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Saving for a deposit

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  • 30-12-2007 8:10pm
    #1
    Ms Inquisitive
    Registered Users Posts: 364 ✭✭


    Anyone got any recommendations on how to save for the big deposit.

    I've decided that this is the year and I'm completely stumped!

    Obviously a saving account is probably the way to go but can anyone recommend one or another way!

    Much thanks!


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    #2
    orbital83
    Registered Users Posts: 208 ✭✭orbital83


    Maybe check out Askaboutmoney.com.
    I would suggest opening one or more of the high interest regular saver accounts (and hope the rates don't drop)...
    e.g. Anglo 7%, First Active 7.15%, EBS 7% all of which have a limit of €1000 contribution per month.
    Some of them may have exit restrictions which may be a good thing if you're saving for a deposit.
    For any existing lump sum u have, First Active is the best rate AFAIK with 5.22% on their E Saver for lump sums up to €15K. Watch your balance doesn't exceed €15K as the rate drops on the whole balance...

    Confusing I know :)


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    #3
    BendiBus
    Closed Accounts Posts: 2,074 ✭✭✭BendiBus


    If you're starting from scratch then open a regular saver account that pays high interest (some are still offering arount 7%). Set up a standing order to go out of your current account as soon as you're paid. That way you never see the money and don't get tempted to spend it.

    Regular savers usually have a limit to how much you can save, but if you've more to save you can open regular savers with different banks.

    Ignore any advice to "invest" in stocks or anything like that since in a short time like 12 months, when you've a specific goal, the risks of losing money (and losing the possibility of buying your home), are too high.


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    #4
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #5
    Victor
    Registered Users Posts: 78,400 ✭✭✭✭Victor


    Some of the banks are offering reasonably decent rates 6-7% at the moment, but only to regular savers with direct debits, not lump sums.

    Look at your spending and see if you can replace an expensive activity with a cheaper one, e.g. no more taxis if they cost you a lot.


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