is best saving account AngloIrish?

pennyboy1001

Registered User
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Hi,
I was given some free financial advice some time back and i was advised to save with AngloIrish over 2 years and get a 7% return, It seems ok but would you suggest any other banks savings scheme? This is the link:

[broken link removed]

all thoughts welcome,
Penny
 
It depends on your own circumstances - will you need access; how much flexibility do you need to have over your contribution, etc.

I like the Anglo account because it's flexible.
You can close the account at any stage during the two year term and still get your full interest.
The monthly contribution can change each month - they're happy once the deposit is something between €100 and €1000 per month. In fact, I think they'll let you skip the odd contribution if you need to.
You don't need to set up a direct debit or standing order - you can fund the account manually, just lobbing in money from your current account by EFT whenever it suits (this is how I operate the account).

First Active has a similar account paying a higher rate of 7.15%. The main difference is you have to set up a standing order, and you cannot fund the account by EFT. Also, if you need to make a withdrawal, this won't terminate the account - unlike Anglo.

AIB has an even higher rate of 7.3% but the contribution is limited to €300 per month and you have to set up a feeder account such as their demand deposit.
Note, however, that the interest rate is guaranteed to be 3% above ECB until Feb 2009. Neither Anglo nor First Active have any guarantees worth speaking of, so the rates could drop back to 4% - 4.5% at any time!

There are other options - check best buys forum - but in my humble opinion these are the three main accounts to consider.
Some of these other accounts have conditions restricting how many withdrawals you can make, whether you can change your monthly deposit, whether you can close the account, etc.
 
Is there any similar account that allows you to vary the amount you put in every month as some months you have more left in your current account.
 
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