I want to save money but don't know where to put it!?

L

Luke

Guest
Hi all,

This is my first post, not sure if I'm asking this on the right board.

So I've decided on some drastic action! I'm leaving my rented house and moving back into the family home for 1 year in a bid to clear debts and save enough for my half of a deposit on a house.

Thing is I want to deposit €1800 per month into a savings account but i can't seem to find a savings account that will take more than €1000 per month!

So what do ye think is my best course of action? Just keep it in my current account? Put in in a credit union account? Post Office? or is there any decent savings account I've not seen yet?

Any help would be great thanks,
Luke.
 
I wouldnt think so (but check with the bank to be sure) - I meant 2 accounts & 2 banks
 
I suggest firstly that you read the 3 best buy savings threads here.

Beyond that, I suggest you consider the below 2 products ...
1) 1,000 EUR per month in the below.

Best buy But notice required

PTSB: 21 Day Regular Saver
4.00% up to €50,000.99.
Note 1: Maximum €1000 per month, to a total of €50,000.99.
Note 2: 21 days notice required for withdrawals.
Click to expand...

2) 800 EUR per month in the below for one year only.

EBS Family Savings Account
4.00% for year 1 only.
3.00% currently for year 2.
Note 1: Regular lodgements required by direct debit only.
Note 2: Minimum term one year.
Note 3: Minimum €100 a month; Maximum €1,000.
Note 4: Interest rate is fixed for year one. This has been referred to as a "regular saver term deposit".
Note 5: NB: "Prevailing" rate in year two. You can make a maximum of two withdrawals a year, one at any time and another at the end of the term.
Note 6: You can make best return from this account by withdrawing all money on the 1st anniversary "at the end of the term".
Note 7: The monthly amount can only be changed by written request.
Click to expand...

Keep an eye on the rates by checking back here regularly.
 
Luke said:
Is it possible to open 2 exactly the same savings accounts at the one bank?
Click to expand...

In some cases yes, in most cases no.

One example of where it is allowed, Irish Nationwide allow two accounts to be open by one person for the below product. Meaning you can get 3.75% for up to 40,000 EUR.

Best for amounts from €1 to €20,000

3.75% up to €20,000
2.50% from €20,000 with no maximum
Note 1: Instant access
Note 2: Interest paid annually.
Note 3: Interest rate includes a "bonus" of 1.25% that expires on 1 Jan 2011
Note 4: No online access to account provided.
Note 5: An individual can open two accounts, meaning they can benefit from this rate up to €40,000 if 2 accounts are open and each account holds no more than €20,000.
Deposit Protection: Irish Government Bank Guarantee Scheme until September 30th 2010, Irish Deposit Protection Scheme only from October 1st 2010.
Deposit Safety: Moodys have rated Irish Nationwide as having a "E+ financial strength rating". The first €100,000 per person on deposit is protected beyond October 1st 2010, therefore, it has been suggested by several posters that you do not exceed €100,000 beyond this date.
Click to expand...
 
That's great info fungus, thanks a million! Those two seperate accounts sound like what I want exactly.

Luke.
 
fungus said:
In some cases yes, in most cases no.

One example of where it is allowed, Irish Nationwide allow two accounts to be open by one person for the below product. Meaning you can get 3.75% for up to 40,000 EUR.
Click to expand...

I opened up 6 of these accounts 2 under my name, 2 under my partners name and 2 under our babys name.......so 120,000 savings instant access at 3.75%
 
I would go along with landlord's suggestion. Over the past few years I had numerous regular saver accounts. The hassle of money going from one account to another each month wasn't really worth it at the end of the year and remember the terms and conditions of these regular saver accounts can be restrictive. The best regular saver at the moment is around 4%. I think instant deposit accounts are available at 3.75%, no hassle, deposit the money, forget about it, and if an emergency occurs, just draw out on demand.
 
Agreed that regular saver accounts are hassle and you do need to be prepared to keep and eye on both the rate and T&C's.

landlord said:
I opened up 6 of these accounts 2 under my name, 2 under my partners name and 2 under our babys name.......so 120,000 savings instant access at 3.75%
Click to expand...

Interesting, I didn't know INBS allowed accounts in infants names as well. :)

You and your family should have a large interest pay day on December 31st.
 
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