Regular Saver with Lump Sum

P

PolarPenguin

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I've looked around the forum and I can't find any answer to my query...

I have a lump sum of €7,000 to invest and would like to top this up with a regular saver of around €100 a month.

The purpose of saving this money is because I have my house for sale. In this current market you'd expect someone to offer at least €10,000 under my asking price and i'd like to have the funds saved so I can accept such an offer. So the problem is, I'd like to be able to withdraw the money but in what timeframe is very much unknown, 6 months or 6 years - It could be either.

I'm moving to England after the house sale so continuing the saver in euro would also not be possible.

There are some fantastic rates out there for regular savers (namely 7.15%AER with first active) but, is there any out there that will allow a once off lump sum at the beginning?

Any help would be very much appreciated!
 
Oh, just to add - I'm assuming that any credit union savings account wouldn't suit me as they ony give out their share dividend at the end of the year??
 
I vaguely remember Rabo had/has a regular savings account where you could deposit a lump sum as well, may be worth having a look for....
 
Thanks for that FLANDERS`. I did just take a quick look at that account. The interest on it is 4.3% - Which I assume would work out better than saving just my €100 a month in the 7.15% that WON'T allow a lump sum... But....

It does say "At RaboDirect interest is calculated daily and allocated annually". I know i'm could be kidding myself - but if I did in 6 months time, would that mean I couldn't collect the interest??
 
Why not just open two accounts?

One for lump sum and one regular saver?

Have a look at best buys for each.

Rates haven't changed yet from either of the ecb rate cuts.

Anglo at 8% regular saver is currently (I think) the best, you can lodge variable amounts each month no withdrawls for first 6 months (but if you really need the money I don't think the withdrawl penalty is that much - just moves to a lower rate account and if you need the money that on't be a worry (from memory have look at the a/c)

Also Anglo do a 5.5% premium demand a/c.

(In terms of your rabo question - With "most" accounts if you close early you still get any interest that has accumulated, just check the t&c's, )
 
You could put the lump into an Anglo account at 5.3%.
Then open an Anglo 8% regular saver, feeding the 100 in.
 
Anglo won;t take the feeder payments from another Anglo account.

What we have done is open an account with First Active, 5.22% for our €10k. We are saving also €1k from salary, so €2k goes into Anglo 8% account every month, €1k from First Active and €1k from salary. We actually put in the €2k at the beginning of month from salary and only bring the €1k from First Active into our current accoutn towards the end of the month when we need it, and maximise the interest.

A single person can open an account with a limit of €1k per month in Anglo. So drip feed €900 a month from a high interest lump sum account and save your €100 there also.
 
Excellent - Fantastic advice. Thanks.

My mortage is with first active so keeping them sweet with the lump sum account seems the way to go and then, as you say, feed the money into this 8% saver...

**Goes off the serach out this Aglo Bank**
 
Gautama said:
You could put the lump into an Anglo account at 5.3%.
Then open an Anglo 8% regular saver, feeding the 100 in.
Click to expand...

pator said:
Why not just open two accounts?

One for lump sum and one regular saver?

Have a look at best buys for each.

Rates haven't changed yet from either of the ecb rate cuts.

Anglo at 8% regular saver is currently (I think) the best, you can lodge variable amounts each month no withdrawls for first 6 months (but if you really need the money I don't think the withdrawl penalty is that much - just moves to a lower rate account and if you need the money that on't be a worry (from memory have look at the a/c)

Also Anglo do a 5.5% premium demand a/c.

(In terms of your rabo question - With "most" accounts if you close early you still get any interest that has accumulated, just check the t&c's, ) .
Click to expand...

Ok ok, so I am a bit long winded :)

OP -you don't need to keep anyone sweet, go with the account that best suits your needs at a rate you can live with. Lots of threads on here about drip feeding into high interest regular saver. Think €1000 is the max figure per month for a single account.
You have the mortgage.
evidence of deposits regular saving will be good, which bank it is with won't matter.
 
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