Fixed term deposit matured, what to do now

A

aishling

Registered User
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125
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?
 
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.
 
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.
 
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!
 
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