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  • 10-10-2006 3:14pm
    #1
    Danny2580
    Registered Users Posts: 432 ✭✭


    Not to be too specific, but I have some savings resting in my current account which I will not be needing for a few months yet. I have a credit card account with the same bank which is currently almost maxed out (not too serious, a few hundred quid) and am being charged about 7 quid per month interest as well as a minimum monthly payment for the privelage.

    I was thinking if I simply transferred a portion of my savings into the credit card account to leave it somewhere just above a zero balance, it might save me some money in the meantime. I will need to take this cash back out when I need to use it in a few months time, but the cash advance fee is 1.5% of the transaction which is pretty low anyway, and as far as I can see, this might just make sense.

    I`m a bit new to this "having savings" lark, so please excuse the greenness. Any ideas, guys?


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    #2
    mckers
    Closed Accounts Posts: 21 ✭mckers


    I think you possibly could get an interest free overdraft, not overly sure, but you could check into it. On your savings, move them immediately from your current account to a deposit accound, you could get 4% interest on the savings. Might not work out to be too much, but better than just letting it sit there. Most bank's are offering high interest rates, think AIB, Rabo and Anglo are anyway.


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    #3
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    Just pay off the credit card to save the fees and don't worry about being in credit.

    Who is your credit card provider? Bank of ireland do not charge for cash withdrawals if your card is in credit (v handy if you are outside the eurozone, load money onto your credit card and escape some of the fees other providers levy).

    In terms of savings you could get about 4% on a deposit accont but between 6% & 6.34% on a regular savings account. even if you put your savings into a deposit account this is the way to go as you transfer a portion of your money from a medium interest account to a high interest account i.e your cash kleft in the deposit account will still get you a decent return but the cash you transfer to the regular saver account will earn even more.


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