# ssia matured,30,000 in seperate rabo acc. need advice



## Genius (22 Oct 2006)

Hi all,
SSIA maturing middle next month full amount in equities for 5 years, have 30,000 in rabo acc 3.7% interest, have 10,000 in credit union emergency fund & general use. 
32 years of age currently earning about 3 to 4 grand over my tax cut off point {only with overtime} was wondering if anybody could help or advise as to what to do next financially.Good deals or products out there?
Currentyly thinking of putting into AVC`s any help here much appreaciated, Don`t know should i continue with ssia contributions as it`s in equities this may be way to go long term or leave this amount and put 254 each month elsewhere? Scope,eagle star,gold bonds e.t.c.
I know this is a very broad question but will answer any questions posted sorry if it`s also in wrong section.
Thanks in advance.


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## paddyd (22 Oct 2006)

Just wondering if you own a house? (BTW I'm not suggesting you buy one now; that ship may have already sailed).

If not, I'm surprised you have kept all your savings on cash deposit during the years where interest rates were woeful on deposits, and were far less than even inflation (so in effect you've been losing money); with property and equity booming all the while.

Is there something you are saving for?

or perhaps its just that you are a very good habitual saver? Always a good thing. Am in a similar position myself (ish), with full SSIA maturing at the end of the month, and am thinking of putting it and other savings into both Managed Funds and also Cash (the AIB PSP looks ok). Haven't put too much thoguht into it. My wife in similar position, so we've a good chunk of change to invest. Managed funds need about 5 years minimum to get good value from them, but they suit the people who don't know their equities from their elbows. Otherwise we'd all be day-traders


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## Genius (22 Oct 2006)

No don`t own house really missed that boat 
Yeah after reading through this site keeping money on deposit was very bad idea!


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## Genius (22 Oct 2006)

quote putting it and some other savings into both Managed Funds, but also Cash (the AIB PSP looks ok). 

my ssia is with AIB in equities.
What makes the above fund ok.


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## paddyd (22 Oct 2006)

Genius said:


> quote putting it and some other savings into both Managed Funds, but also Cash (the AIB PSP looks ok).
> 
> my ssia is with AIB in equities.
> What makes the above fund ok.


 
I also have AIB ssia.

The interest rates on the AIB PSP are good (by comparison), if you save the max (which is limited to €1k per month per person). There is bonus spread over 5 years. As there are 2 of us, then thats 12k*2 per year; which is loads to be putting into cash deposits. The rest should be in equities, property or pension AVP's

click on aib website for more info, just found it last week. (p.s. I don't work for AIB!)


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## Genius (22 Oct 2006)

Thanks just set that up now 4.25% interest better than rabo but only alowed one withdrawel per year to avail of their bonus.


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## shipibo (24 Oct 2006)

Can,t really understand your question .....


Have you looked at RABODIRECT and QUINN LIFE ETFs ???? , really depends how long you want to invest for ...

On SSIA , what charges are you paying , what monies have you made, this should tell you whether to stay or go.


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## ClubMan (24 Oct 2006)

crumdub12 said:


> QUINN LIFE ETFs


Are you sure that you don't mean index tracking funds rather than _ETFs_? Not the same thing.


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## shipibo (24 Oct 2006)

Apologies,


    Quinn Life Index funds ,



           Slan / Ed


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## Genius (24 Oct 2006)

Setting up meeting with AIB finanmcial advisor next week to go through SSIA monnies made,charges now & future e.t.c. see if it`s wise to continue.
I know they will obviously push AIB products!
Quinn life seem to be mentioned here alot think it`s cause of they`re low charges will have to look into them.
As mentioned above earning about 2 to 3,000 over my tax cut-off wondering about AVC`s are they a good option on this money instead of giving it to taxman.
AVC`s have no idea about. Can they be back dated through previous years? Are there different types? Should i go through the job or independant? Costs e.t.c. 
As i said novice


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## jpd (24 Oct 2006)

AVC's are very tax effective but the bad news is that the money is locked away till you retire - normally some time between 60-75, so that's a long time. If you are investing for the long term ie 30 years or so, make sure you take your time to evaluate the various products and don't be pressurised into one by a salesman (AIB or other). 

OK, so the deadline for 2005 is coming up, but it would be better to miss one year of tax relief than put your money into an expensive fund for 30 years!

You need to consider whether you need access to the funds in the short or medium term ( 1-5 or 10 years). If so, an AVC is not the appropriate product. 

Steer clear of fixed term bonds too - there are far too expensive (ie far too profitable for the bank)


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