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Savings for property deposit

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  • 19-03-2008 7:10pm
    #1
    ringo74
    Closed Accounts Posts: 4 ✭


    Hello,
    As a first time buyer, I'm planning to buy summer 2009 (if the market is right!). Where would be a good place to save 1000e-1500e for a deposit?
    thanks


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    #2
    sofireland
    Registered Users Posts: 1,245 ✭✭✭sofireland


    I believe First Active have an account paying 7.15% on balances up to 100k.


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    #3
    Vorsprung
    Registered Users Posts: 2,815 ✭✭✭Vorsprung


    sofireland wrote: »
    I believe First Active have an account paying 7.15% on balances up to 100k.

    What's the catch?!


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    #4
    ixoy
    Moderators, Entertainment Moderators Posts: 17,992 Mod ✭✭✭✭ixoy


    bigjimthefirst wrote: »
    What's the catch?!
    I believe there's a minimum investment sum (15k-20k) and that there's a minimum investment period (1-2 years, I'm not sure of the exact amount).


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    #5
    dewsbury
    Registered Users Posts: 441 ✭✭dewsbury


    bigjimthefirst wrote: »
    What's the catch?!

    The catch is that First Active are offering 4.33% on balances over 15,000.

    I doubt very much if you will get 7%+.


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    #6
    The Rooster
    Registered Users Posts: 4,508 ✭✭✭The Rooster


    dewsbury wrote: »
    The catch is that First Active are offering 4.33% on balances over 15,000.

    I doubt very much if you will get 7%+.
    That is incorrect - or at least mixed up.
    ixoy wrote:
    I believe there's a minimum investment sum (15k-20k) and that there's a minimum investment period (1-2 years, I'm not sure of the exact amount).
    Again, this is not correct.

    First Active do have an account (e-savings) which pays 5.22% if you have less than 15k, but go over the 15k limit and your rate (on the full balance) reduces to 4.33%

    But they also have a regular saver account, which offers a rate of 7.15%. There is no minimum investment. The maximum you can put into it is €1,000 per month. The maximum balance you are allowed accumulate is €100,000. No catches. You can withdraw whenever you like. But, like any other variable rate product, they can reduce the rates in the future if they so wish.

    AIB also have a regular saver which pays 7.3%. "This interest rate will at least match ECB + 3.00% until 19th February 2009; thereafter it will at least match ECB until 1st January 2010". The maxmimum monthly saving is €300.


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    #7
    dewsbury
    Registered Users Posts: 441 ✭✭dewsbury


    The Rooster wrote: »
    That is incorrect - or at least mixed up.

    .....
    AIB also have a regular saver which pays 7.3%. "This interest rate will at least match ECB + 3.00% until 19th February 2009; thereafter it will at least match ECB until 1st January 2010". The maxmimum monthly saving is €300.

    I guess I stand corrected.

    However, there usually is a catch. See the AIB example quoted above.

    AIB will give 3% over ECB but this is for a maximum of 300 euros for 11 months. In reality this means that this saving scheme will give about 200 euros extra interest over the duration of the special offer.
    Figures are approx but either way 200 is not a great deal of money.


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    #8
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    threads about lump sum deposits, regular savers and term deposits here.


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