Where to deposit my Emergency Fund?

Keen Ark

Registered User
Messages
12
Hi, I'm not very knowledgeable about money in general and have no experience in investing (apart from my private pension, which the bank deals with). The thing is, I've finally saved enough for an emergency fund, covering a few months of expenses in case things go awry.

This is currently in my Credit Union shares account, but I'm wondering if there's a better place to deposit it. I've heard of Money Market accounts, though these seem to be more popular with US investors - do we have an equivalent where my money can earn a little bit of interest? I would be happy to limit the number of transactions I can make in return for the knowledge that my money can somehow work for me.

Thanks in advance - Brian
 

Sarenco

Frequent Poster
Messages
6,534
 

Keen Ark

Registered User
Messages
12
Having gone through the options, I'm wondering whether a Bank of Ireland Goalsaver account might be a better option than a State Savings one? The rate of interest on a regular savings balance is currently 0.25, it seems. I'm probably missing something here; apologies for my ignorance - the lump sum balance is 0.01, but I'm not sure of the difference.
 

Landscape

Registered User
Messages
6
Hi Keen Ark, you often get better interest rates for regular savings accounts than lump sum. For example Ulster Bank has one that gives 0.85% interest on balances up to €15,000. There are likely some T&Cs that would need to be checked to see if it suited you. You could slowly (& regularly) transfer in €1000 a month until all your rainy day fund is in there. If the Rainy Day Fund is greater than €15,000 you would only get 0.15% interest on anything over the €15k. At that stage you could look at an alternative account for amounts over the €15k.
 

Keen Ark

Registered User
Messages
12
Hi Keen Ark, you often get better interest rates for regular savings accounts than lump sum. For example Ulster Bank has one that gives 0.85% interest on balances up to €15,000. There are likely some T&Cs that would need to be checked to see if it suited you. You could slowly (& regularly) transfer in €1000 a month until all your rainy day fund is in there. If the Rainy Day Fund is greater than €15,000 you would only get 0.15% interest on anything over the €15k. At that stage you could look at an alternative account for amounts over the €15k.

Hi Landscape,
Thanks a million for your advice - I'll look into the Ulster Bank thing ASAP.
 

Pmc365

Registered User
Messages
39
Hi Keen Ark, you often get better interest rates for regular savings accounts than lump sum. For example Ulster Bank has one that gives 0.85% interest on balances up to €15,000. There are likely some T&Cs that would need to be checked to see if it suited you. You could slowly (& regularly) transfer in €1000 a month until all your rainy day fund is in there. If the Rainy Day Fund is greater than €15,000 you would only get 0.15% interest on anything over the €15k. At that stage you could look at an alternative account for amounts over the €15k.
The Ulster Bank home saver ( regular saver)provides 0.85% on balances up to €25,000. Max €2,500 per month.
 
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