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Savings Account / Deposit Account

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  • 25-07-2007 1:12pm
    #1
    connundrum
    Registered Users Posts: 5,563 ✭✭✭


    Heya,

    Myself and my partner have decided to try and put a few bob away at the end of every month for a house deposit - targeting 1 year's savings.

    We're looking to contribute between €950 and €1100pm and will be looking to set up a joint account into which we'll direct debit funds from our own current accounts. Both of us currently get paid into our AIB accounts and I was just going to take the easy option and set up a joint account with AIB.

    Are there better options though? Is it worthwhile looking at Rabobank or Northern Rock?

    Is it better to keep the saved money with your current account bank, and then look to get a mortgage off the same place again i.e. put all your eggs in one basket?

    Just looking for the best place for the money.

    Cheers


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    #2
    eclectichoney
    Closed Accounts Posts: 4,291 ✭✭✭eclectichoney


    I don't know about what's best in terms of mortgage applications but i reckon one of the regular savings accounts with anglo or ebs is your best bet (probably the latter edges it as the rate has a longer guarantee), as they allow €1000 a month, currently at 7%. The AIB regular saver has a good rate but only allows €300 a month, so maybe you could set up one of these each and put the surplus in another account?


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    #3
    parsi
    Site Banned Posts: 5,904 ✭✭✭parsi


    AIB also have an online savings account which you lodge into via Internet Banking. It has a decent rate but is limited to max 1000 per month. BOI have another similar one that also has a maximum monthly lodgement.

    If you're sure you're going to be hitting the 1000-mark every month you should really open up one that has a limit which allows expansion especially seeing as your priority is to build savings.

    I think the days of needing your eggs in one basket are long gone so no need to worry - go where you get the best rate.


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    #4
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Just find the best interest rate and lodge up into that. I 2nd that it does not matter where you have it as long as you have it for apply'in for the mortgage, once you can provide statements showing it building up. Make sure theres no sticky issues with withdrawls or a limit on how quickly you can get your hands on it. Most banks are up too 4.5% on standard savings accounts.


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    The best rates for Regular Savers are currently :
    AIB 7.1%
    Minimum €10 a month; Maximum €300 a month - so probably no good for you?.

    7.0% EBS: Regular Savings
    Minimum €20 a month; Maximum €1000. At least ECB + 3% until 1st Apr 2008, then at least ECB until 30th Apr 2010.

    7.0% Halifax Monthly Saver
    Regular lodgements required for first 12 months: Minimum €10 a month; Maximum €750. Rate will be at least ECB + 1.50% until 31st Jan 2008. Total balance cannot exceed €50,000. Two withdrawals allowed in first 12 months. You can only change the amount of your monthly deposit once a year. Interest rate drops to 2.25% if these terms are not met.

    7.0% Anglo Irish Bank: Regular Saver
    Minimum €100 a month; Maximum €1,000. No penalty for occasional missed contributions, or early account closure. Account lasts for two years no withdrawls - just close the account
    Sounds the best for you?

    If you just want an account with a good rate and aren't sure about keeping up regular payments - First Active are paying 5.2% on balances up to 15k.

    See www.moneyguideireland for more.


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