saving money!

arrianalexander

hi

just wonder what peoples thoughts are on saving money...


I want to start to put away 300 a month into a saving account....just wondering what would best option would be... ie a bank,online bank, or credit union....

thanks
jonathan

mikemac

I used to use Rabobank. I used the savings account and some of their investment funds. Had to withdraw the money for a reason and now use my friendly credit union.

Its in Tipp and I work in Dublin so I can't spend it on impulse as its a 3 hour bus journey away. Plus the credit union isn't open on Saturdays so I'd have to travel for 6 hours and take a days holdiays just to access the money.

I'm a bit of a legend at saving and put away €200 a week. Once a month I post a draft to my mother down in Tipp who lodges it for me.

Consider Rabobank, I thought they were very good

is_that_so

If you join a credit union (CU) and set up a standing order then you can also use it for loans. I was saving €100 a month in the CU. When I got a loan I had repayments of less than €100 which came out of the standing order. So I was still saving ( about €8 a month) and I had a loan without "spending" any extra money on it. The CU also pays an annual dividend which is subject to DIRT

drdre

is_that_so wrote:

If you join a credit union (CU) and set up a standing order then you can also use it for loans. I was saving €100 a month in the CU. When I got a loan I had repayments of less than €100 which came out of the standing order. So I was still saving ( about €8 a month) and I had a loan without "spending" any extra money on it. The CU also pays an annual dividend which is subject to DIRT

and look at the interest rate for loans from credit union.sometimes there 11%:eek: .most people donot look at the rates because it suits there needs but the interest is huge

is_that_so

True, they tend not to be good value for longer, larger loans, but not bad for smaller loans - 7.9% in my local CU.

arrianalexander

what are the dividends pay outs like from credit union n what other advantages are they for saving in the credit union..
rabodirect is lookin good so far...

blobert

I find Northern Rock to be much better than Rabo (I have accounts with both)

The interest rate is slightly higher with Northern Rock and their website is much easier to use.

fidero

Hi arrianalexander,
It sounds like bank of scotland ireland is down your ally. Don't really know the particulars but I know it is a saving account thus your cash can't be accessed on demand for sometime. I think I heard it was modeling on the SSIA idea.

Mise le meas,
F.

arrianalexander

ya thanks bank of scotland really looks the best option and has branch in galway so thats even better.. just trying to figure out what the pay out from credit union is..it is very hard to tell..anyone have any idea?

drdre

arrianalexander wrote:

ya thanks bank of scotland really looks the best option and has branch in galway so thats even better.. just trying to figure out what the pay out from credit union is..it is very hard to tell..anyone have any idea?

i have a credit union account.i donot remeber getting money from them.could you explain this.thanks

Black Swan

Like savings accounts don't earn much. If you are thinking of a long term investment, check out DRIPs (Dividend Reinvestment Plans), where you contribute a little bit every month, don't touch it for a long time, and everything that's earned with your money is recycled right back into your investment, compounding it over time. It can snowball over years and really surprise you on how much can be saved in this way. Where? Check out investor relations at Intel, or Johnson & Johnson, on the web. There are others, too, besides these. A solid blue chip equity should earn a lot more compounding than a savings account, but I am not an expert, so check it out before you invest.