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SSIA - continuing on

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  • 04-04-2006 9:25am
    #1
    bringitdown
    Registered Users Posts: 2,002 ✭✭✭


    Has anyone an idea what might be the best way in terms of interest / growth of continuing my SSIA payments

    I currently have an SSIA maturing June and a Northern Rock "Demand Online" a/c. Total cash of around €25000 including project SSIA returns.

    Now I obviously do not need that much cash at the mo and have no plans for property investment because I can't afford it!?!

    Ideally I'd keep around €5000 in NR and do something lucrative with the rest + contribute to it monthly.

    Any ideas? Should I forget about conventional banking and go with an investment a/c?


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    #2
    misetusa
    Closed Accounts Posts: 8 ✭misetusa


    Hi bringitdown,

    There is going to be a lot of 'new' products coming online over the next 12 months from all of the financial services companies as they try to hold onto as much of the SSIA proceeds as possible.

    I think that the later you leave it the better the deal you will get as companies try to outbid each other for your business.
    You've heard about Bank of Ireland's recent offer? It was savaged by most commentators due to the high fees. Now the next bank / insurance company to bring out a product will have to undercut the charges on BOI's offering and/or offer a greater return or risk the same slating.
    Of course charges are only one element to consider. Risk and access to funds should also be considered.

    If you want to continue investing the 254 euro a month you could look at something like Irish Life's SaverScope product that allows you to invest regular amounts in a range of funds. Again this product has competition so do your research. There are some good threads on this on askaboutmoney.com


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