Best place to open a savings account

omb0wyn5ehpij9

Hi all,
I'm planning on opening a new savings account soon. Where would you all recommend to open one?
My current and loan accounts are with AIB.
When I open the savings account, I will set up a direct debit to take money every payday, but I would also like to be able to transfer money to the account from my AIB internet banking when I have a few extra euro.
I don't need to be able to withdraw cash from the savings account instantly so a notice account would also suit me. I would like to be able to keep on eye on what's in the account online also.
Any recommendations?

Thanks!

unclebill98

Most savings account of that nature would have instant access and would give a return of up to 4% in some banks.

You can set up a standing order at the time of opening to fund the account and it would be visible online. Normally they have a max limit on the amount you can lodge per month and a max that the account can have before the interest rate decreases.

For example UB have a reg savers, called a sida. See

http://www.ulsterbank.ie/roi/personal/saving/regular-savings/sida.ashx

For a better long term return it would be best to see an investment specialist in a bank for those options.

Otis Driftwood

I have all my accounts - current,loan and savings - with Ulster Bank.

You can do all of the above with them and keep track online with their anytime banking facility.

As an aside Ive dealt with UB my entire life and cannot recommend them higher from a customer service perspective.

trek04

Open a few online accounts because interest rates often change...... for instance First Direct, Smile, etc. Nationwide and First Direct have current plus savings accounts where you can easily transfer money from one to the other. I expect Abbey will have an online savings account too.

delonglad

unclebill98 wrote: »

For a better long term return it would be best to see an investment specialist in a bank for those options.

Do we actually have investment specialists in Ireland?? Most are cowboys and as seen with the recession your money is at high risk. I'd be very wary of investment bankers. Girlfriends father lost all his savings with them when they came to the house and convinced him that investing it was the right thing to do. Irish bank too. (I know it says in the small print about risk involved but i'm sure they brushed over that area)

On topic

I found it hard to get BOI to set up a flexible savings account for me. I'm living in the Netherlands and wanted to send back a certain amount a month but when i'm away with work I earn alot more so want to be able to throw in the extra bonus money too. Only option they gave me was a low interest one where i have to lodge the money myself. In the end I have given up on BOI, money now rests in a dutch bank. Ulster Bank sounds like a good alternative.

Sandwlch

Under your mattress. In cash.
Bank interest rates must be balanced against the risk of an an Irish savings account being halved in value if we wake up some morning to find we now have punts in our accounts.
Watch Greece closely and then move very very fast. By time you are sure, it will be too late.

Consider it.

greenman09

Aren't all the deposits now guaranteed by ECB since eu bailout.

Arnold Layne

greenman09 wrote: »

Aren't all the deposits now guaranteed by ECB since eu bailout.

I wouldn't trust what Brian The Liar said.

IMO keep all your savings outside of Irish Banks

Sandwlch

greenman09 wrote: »

Aren't all the deposits now guaranteed by ECB since eu bailout.

Yes. But not against finding they have been converted to Punts and your punt is only worth 0.5euro.

unclebill98

delonglad wrote: »

Do we actually have investment specialists in Ireland?? Most are cowboys and as seen with the recession your money is at high risk. I'd be very wary of investment bankers. Girlfriends father lost all his savings with them when they came to the house and convinced him that investing it was the right thing to do. Irish bank too. (I know it says in the small print about risk involved but i'm sure they brushed over that area)

On topic

I found it hard to get BOI to set up a flexible savings account for me. I'm living in the Netherlands and wanted to send back a certain amount a month but when i'm away with work I earn alot more so want to be able to throw in the extra bonus money too. Only option they gave me was a low interest one where i have to lodge the money myself. In the end I have given up on BOI, money now rests in a dutch bank. Ulster Bank sounds like a good alternative.

Yes we do. I think you'll find that those that supposedly received bad advice signed something to completely say they understood what they where getting into. While I do not deny bad advice was given you can't completely blame the advisor.

As for today, a good advisor will gauge your attitude to risk, this will dictate your investment style. This area is now so heavily regulated that it's impossible to rip the customer off and make them do something they really do not want to do.

As for sandwich comments, your very random indeed. I do believe there is a conspiracies forum somewhere.......

JTMan

greenman09 wrote: »

Aren't all the deposits now guaranteed by ECB since eu bailout.

No.

No, deposits are not guaranteed by the EU, they are guaranteed by the bankrupt Irish state.

Sandwlch

Fungus wrote: »

No.

No, deposits are not guaranteed by the EU, they are guaranteed by the bankrupt Irish state.

And then, not against a devaluation.

mkdon

so would ulster bank qualify for this as northern ireland bank?

where to deposit the cash then if had thousands in bank where should it be put?what foreign banks?sure any eu bank is as vunerable?

Richard

mkdon wrote: »

so would ulster bank qualify for this as northern ireland bank?

Yes - its branches in the Republic are part of "Ulster Bank Ireland Ltd", which is guarenteed by the Irish state.

Mr. Loverman

Put your money in Keytrade in Belgium, www.keytradebank.com

You don't want your money in Ireland, it is not worth the risk.

