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Which account is best for Savings

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  • 29-11-2010 11:23am
    #1
    stevie123c
    Registered Users Posts: 24 ✭


    Hi all
    I am lucky enough to have come into a large sum of money, over €100,000 in inheritance and I don't know where to keep it.
    Can you guys please give your opinions on which type of account would this be best to keep in, for high interest rates etc?

    Thanks in advance


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    #2
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Highest rates are inside 3 threads here: http://www.askaboutmoney.com/showthread.php?t=90481


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    #3
    shadowcomplex
    Closed Accounts Posts: 4,097 ✭✭✭shadowcomplex


    I wouldn't let the BOI or AIB anywhere near your money if I were you


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    #4
    Cavehill Red
    Registered Users Posts: 6,109 ✭✭✭Cavehill Red


    stevie123c wrote: »
    Hi all
    I am lucky enough to have come into a large sum of money, over €100,000 in inheritance and I don't know where to keep it.
    Can you guys please give your opinions on which type of account would this be best to keep in, for high interest rates etc?

    Thanks in advance

    Congratulations on your windfall.

    Your first problem is currency. The euro is in a ****storm at the moment. You might want to consider investing outside the euro. The dollar's not much better while they run the printing presses. Sterling looks rocky too. Swiss Francs are an option. Norwegian Kroner. Or precious metals. However due to current circumstances, all are running at highs against the euro.

    Next problem is to identify how quickly you want your money. Quicker access = lower interest rates. Locking funds away in bonds for years = higher interest rates but no or punitive access.

    And when you have decided on what type of account in what currency, then you need to do due diligence on the institutions offering those products. Do they look fiscally secure? Are their deposits guaranteed?

    Basically, you need to examine your personal circumstances before you do anything. With such a large sum, it's probably worth hiring a financial advisor who is PAID BY YOU AND NOT INSTITUTIONS (v. important, that!) for a chat about your available needs and options.


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