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Savings Schemes (recommendations wanted)

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  • 12-05-2004 11:03am
    #1
    Boro
    Registered Users Posts: 1,560 ✭✭✭


    Exactly what it says on the tin. Can anyone recommend me a savings scheme with a decent rate of interest that i can bung a few quid into every week?

    I have no idea whatsoever about them, but keeping all my dosh in my current account means it keeps leaking out through that blasted drink link! :)

    Thanks


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    #2
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    I take it you don't have an SSIA? If you did, you should certainly maximise your contributions here.

    For regular savings, try your local credit union or EBS. The interest rates are generally pitifully small on small deposits. If you get up above 1k in savings, Northern Rock or Anglo Irish are offering decent rates there.

    Here's one suggestion - pay your savings first. If you wait until the end of the month and save what you have left over, you'll be struggling. If you pay a fixed amount into your savings at the start of the month, you'll find a way to survive.

    But don't do into debt in order to save. It makes no sense to be earning 0.05% on your savings while paying out 18%-20% interest on your credit card.


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