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Credit Union / SSIA question

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  • 18-06-2007 12:31pm
    #1
    hallelujah
    Closed Accounts Posts: 584 ✭✭✭


    Hi all,
    I have a question relating to my SSIA. My SSIA recently matured (just under €5k). I currently have a credit union loan for about the same amount. I was thinking about putting my SSIA into a high interest savings account and paying my credit union loan off monthly. Is this silly? I have been told that the interest I'm paying on the car would be higher than I'll get saving. Would I be better off paying off my loan with my SSIA then opening a savings account and paying some to that monthly.

    Cheers,
    Jeff


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    #2
    hallelujah
    Closed Accounts Posts: 584 ✭✭✭hallelujah


    anyone?


  • Options
    #3
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    In fairness, you gave people less than an hour and a half...

    For example if you have a car loan at 9% interest and put money into savings which earn 4.5% then yes, paying off the loan would work out better for you.


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