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Advise on high interest savings accounts

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  • 11-08-2011 6:55pm
    #1
    missgroovy21
    Registered Users Posts: 138 ✭✭


    recently come into some money over 10 grand but not going to specify the exact amount and wish to put most of it away in a high interest savings account on a short term basis say 3 years. Where is the best place at the minute to put my money. I do not wish to invest in anything just put the money away. any advise greatly appreciated. Thanks


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    #2
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    All of the banks are offering fixed term savings accounts from 3 months upwards. All of these account are subject to Dirt tax of 27% and this rate could go up.

    Would you consider Savings Certificates over 5years and 6 months. You have to leave a sum on deposit for a minimum of six months to receive interest.
    The return ove 5 years & 6 months is 21% with no DIRT payable.
    If you cash in earlier you will get 1% after 6 months/2.1% after one year/3.3% after 1 year six months/4.6% after 2 years/6.2% after 2 years & six months/8% after 3 years/10% after 3 years & six months/12.2% after 4 years/14.6% after 4 years & six months/17.5% after 5 years

    There is also a 3 year savings bond paying 10% after 3 years and no dirt tax.
    You can get more information on statesavings.ie.
    You could also get some prize bonds - once you keep them for 3 months you will get face value for them and your entered into a draw each week where you could win €75 to €1m ( once a month).


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