PS I know Keytrade isn't the silver bullet, but it is better than using any bank in Ireland.

mkdon

whats so good about key trade place?

what rates they offering?

would it not be safer to save the money with hsbc or something?in northern ireland?

Mr. Loverman

mkdon wrote: »

whats so good about key trade place?

what rates they offering?

would it not be safer to save the money with hsbc or something?in northern ireland?

Rates are 2.05%

Do you want a euro or sterling account in the UK? Sterling obviously has exchange rate risks and the UK are doing a bit of quantitative easing to inflate away their debt.

Bobeagleburger

That keytrade is a deposit account I presume?

Is the OP looking for a regular savings a/c ?

Mr. Loverman

rarnes1 wrote: »

That keytrade is a deposit account I presume?

Is the OP looking for a regular savings a/c ?

When you open an account with Keytrade you get a current account, a deposit account and a trading account.

omb0wyn5ehpij9

rarnes1 wrote: »

Is the OP looking for a regular savings a/c ?

Yeah it is just a regular savings account that i'm looking for, I want to start seriously saving for a mortgage

Fella37

what about rabo bank. I dont have any faith in the Irish banks, as If we default - which is looking ever more likely, who knows whats going to happen. i want somewhere to put my savings (currently EBS) but I will keep day to day banking in aib - not as if it makes a difference...money comes in, money goes out....

mkdon

How safe are keytrade?

How accessable are your funds?

How long have these guys been in operation?

Lets think logically about this

If everyones savings were wiped out the country ,every salary in the country would have to be looked at.as bad as things are I cannot see it happening.if it hasn’t happened already I cant see this happening .

I suppose its not impossible but we can look at Greece crisis closely and if it happens there then maybe hit the abort button then

bob50

Hi Guys Would it be a good idea to move my savings to a northern ireland bank if as looks possible we wont be in the euro like Greece soon Rumours aside

Mr. Loverman

mkdon wrote: »

How safe are keytrade?

How accessable are your funds?

How long have these guys been in operation?

How safe are keytrade? They're owned by a big French bank, are profitable, don't do loans so don't have a load of bad debts, and most of all they are not a bank in Ireland...!

How accessable are your funds? You can transfer money online or walk into their branch in Belgium.

How long have these guys been in operation? Not that long, they're relatively new (20 years as a trading company, 10 years as a bank).

I wouldn't rely on "if it hasn't already happened we're grand" simply because the country is getting worse, not better.

okiss

If you are looking for a regular savings account which is not with an Irish bank you should look at www.nationwideuk.ie.
Nationwide Building Society is a member of the Financial Services Compensation Scheme (FSCS) in the United Kingdom, which was established under the Financial Services and Markets Act 2000 to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Payments under the FSCS are limited to a maximum of £85,000 per individual investor’s total deposits (or £170,000 if a joint account.
They have an account paying interest on a monthly basis with a rate of 3% and you just need €2000 to open this account. Once you open the account you can add further money to your savings at any stage and get interest on it each month.
To help you save do the budget on the itsyourmoney.ie website to see where you are spending and where you could save money. Some one I know brings there lunch to work €5 a day x 5 = €25
€25x 48 weeks a year = €1200.
Get all loans and cc paid off also. Also get rid of your bank overdraft if you have one. Having even a small car loan or hp will effect the amount of money you can borrow.

g0g

Can someone please explain how far out of the country Euro needs to be to not count as "Irish" euro. i.e. If we leave Eurio or devalue or whatever it is I gather our money will be worth half what it was. If (as has been suggested) you keep it in cash under the matress you could go to another country and exchange it.

So how does it work for money in banks? Is it only money that's in an Irish bank that's included? If I put money in Rabo does that count as Irish euro in Ireland (that could be devalued) or non-Irish fund location?

I hope my question makes sense!

Mr. Loverman

g0g wrote: »

Can someone please explain how far out of the country Euro needs to be to not count as "Irish" euro. i.e. If we leave Eurio or devalue or whatever it is I gather our money will be worth half what it was. If (as has been suggested) you keep it in cash under the matress you could go to another country and exchange it.

So how does it work for money in banks? Is it only money that's in an Irish bank that's included? If I put money in Rabo does that count as Irish euro in Ireland (that could be devalued) or non-Irish fund location?

I hope my question makes sense!

Your money has to be outside the Irish jurisdiction, so that means you have an account in a different country.

privilegue

Mr. Loverman wrote: »

Your money has to be outside the Irish jurisdiction, so that means you have an account in a different country.

That to be honest. I am German myself but having lived here 6+ years I dont save a cent on any irish bank! As a matter of fact seeing Greece is on the lose and on the brink of Civil War I wouldnt be surprised seeing Ireland being next....

Best thing you can do move your assets (monetaries) to any stable institution OUTSIDE of Ireland and you should be somewhat safe...

Merch

Mr. Loverman wrote: »

Your money has to be outside the Irish jurisdiction, so that means you have an account in a different country.

So are you saying in your opinion having money in a RABO account is not outside the Irish jurisdiction?