Help Savings advice needed for money built up in Regular Savers

S

sputnik1

Registered User
Messages
8
Hi there,

I currently have two regular savings acccount with Bank of Ireland. One at 7%(3500) and another at 6.75%(5500). I am putting the maximum amount per week into each account at 125 euro or 500 euro a month.

The interest (the above rates apply only to the first 5000 with 3% payable on the balance) on these accounts is due to be paid out in March of next year. I rang for an exact date but the girl on the phone merely said sometime in March.

Doing some rough calculations and allowing that the intrest is paid out on the first of March this means that I will have approx 8000 and 6000 in these accounts. I am allowed four free withdrawals per year.

I am tempted to withdraw the balance on these accounts (ie 4000) on which I will only recieve 3% now and deposit it in a lump sum deposit.

Would this be advisable or should I wait until March and withdraw the full amount from both accounts.

All advice is most welcome, new to savings and banking.

Thanks Sputnik
 
Re: Savings advice

i would keep them both and fund them just below the maximum allowed, I would then open 4 parent deposit accounts at 10.25% with the AIB and fund these to the maximum, with your remaining 200 a month you may consider first active's regular saver at 7.15%, as i personally think you would be well served in distributing your money amongst our top banks instead of having all your eggs in one basket. When your bank of ireland accounts "mature" i would consider removing the money, (bar a few cents), to first active's esavings and then use this to drip feed into other high yielding regular savings such as First actives regular saver as you can deposit 1000 a month.

good luck
 
Fair point Clubman.

Up Tipp I am not a parent nor godfather nor have I neices or nephews. So the Parent Saver account, which look good are of no use to me. First Active e-saving account drip feeding a regular account is something I will look into. Many thanks for your advice
 
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