Best place to deposit 25K

[Paulk]

Hi All,

I currently have €25k sitting in a bank account not yielding any interest.

I was considering depositing this amount with N26 for their metal rate for at least one year. However, I see that they have cut the deposit-interest rate on several occasions, making it less attractive.

Are there any places that you would recommend I deposit with, or any financial platforms that I should avoid for depositing the money?

Any insight would be much appreciated.

 

[theresa1]

If you won't need the money for one year then PTSB 2.75% 1 year fixed rate you won't beat.

 

[ClubMan]

Any insight would be much appreciated.

Very difficult to offer useful suggestions without more information such as would be provided by a Money Makeover...

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...

www.askaboutmoney.com

 

[daheff]

If you won't need the money for one year then PTSB 2.75% 1 year fixed rate you won't beat.

Just balance that with the shenanigans required to close it after a year. physical letters, certified passports etc required to close the account.

 

[Freelance]

Are there any places that you would recommend I deposit with, or any financial platforms that I should avoid for depositing the money?

Your first decision is whether you want to keep it available "on demand", in which case the answer is probably here or can you put it away for a period somewhere between 3 months and 5+ years, in which case the answer is probably here. If you still have questions after looking at these threads you cn post them here, together with the answer to the previous question.

The N26 Metal savings rate comes at a cost. If you have Metal anyway then it would worth looking at, however opening a Metal account just for the savings interest rate would not make sense when the fees and DIRT are taken into account. And remember with N26 (and other non-Irish banks) you must declare your Interest at the end of the tax year and pay the DIRT due as this is not deducted at source.