# a better alternative to saving in current account?



## mark123can (29 May 2009)

currently have about €14,000 in an aib current account that i am making nothing on (o.25)

and €2000 in a halifax current account that im making 7.25% on 

I would be open to lodging about 1000 a month to a savings account or possibly a lump sum of 10 or 12 k for a year to get a better interest rate 

i was thinking of the e.b.s family account with 5.1% ,is there anything better than this ?

,could anyone recommend what wouold be better for an amount this size ?


----------



## GeneralZod (29 May 2009)

Have a look at the best buys posts.

The Anglo-Irish regular saver is 5.5%.

Within AIB  the seven day notice on-line account might be an option.  The whole thing could be set-up on-line if they've already got the AML docs for you.


----------



## Lightning (29 May 2009)

mark123can said:


> currently have about €14,000 in an aib current account that i am making nothing on (o.25)



Close it. 



mark123can said:


> and €2000 in a halifax current account that im making 7.25%



Good move, make sure you are logging 1,500 EUR per month. 



mark123can said:


> I would be open to lodging about 1000 a month to a savings account or possibly a lump sum of 10 or 12 k for a year to get a better interest rate. I was thinking of the e.b.s family account with 5.1% ,is there anything better than this ?



As per the previous post, Anglo Irish @ 5.5%.



mark123can said:


> ,could anyone recommend what wouold be better for an amount this size ?



If you want on demand then the best rate is 3.5% with Anglo Irish. 

If you can fix for 6 or 12 months then Investec. They have a 20K minimum, but according to some posters here, they often waive this.


----------



## PATMAC (5 Jun 2009)

Hi we bought a car in 2007 and paid half then and we have just paid the second half by putting €450 per month into an ESB savings account for 2 years. I was thinking that now the car is paid for I might be better off paying that €450 per month off my mortgage now that I can no longer claim mortgage relief or would I be better off investing in that AIB 5.5% account?


----------



## Lightning (5 Jun 2009)

What interest rate is your mortgage?


----------



## PATMAC (12 Jun 2009)

fungus said:


> What interest rate is your mortgage?


Ulster Bank tracker mortgage 0.5% above current interest rate.


----------



## Lightning (13 Jun 2009)

If your mortgage is 1.50% and you can save at lump sum at 4.50% you are better off saving than paying a lump sum off your mortgage.


----------



## coin (17 Jun 2009)

fungus said:


> Close it.


 

Why close the c/a entirely?


----------



## Lightning (17 Jun 2009)

The low interest rate of 0.25% when you can get 7.23% on a current account with Halifax.


----------

