# Best place to invest some money



## regvw (26 Nov 2009)

Recently I looked at my banking situation. I am not investing my money where I can get the best interest rates. Basically I want to do 2 things 

1. Save a certain ammount each month.
2. I can put some money i allready have away for a set period of time with limites access, couple of months notice to get it out would suit me.

BOI gave me details of two such accounts I could set up but I would like to check around. On one account I would need to lodge 20K I think and leave for a set period of time.

I would apreciate any help !!


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## regvw (30 Nov 2009)

Is this in the correct forum now??


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## mercman (30 Nov 2009)

regvw said:


> BOI gave me details of two such accounts



Reg, IMHO and for your own sake do not run with the BoI. I have spent over 3 years (37 months) trying to sort out misselling with BoI and the Ombudsman found in my favour. Still no resolution from them and it just goes on and on and on and on ............. They wanted to Appeal and the High Court threw the case out. There is better places to invest your money, just be careful what and where you invest it.


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## Lightning (30 Nov 2009)

Agreed, there are better options than BOI.

What are your criteria for an account? 



regvw said:


> 1. Save a certain ammount each month.



There is a list of regular saver accounts here:
http://www.askaboutmoney.com/showthread.php?t=20747



regvw said:


> 2. I can put some money i allready have away for a set period of time with limites access, couple of months notice to get it out would suit me.



There is a list of term deposit accounts here:
http://www.askaboutmoney.com/showthread.php?t=101813


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## mercman (30 Nov 2009)

fungus said:


> Agreed, there are better options than BOI.



In fairness to the BoI funds they are well disciplined and well managed. The problem is their selling practices -- to be made an offer in writing and as soon as the cheque was cashed the offer went for a birdie. And in my case we are talking about a considerable sum.

Other options include ETFs and other products but the OP will have to make their own mind up as to how much time they want to keep looking after their investments.


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## regvw (2 Dec 2009)

Thanks guys for the links and advice.
I read fungus's post so this is what I think.

If i save 500 per month in the anglo irish bank regular saver 4%. what will i have at the end of the 12 months. compound interest and all that. Also what will i do at the end of the 12 months when the account expires.

for the lump sum, if i put 20k in the EBS 5 month account at 3.54%, does this look like the best option. aslo what will i end up with and what do i do after the 5 months


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## mercman (2 Dec 2009)

regvw said:


> compound interest and all that. Also what will i do at the end of the 12 months when the account expires.



AFAIK the interest one earns is Simple Interest and is not compound Interest. You would be better if you checked this. As for what do on the maturity dates and henceforth, you will need to study the choices and then make a trusted decision. Whatever decision you make make sure you get everything in writing and leave trust at home. It no longer exists in this country.


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## regvw (3 Dec 2009)

two other questions 
1. The EBS has closing date of 11 december 2009. Does this mean if i get in before then I will have my money invested for the 5 months.
2. It looks the 5 months is 3.5% but for 9 months teh rate looks lower. I would have thought teh rate would be higher the longer you left it to the bank for


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## Lightning (3 Dec 2009)

regvw said:


> two other questions
> 1. The EBS has closing date of 11 december 2009. Does this mean if i get in before then I will have my money invested for the 5 months.



Yes. It is a 5 month term deposit. 



regvw said:


> 2. It looks the 5 months is 3.5% but for 9 months teh rate looks lower. I would have thought teh rate would be higher the longer you left it to the bank for



Banks offer different rates for different term deposit periods. Just because the period is longer does not mean that the rate will be higher.


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