# 40.000e and unemployed,what to do?



## mickeyblue (31 Jul 2009)

hi everyone....been reading through the posts and your answers have been very helpful im sure to posters.well i have one of my own,i have 40k from an insurance claim,im married and unemployed for the last 7 months.

i was thinking of putting the money into BOI for the 2 years at the 7% rate but am put off that after some of the replies.
ive spoken with TSB and fancy their 100 days at their rate(which escapes me now)their 9 month deposit plan which would give me a return after dirt around 770e.(although i belive their bringing out a new plan on the 10th of august)

youve probably guessed by now im not investing,just want a secure deposit at the best rate,im also not a long term deposit person.2 years is the max i could stretch before i leave ireland for good.my wife and i have little or no outgoings and are surviving on the dole,and thats our plan before we leave.
any suggestions for me would be much appreciated.thanks


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## Lightning (31 Jul 2009)

The BOI 2 year term deposit rate is 3.44% AER, not 7%. 

See the best buys thread ... 



> Best Buys - Highest Term Deposit Rates
> 
> 6 Months - Investec - 3.25%
> 1 Year - Anglo Irish Bank - 3.80%
> 2 Years - Bank of Ireland - 3.44%



In my opinion, there is little incentive to lock your money away for 2 years when on demand rates come so close to term deposit rates. Nationwide UK will give you 3.55% with an on demand account. 



> 1. Best Lump Sum Personal Deposits
> 
> Best for amounts from €10,000 to €2 million
> Nationwide UK: Easy Access (Discuss)
> ...


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## mickeyblue (31 Jul 2009)

ok.....not sure what the 7% their advertising is about then.thanks for the reply fungus.guess i will email them for the answers on how to get the funds to them should i decide to deal with them....hehe :0)


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## smiley (31 Jul 2009)

its 7% over two years....good luck


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## mickeyblue (31 Jul 2009)

well thats what i said originally.....but i bow to everyones knowledge here as im as green as the grass when it comes to banking.(apart from turning down requests from them wanting to invest in shares etc..


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## Lightning (31 Jul 2009)

Yes, it is 7% over 2 years. 

However, an interest rate should always be quoted and compared using the AER rate.


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## mickeyblue (31 Jul 2009)

fungus id like to thank you for your help.esp your point about locking money away for 2 years.all the banks are coming up with these short term(ie 3 months) plans just to get deposits in the banks.will check out nationwide uk though.

just a quick comment,i had a few months left to pay on a 2k loan from tsb,last week i had enough spare cash to pay it off.i specifically asked the lady at the counter if there was any charges to close the account early,no was the reply.long story short i get the statement through with a 25e deduction for PAYING UP EARLY..spoke to them and told them i wasnt happy with this,yer man on deposits says he will waver this charge(but i reckon this is depending if i lodge the 40k on deposit with them)just thought id share that story with you.


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## so-crates (31 Jul 2009)

that would have been annoying alright - she may have been differentiating between a penalty and a charge but all the same, you asked, were told and then found out to your detriment differently. I suppose the only lesson to walk away from it with is to get it in writing.


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## sunrock (2 Aug 2009)

How can you be on the dole?40k is over the means limit . I suggest you inform the dole office asap about your " problem"


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## Sue Ellen (2 Aug 2009)

sunrock said:


> How can you be on the dole?40k is over the means limit . I suggest you inform the dole office asap about your " problem"


 
Hi sunrock,

It might be best if you familiarise yourself with the difference between Jobseeker's Benefit and Jobseeker's Allowance (means tested).


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## sunrock (2 Aug 2009)

Well I think it is important that the OP considers this point. No doubt he will claim that he is on jobseekers benefit which lasts one year...as he  has been unemployed for 7 months that means this benefit will expire in 5 months time.He will then have to consider applying for means tested dole.In the meantime he is considering locking his money in to a 2 year bond which presumably will be under the full scrutiny of the revenue,In this situation he would not qualify for dole and yet would not be able to access his money either.
Maybe he could spend 20k in the next 5 months and put the other 20 k in his preferred account


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## coin (4 Aug 2009)

sunrock said:


> Well I think it is important that the OP considers this point. No doubt he will claim that he is on jobseekers benefit which lasts one year...as he has been unemployed for 7 months that means this benefit will expire in 5 months time.He will then have to consider applying for means tested dole.In the meantime he is considering locking his money in to a 2 year bond which presumably will be under the full scrutiny of the revenue,In this situation he would not qualify for dole and yet would not be able to access his money either.
> Maybe he could spend 20k in the next 5 months and put the other 20 k in his preferred account


 
Good point. He will be still entitled to it but on 40,000 of savings, 30 euro of weekly means will be assesed.




> Capital Weekly means assessed
> First €20,000 Ni
> Next €10,000 €1 per €1,000
> Next €10,000 €2 per €1,000
> Balance €4 per €1,000


http://www.citizensinformation.ie/c...s-test-for-social-welfare-payments/means-test


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## bob quinn (13 Sep 2009)

Mickeyblue,

With 40k in savings, have you looked at the possibility of further training/skills upgrading as a means of getting back to work? It seems a little odd that you are sitting on a cash amount that you are prepared to lock away for two years when you could put a small portion of that towards upgrading your skills and making yourself more employable. 
Admittedly I do not know what you were working at, and perhaps you are doing this as we speak, but 40k will deplete in no time at all, particularly if you have children if you remain on the dole for a lenght of time. 

I'd actually be more interested in hearing about how you are getting yourself back to work than what savings account you choose. 

Bob


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## mickeyblue (15 Sep 2009)

well BOB
.....you'll be glad to hear that i am training myself in another field,with the prospects of work very good,so your concerns for my welfare should be put to rest now.


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## Palerider (16 Sep 2009)

Open an Irish Nationwide demand account, they pay 3.75% variable rate and on demand up to e20k so you could open two, one for yourself, one for your wife.
Halifax also have the same rate up to E10k, again two accounts required to a total deposit of e20k in the case of Halifax.
Anglo and Nationwide pay 3.8% fixed for a  year, personally I would leave it on demand, 3.75% is good.


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## Rambler (16 Sep 2009)

Obviously from the posters original post, he isn't looking to hide / not declare his savings, rather he's looking to maximise his return on it, but ultimately what level of questioning / cross-referencing with revenue do social welfare carryout when means testing.


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