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Second Level Student Banking

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  • 16-08-2003 12:38pm
    #1
    irish_teen_15
    Closed Accounts Posts: 20 ✭


    Hi all;

    Just wondering if anyone could advise me on this matter.

    I have a second level student current account with Bank of Ireland. I've been given €400, and I'm just wondering if I'd be better to put it into a Reserve Deposit Account from BoI or into a Credit Union account? Or are there any other options (that are feasible for a 15 year old)?

    Thanks,

    Matthew


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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    It's quite possible that the credit union will offer the best rates. Do you want to be able to tap into the money on a regular basis or do you want to put it away longterm?


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    #3
    irish_teen_15
    Closed Accounts Posts: 20 ✭irish_teen_15


    I want to use whatever account I get to save small amounts weekly for about a year, without withrawals (except in an emergency)...

    Thanks,

    Matthew


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    #4
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    Credit union might be the best then. Reasonably goods interest rates with few charges. you might not be able to get an ATM card on it though (do you have one on your existing bank account?).


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    #5
    irish_teen_15
    Closed Accounts Posts: 20 ✭irish_teen_15


    I have an ATM card on my current account. It's really a question of whether I go for the convenient option or the better rates. Could you give me an idea of the type of rates I could expect in each?


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    #6
    jesus_thats_gre
    Registered Users Posts: 17,441 ✭✭✭✭jesus_thats_gre


    Another consideration is whether you will want to get any loans in the future. The credit union is my personal fav when it comes to loans, dont like dealing with banks if I can avoid it.


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