ACCOUNTS MAKEOVER-Need help sorting out where accounts should go???

Hi Ladies and Gents.

I have a lump sum i would like advise on.I have a few question that i need help in answering. This money i would like to put away and not have access to but i dont have a set term (short-medium-long term ) in mind. I'm not interested in products with risk.

Whats the best thing to do with this lump sum.Is it advised spreading it over different banks different products or should i look at the interest rates and make my decison on the best rates. I appreciate its not as simple as this and this is where i need advise.Your help on where to go next will be very much appreciated as im terrible at looking at the small print


I have recently been to PTSB and the bank official recommended holding out for 2/3 weeks to make a decision on the products they have available. PTSB will have new products available and he is expecting them to be great saving products



Going forward i will have a regular savings account..... which ones are the best.... most flexible.To me they seam very similar. ???


Should i put a section of this money into an account i have access to .
Should i be looking at the bigger picture and spreding money short, medium long term.Heading towards 30, its time to get finances in line (",)

I am a regular viewer of this website but need advise on where to go next with my savings.What are my best options?What am i over looking......


All advice is very much appreciated.

Regards,
Rachel-Eve

How much is your lump sum?

Do you need access to your lump sum or are you happy to lock for a period of time?

How much will you be saving per month?

I have recently been to PTSB and the bank official recommended holding out for 2/3 weeks to make a decision on the products they have available. PTSB will have new products available and he is expecting them to be great saving products

Click to expand...

Interesting. PTSB already have a huge range of deposit products. Interesting that they might launch, yet another, range of deposit products.

Hi Ciaran .

Thank you for your reply. The lump sum runs over the 100,000 figure and for this reason i was leaning towards splitting it over 3 different banks.Spread the risk???
Whats the norm, should i be splitting its over short medium and long term accounts / products,.
I havent a decision made on locking it away or not, i want to be more educated on options before i make that desison.
Property is the only reason ii will need acces to this money.


My account profile.
1.Have money with access incase of an emergancy
2.Set up Long Medium and short term account.
3.Have a regular saving account
4.Have a current account for regular use.
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The ive been advise in PTSB that between the Eligible Liabities Guarantee and the Deposit Guarantie that all money will be guantee even if its over the 100,000.

New accounts /Product thats PTSB may have
couple of weeks time ---- 2 months to 1 year accounts
Before /During the summer ---- a Deposit tracker -----Term 3-5years Approx----- Rate 20%




Thanks

Rachel Eve

With any of the 3 Irish banks, your deposit is Irish state guaranteed to unlimited level.

Splitting is one option, although one could argue that it does little to mitigate any risk, however small.

Have you read the term deposit best buy thread? Have you read the lump sum deposit best buy thread?

Im in the same boat as you op, although I have more than 100k.
Like you the only time i will need to access it is to buy a house, which i want to do this time next year. So im going to lock it away for the year and get some interest as house prices continue to fall.

Im putting some in KBC bank @ 4.15%
Some into AIB and their one year fixed term account at 3.95%
I'm also putting some in Keytrade Belgium who i already have an account with, just to protect against the unlikely event of Ireland leaving the euro.

Just hope the euro continues to stay together for another year as I dont feel now is the right time to buy a house, so this is my only choice I feel.

Yes, I have looked at the term deposit and the lump sum deposit best buy thread.
I guess what im asking for is a recommendation how to best structures my accounts

Thanks
Rachel Eve

Hi Lamps

Are you locking all your lump sum away or have you access to funds should you require it at short notice...

Is this figure a separate to your current account balance function ... weekly monthly yearly costs .


The figure i have is a total figure and maybe i should take a cut from it and split into short medium long term accounts.

Rachel Eve said:

Yes, I have looked at the term deposit and the lump sum deposit best buy thread.
I guess what im asking for is a recommendation how to best structures my accounts

Thanks
Rachel Eve

Click to expand...

Hi Rachel,

It depends on personal circumstances as to whether you should lock or not and for how long.

It is generally best to have a good portion of your savings in an instant access account.

Do you think you will need access to all or a portion of the funds over the coming few years?