Uncertain Where to Save

H

heisenberg

Registered User
Messages
20
Hi. I am in my early twenties, recently out of college, and for the past year I have been saving in the regular savings account with AIB. The year of high interest rate (initially 4% but now 3.75%) is about to revert back to 0.75% I believe.

It's not a large sum of money, but I am unsure as to what to do with it now. I already have a months worth of wages in state savings (a kind of emergency fund I guess).

With the way the economy is at the moment I do not know how long I will be able to keep this job. I believe I have job stability, but just in the short term. As to what I am saving for - nothing in particular. I've always been taught to save. The only big expenses I forsee are holidays or if I have to emigrate.

Can anyone recommend the best option for my savings? I apologise if I'm in the wrong forum.

Thanks.
 
heisenberg said:
Hi. I am in my early twenties, recently out of college, and for the past year I have been saving in the regular savings account with AIB. The year of high interest rate (initially 4% but now 3.75%) is about to revert back to 0.75% I believe.
Click to expand...

Correct. Close the account.

heisenberg said:
It's not a large sum of money, but I am unsure as to what to do with it now. I already have a months worth of wages in state savings (a kind of emergency fund I guess).
Click to expand...

Which State Savings product?


Sounds like you need an instant access account, if the future is very uncertain for you?

Would the KBC Smart Access account @ 3.25% suit your needs? Have you read the best buys?
 
CiaranT said:
Correct. Close the account.
Click to expand...

I'm not exactly sure how that works. If I close my account before the interest return date (October), does my account remain open until that date and I remove the funds?

CiaranT said:
Which State Savings product?
Click to expand...

I have my money in Saving Certificates. One year in at this stage.

CiaranT said:
Sounds like you need an instant access account, if the future is very uncertain for you?

Would the KBC Smart Access account @ 3.25% suit your needs? Have you read the best buys?
Click to expand...

I regularly read the best buys. I was considering the one year fixed account in KBC at 4.10%. I believe you can withdraw a certain amount in that also?

Thanks
 
heisenberg said:
I'm not exactly sure how that works. If I close my account before the interest return date (October), does my account remain open until that date and I remove the funds?
Click to expand...

You should get accrued interest to date on closure date.

heisenberg said:
I regularly read the best buys. I was considering the one year fixed account in KBC at 4.10%. I believe you can withdraw a certain amount in that also?
Click to expand...

In the KBC Top Up account, you can withdraw 25% of your initial deposit without penalty and more subject to a penalty.
 
You should be saving as part of an overall money makeover plan. For example:
daveramsey.com/new/baby-steps/

i.e. Step 1 is to use whatever savings you have to set up a €1000 emergency fund in the highest earning instant access account you can find. Then move on to step 2 etc

His book "The Total Money Makeover" is very good & will give you an overall plan for your savings

Theres also a money makeover forum elsewhere on this site if you are looking for wider guidance for savings
 
You must log in or register to reply here.
Menu
Log in
Register