Lump sum-current acct or credit union?

L

leaba

Registered User
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I am moving back to Ireland from abroad next year. I have saved up some money and am planning to transfer it to Ireland soon, as the currency rates are good right now. It should be about 50,000 euro. I have a PTSB current account, and a credit union account. I am leaning towards putting it in the CU so that I get some interest, but will it be safe there? Any advice appreciated.
 
Thanks. Unfortunately I don't have the option of setting up any new accounts, as I'd have to show up in person to do so. So my only options are my existing accounts - either the current account with PTSB, or the credit union.
 
I think PTSB until you get back... the CU interest rate would not be great. As per Pudds, try the best buys links but I think you would need proof of address in ireland to open these accounts which you do not have at this stage... note that in ptsb current account you get 2% on first 1500 provided you lodge 1500 per month so maybe send money back piecemeal to get that 2% and transfer from there to another savings account if you are able to open them
 
If you already have your AML documentation with PTSB, it should be easy for you to open another account there without further documentation.

PTSB have some good term deposit rates including a good 100 day term deposit rate.

[broken link removed]
100 days 3.29%
9 Months 3.10%
1 Year 3.30%
1 Year 6 Months 3.31%
Note: €10k minimum
Click to expand...

The rate you will get with the CU is likely to be zero or close to zero.
 
fungus said:
If you already have your AML documentation with PTSB, it should be easy for you to open another account there without further documentation.
Click to expand...
Oh, that's good to hear - I did think of doing this, but when I looked at their website it seemed like you needed to show up in person. I will try phoning them. Thanks for the tip!
 
worth a try alright with PTSB but last time i opened an account with them..they did ask for copy of passport (approx 2-3yrs back) even though i already had accounts with them for long time.
 
Just to update - checked with TSB and you do have to appear in person to open an account. :( The CU dividends are down to almost nothing. So, we will probably stick a bit in there just in case, & leave the rest in the current acct.

Thanks for the replies!
 
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