suited you. You could slowly (& regularly) transfer in €1000 a month until all your rainy day fund is in there. If the Rainy Day Fund is greater than €15,000 you would only get 0.15% interest on anything over the €15k. At that stage you could look at an alternative account for amounts over the €15k.


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## Keen Ark (21 Dec 2020)

Landscape said:


> Hi Keen Ark, you often get better interest rates for regular savings accounts than lump sum. For example Ulster Bank has one that gives 0.85% interest on balances up to €15,000. There are likely some T&Cs that would need to be checked to see if it suited you. You could slowly (& regularly) transfer in €1000 a month until all your rainy day fund is in there. If the Rainy Day Fund is greater than €15,000 you would only get 0.15% interest on anything over the €15k. At that stage you could look at an alternative account for amounts over the €15k.




Hi Landscape, 
Thanks a million for your advice - I'll look into the Ulster Bank thing ASAP.


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## Pmc365 (21 Dec 2020)

Landscape said:


> Hi Keen Ark, you often get better interest rates for regular savings accounts than lump sum. For example Ulster Bank has one that gives 0.85% interest on balances up to €15,000. There are likely some T&Cs that would need to be checked to see if it suited you. You could slowly (& regularly) transfer in €1000 a month until all your rainy day fund is in there. If the Rainy Day Fund is greater than €15,000 you would only get 0.15% interest on anything over the €15k. At that stage you could look at an alternative account for amounts over the €15k.



The Ulster Bank home saver ( regular saver)provides 0.85% on balances up to €25,000. Max €2,500 per month.


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## Keen Ark (22 Dec 2020)

Pmc365 said:


> The Ulster Bank home saver ( regular saver)provides 0.85% on balances up to €25,000. Max €2,500 per month.


Thanks very much! Will definitely look into that after Christmas


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## Keen Ark (24 Feb 2021)

Sorry to harp on about this, but... I had just got my documents together and was in the process of applying for an Ulster Bank savings account,  Then I hear that the Ulster Bank is phasing out all business within Ireland.  Is it worth setting up an account now or should I make alternative arrangements?

Thanks very much

Brian


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## mullking (24 Feb 2021)

You could buy prize bonds and win an odd €50. I actually got numerous wins with one of €1000. Since interest rates dropped a lot of corporate money found it's way there this reducing the small man's chance but, that's the way I'd go.


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## Keen Ark (25 Feb 2021)

mullking said:


> You could buy prize bonds and win an odd €50. I actually got numerous wins with one of €1000. Since interest rates dropped a lot of corporate money found it's way there this reducing the small man's chance but, that's the way I'd go.


Thanks! I think I'll probably go that route


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## Laughahalla (2 Mar 2021)

I notice you mentioned that your pension is managed by the bank. Check out what you are being charged.
If your pension contribution is not being allocated 100% and your management fees are greater than 1% you should shop around.

Some pensions offered by banks have terrible fund performance, are not good value/charge high fees which effectively take your profit while you take the risk.


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## Keen Ark (9 Mar 2021)

Laughahalla said:


> I notice you mentioned that your pension is managed by the bank. Check out what you are being charged.
> If your pension contribution is not being allocated 100% and your management fees are greater than 1% you should shop around.
> 
> Some pensions offered by banks have terrible fund performance, are not good value/charge high fees which effectively take your profit while you take the risk.


Sorry, I missed this.  Thanks, will definitely shop around.


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## noproblem (9 Mar 2021)

Are we talking about a large quantity of money here? If not, for a small amount and a short time period it wouldn't make any real difference at all in what you'll get.


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