Saving for christmas 2010

L

lizannecasey

Registered User
Messages
24
I want to start a savings account so I don't get caught out at christmas next year. I don't have any savings really at present. I have shares in my credit union account but they are tied up with a loan I have. I want to start a savings account so I have some money built up for christmas or for those 'rainy day' moments. I wouldn't be saving alot to start with. It may just be 40 euro a month. I want to save it in a account that I cna't easlity access at a moments notice as I'd never save a penny. Any suggestions would be very welcome.
 
Check out the regular saver best buys here.

Give that you will be saving just 40 EUR a month, I suggest the below product ...

Ulster Bank: Regular Saver
3.50%
Note 1: Regular lodgements required (standing order only)
Note 2: Minimum €1 a month; Maximum €1,000.
Note 3: Interest paid on first working day of each quarter.
Note 4: Maximum balance €100,000.
Note 5: Online access to account.
Note 6: Optional ATM card offered.
Click to expand...
 
You can open a deposit account with the CU. I save a certain amount to the CU each month to cover car, house, health insurance when they come due and to cover Christmas expenses. I pay by DD from my bank account each month.
 
Dont Halifax have a regular savings account that pays 3.75% up to 10k ?
 
Gadsdot - You will not get a good return for your money at the CU.

Ceatharlach - It is not a regular saver product, it is a lump sum product. It would be an option for the OP to consider.

[broken link removed]
3.75% up to €10,000
2.00% on €10,000 to €250,000 maximum.
Note 1: Instant access
Note 1: 3.75% applies on the first 10k for the first year only
Note 2: 2.00% applies on the rest of balance.
Note 3: Interest paid quarterly.
Note 4: After year one you can choose to close the account and re-open a new Flexi Saver Account.
Deposit Protection: Irish Deposit Protection Scheme
Click to expand...
 
It would be worth checking if your employer had anything in place also, or even to put the suggestion to them.

Last Janurary my employer started a monthly savings scheme, began in February until November - 10 months, it was great, I got €1000 back. When its taken out of your wages you really don't feel it.
 
gabsdot said:
You can open a deposit account with the CU. I save a certain amount to the CU each month to cover car, house, health insurance when they come due and to cover Christmas expenses. I pay by DD from my bank account each month.
Click to expand...

My Credit Union only paid a dividend of 1% last year. The problem with the CU is that you don't know the interest you will receive in advance.
 
1% is a very poor return.

Have you moved your savings elsewhere to get a good return for your money?
 
My Credit Union paid 3.75% dividend and 10% rebate on loan interest.

Unfortunately, this past year I only had a small amount on deposit and no loan so I lost out on both counts. If I had suspected the rates would have been as good this is where I would have invested, or perhaps borrowed from them.
 
That is a rare exception to the overwhelming general rule of thumb when it comes to comparing CU and bank deposit returns.
 
Yes fungus I realise this, I assume it was because there was no dividend paid the previous year due to legal difficulties. Nevertheless anyone who was received it got a nice reward.
 
ParkLane said:
My Credit Union only paid a dividend of 1% last year. The problem with the CU is that you don't know the interest you will receive in advance.
Click to expand...

Not that it may make much difference to the return but CU deposit accounts attract interest not dividends (they are not shares). Generally the interest rate is available in advance unlike the dividend.
 
Is there any other options for this for 2011 savings ?
Does anyone know if there is any savings that you can do that is like the tv licence stamp, whereby you cant cash it in and you can't use it untill a required month ?
 
You must log in or register to reply here.
Back
Top