Regular Savings or Lump Sum Deposits

confused1 said:

Hi

I have read the best buys but am still confused. I have a lump sum available and require access to the deposit.

1. Would I be better off to save in a lump sum deposit account or a regular savings deposit account?
2. Which financial institution and account provides the highest interest rate?

Thanks

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Highest Rate for deposits from €1 to €20,000:

Irish Nationwide Building Society: Instant Access
3.25% up to €20,000
2.00% from €20,000 with no maximum
Note 1: Instant access
Note 2: Interest paid annually.
Note 3: No online access to account provided.
Note 4: 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.
Note 5: Rate is guaranteed to be at least 1.25% as per a "bonus promise".
Deposit Protection: Irish Government Bank Guarantee Scheme until June 30th 2011, Irish Deposit Protection Scheme only from July 1st 2011.
Deposit Safety with INBS: There are serious questions over the future of INBS and it's current financial state. INBS have a low credit ratings from all credit agencies. INBS are state owned and dependent on state and ECB support for survival. It is suggested that you do research into INBS before placing deposits in this institution.

Highest Rate for deposits from €20,000 to €100,000:

Anglo Irish Bank: Easy Access Reward Account
3.20% on €1 minimum to €100,000 for year 1.
1.00% on €1 minimum to €100,000 for year 2.
Note 1: Instant access
Note 2: Interest paid annually on first anniversary of account opening.
Note 3: Rate drops to 1% after year 1.
Note 4: Rate includes a 2.2% 'reward' in year 1.
Note 5: Maximum of 2 free withdrawals per year. A third withdrawal will result in a reduction in your interest payment from 3.20% to 1.00%.
Deposit Protection: Irish Government Bank Guarantee Scheme until June 30th 2011, Irish Deposit Protection Scheme only from July 1st 2011.
Deposit Safety with Anglo: There are serious questions over the future of Anglo and it's current financial state. Anglo have a low credit ratings from all credit agencies. Anglo are state owned and dependent on state and ECB support for survival. It is suggested that you do research into Anglo before placing deposits in this institution.

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Permanent TSB: Online Regular Saver
4.00% on €1 to €50,000
Note 1: Annual interest is credited to the account on the first Business Day after the 20th of November.
Note 2: Monthly payments up to €1,000
Note 3: This account is only available online. You need to use PTSB 'open24' to make withdrawals.
Note 4: Full details of this product are listed inside Permanent TSB online banking which are behind a secure login and therefore obviously cannnot be linked to.
Note 5: Withdrawals from this account can only be made to another PTSB account and then to a non PTSB account. Hence, you must keep another PTSB account open. This does not have to be a PTSB current account which may incur fees, this can be a PTSB 'Demand Deposit Account' and the balance can be zero in this account.

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