Fixed term deposit matured, what to do now

[aishling]

Hey,

I had 13k in a 20month fixed term deposit with PTSB, its now matured so have to decide what to do with it. There is almost 14k there now and I also have approx 20k in demand accounts (AIB & RABO).

Im planning on getting a mortgage and building a house so not sure when I'll need this money, have a meeting with the bank tomorrow to discuss both mortgage and savings accounts. Do you think I should keep some in a fixed term account? Guy on the phone reckoned I would be better off even if I had to pay penalties for early closure as demand accounts have such low rates right now...any opinions?

 

[Lightning]

Hi aishling,

If you might need the money, then you should have it in a demand account.

Not all demand accounts, pay low rates, Nationwide UK pay 3.3% for their demand account for example.

Neither AIB nor Rabo give good returns to savers.

 

[sadie]

Irish Nationwide have a fixed 3 Month account offering 3.5%.
Your mortgage for the build will surely take 3 months to organise.

Edit: there is a 20k Minimum on this account.

 

[aishling]

Thanks for the advise guys, decided to put in back in for 11months, dont think we'll need it til then. Will leave the rest in a demand account just in case, will look to move to a better rate though!