saving for downpayment

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livelovelife24

Registered User
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Hi everyone,
Im new here. Have been renting for the past 15 years. Am now married & have 3 kids & i would like to start looking at buying our own home.

I am looking for somewhere to save our deposit or down payment.

Were hoping to save 400-500/week for approx 3 years.

Any recommendations on where the best place to save this.

Thanks
 
Hi Cinderayla,

As a starting point, read the best buy threads.

Are you hoping to save 400 - 500 EUR per week or per month?

Your best option might be the KBC Regular Saver product which pays 3.50% AER and allows joint accounts. Nationwide UK (Ireland) pay 4.00% AER but the account is a 15 month account.
 
You might take a look at this link re the refund of Dirt for first time purchasers as well. http://www.*****************.com/dirt-refunds-for-first-time-buyers-budget-2015.html
 
As CiaranT suggested,Nationwide UK (Ireland) pay 4.00% AER but the account is a 15 month account.

You could put 1k per month for 15 months as that is the max allowed to get the 4% rate as it is a great rate, but you can only have one account, but worth taking advantage of.

And putting the balance in some other account.
 
You don't get 15k @4% as the whole 15k isn't in the account for the whole 15 months. Search this forum for regular saver calculator....
 
if i save 1k per month for 15 months, that means i should have 15k after the 15 months? Would that not be the case. I'll look for that saver calculator thanks. just new to all this. Need to get our finances sorted etc.
 
Yes, but what username123 means is that you won't earn 4% on 15k, as you won't have 15k in the account from day 1.

So, yes, your final balance will be over 15k, but you won't earn (15,000)(0.04) interest.
 
Thank you for explaining it to me, i haven't a clue lol
I think i would prefer to put the whole amount into the same account per week.

A women in the post office told me i can open a standard savings with a book and save away for a year, and then transfer what balance i have into an instalment account and keep doing it that way? Same for it i want to put money away for the kids for 10 years.
 
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