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best interest rate for a lump sum

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  • 27-09-2007 11:09am
    #1
    sophie01
    Closed Accounts Posts: 14 ✭


    hello
    hoping someone can help me - i sold my house earlier this year and put almost 100k into my savings account with PTSB. I was planning on buying another one but now with market a bit uncertain i am holding of until next year. Now i know that my money will be resting for another 6 months or so i am anxious to put it somewhere that will actually benefit me - i rang my bank this morning to ask what interest rate i was getting and was told they weren't sure and maybe check in branch with an advisor on what product was the best? I want to have access to my money and just want a standard deposit account with a decent interest rate. all offers ive seen seem to offer a good rate for balances up to 10k or 20k and then drop significantly after this so if anyone can advise on the best consistent rate for a lump sum i'd appreciate it - am with rabo already so can move all my money there easily? thanks


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    #2
    Blackjack
    Registered Users Posts: 3,611 ✭✭✭Blackjack


    Why not move it round to about 5 or 6 places offering good rates, where you can get instant access?. Or, keep a bit (say 20% in an instant access and the rest on a notice (7 or 21 day) account.
    It's unlikely you'll need all 100K in one go, so you may want to consider that too when making your selection.


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    #3
    Idleater
    Registered Users Posts: 6,236 ✭✭✭Idleater


    Blackjack wrote:
    Why not move it round to about 5 or 6 places offering good rates, where you can get instant access?. Or, keep a bit (say 20% in an instant access and the rest on a notice (7 or 21 day) account.
    It's unlikely you'll need all 100K in one go, so you may want to consider that too when making your selection.
    This is sound advice. Certainly considering NR. I would open several accounts in various institutions and avail of the highest rates up to their thresholds.

    First Active ~5.5% - €15k
    RaboDirect ~5% - 10K
    PTSB ~4.5 - €25k (21 day investment notice)

    There are also a lot of lodge up to €1000 per month accounts @ ~6%.
    you could easily find 5 of these and lodge €5k per month.

    L.


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