Is my money better off in EBS Fam.Savings Ac. or in AIB Online Notice Deposit 7?

[Cooley]

Hi all,

I have just set up an EBS Family Savings Account.

The plan is to lodge €1,000 per month from my AIB current account into this account (for 1year, then think of the next step).

During the week I had a meeting with an AIB financial planning consultant. He was advising me to go for their Online Notice 7 account.

He said it would be better to put €10,000 into this account, and start earning 3% interest off the €10,000 straight away. Because with the EBS Fam. Sav. Ac. I won't be earning 4% on €12,000, as I will only have €12,000 in this account after a year.

Now I am unsure which account would be best for interest return.

I would really appreciate it if anyone could shed any light on this for me.

Thanks

 

[chlipps]

If you have a lump sum of 10K to hand then it is better in a lump sum deposit type account...best at moment is Nationwide UK at 3.3%

If you dont have the 10K to have and you plan to save 1K per month then it will earn more in the EBS reg saver at 4%

 

[Lightning]

Seconded.

Don't listen to the vested interest at AIB. You are not best off with the AIB account.

As the above poster suggested, you are financially best off with both Nationwide UK for the lump sum and the EBS account for regular savings.

 

[Cooley]

Thanks very much for the advice. I really appreciate it.

Think I will go for the lump sum deposit with Nat.Uk, & continue the EBS account at €100 per month.