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SSIA maturing next month and want to keep saving

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  • 29-05-2006 9:45pm
    #1
    MrWenger1982
    Closed Accounts Posts: 84 ✭✭


    Sorry I know this has probably being asked a million times but my SSIA (20K) is maturing next month and I need some advice. I hope to continue saving for a house and need people's opinions on where to put my money. I've been told that AIB's plan is the best with 5% interest. I don't plan on touching the money for two years anyway. What do people think?


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    #2
    utopian
    Closed Accounts Posts: 139 ✭✭utopian


    MrWenger1982 wrote:
    Sorry I know this has probably being asked a million times but my SSIA (20K) is maturing next month and I need some advice. I hope to continue saving for a house and need people's opinions on where to put my money. I've been told that AIB's plan is the best with 5% interest. I don't plan on touching the money for two years anyway. What do people think?

    AIB's Regular Saver doesn't allow lump sums, although it will pay ECB + 2.5% on a monthly deposit of 10-300 euros until the start of 2008.

    Perhaps you should look at Northern Rock or Rabobank for the lump sum?


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    #3
    Pythia
    Registered Users Posts: 7,469 ✭✭✭Pythia


    MrWenger1982 wrote:
    Sorry I know this has probably being asked a million times but my SSIA (20K) is maturing next month and I need some advice. I hope to continue saving for a house and need people's opinions on where to put my money. I've been told that AIB's plan is the best with 5% interest. I don't plan on touching the money for two years anyway. What do people think?

    You know house prices will probably go up more in the next two years than you'll make saving.


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    #4
    whizzbang
    Registered Users Posts: 1,366 ✭✭✭whizzbang


    Pythia wrote:
    You know house prices will probably go up more in the next two years than you'll make saving.

    Would you underwrite that statement ;)


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    #5
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    utopian wrote:
    AIB's Regular Saver doesn't allow lump sums
    yes, I complained to the advertising standards about the false advertising
    Perhaps you should look at Northern Rock or Rabobank for the lump sum?
    also for the lump sum Bank of scotland, IIB and Anglo Irish. Check that the headline rate is a 'demand ' rate not a 1 month notice rate.

    The best is around 4% for the lump sum , some require you add to it each month as well.

    You will always lose 20% of the 4% to dirt tax meaning its 3.2% in the end .

    If its 4% now (ECB+1.5%) check they guarantee the ECB+1.5% margin and that the interest rate will not still be 4% after the ECB puts the rate up by 0.5% next week.

    HTH


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    #6
    utopian
    Closed Accounts Posts: 139 ✭✭utopian


    Sponge Bob wrote:
    yes, I complained to the advertising standards about the false advertising

    Still a good deal - ECB + 2.5% and no fees. I wonder what their angle is? Are they making money on these accounts?
    Sponge Bob wrote:
    after the ECB puts the rate up by 0.5% next week.

    You're confident of that? I thought most predictions were still for 25bp?


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    #7
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    utopian wrote:
    You're confident of that? I thought most predictions were still for 25bp?

    Thats my prediction based on my reading of the runes.

    The principle applies, check the rate you are offered for the lump actually tracks, AIB will track the ECB up but not all the others .

    Also see what NIB offer.

    Sponge Bob Out!


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