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Savings account

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  • 23-04-2012 1:30am
    #1
    teednab-el
    Registered Users Posts: 2,971 ✭✭✭


    What is the best way of setting up a savings account with Bank of Ireland?

    I have already a current account with them and I use 365 Internet banking but would like the option of transferring money from my current account into my savings account with the click of a mouse. I would like the option of having control of how much savings I can put in each month to this savings account.

    I hate going to the bank to get drafts to withdraw sums of cash and put them into a savings account in another bank.


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    #2
    Rhys Essien
    Registered Users Posts: 3,029 ✭✭✭Rhys Essien


    You can open an online savings account here with Bank of Ireland.

    Three options here for you.

    http://personalbanking.bankofireland.com/savings/365-online-deposit-suite


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    #3
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    teednab-el wrote: »
    What is the best way of setting up a savings account with Bank of Ireland?

    I have already a current account with them and I use 365 Internet banking but would like the option of transferring money from my current account into my savings account with the click of a mouse. I would like the option of having control of how much savings I can put in each month to this savings account.

    I hate going to the bank to get drafts to withdraw sums of cash and put them into a savings account in another bank.

    Why restrict yourself to BoI? KBC, for example, give 3.25% AER on instant access savings. You can wire money to a KBC account from your BoI current account. BoI do not have the highest rates right now.


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    #4
    teednab-el
    Registered Users Posts: 2,971 ✭✭✭teednab-el


    Rhys Essien wrote: »
    You can open an online savings account here with Bank of Ireland.

    Three options here for you.

    http://personalbanking.bankofireland.com/savings/365-online-deposit-suite

    Excellent, I have set it up now. Cheers.


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    #5
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    I thought the interest rate on BOI's online account was .1%?


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    #6
    teednab-el
    Registered Users Posts: 2,971 ✭✭✭teednab-el


    cookie1977 wrote: »
    I thought the interest rate on BOI's online account was .1%?

    Won't be transferring large sums of money and its still better than putting it into a credit union where there is zilch interest. Just want it there to make me try and save something per month. I save every so often but I want this to become a monthly occurrence. 500 euro is max that I want to save per month.


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    #7
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,071 Mod ✭✭✭✭AlmightyCushion


    teednab-el wrote: »
    Won't be transferring large sums of money and its still better than putting it into a credit union where there is zilch interest. Just want it there to make me try and save something per month. I save every so often but I want this to become a monthly occurrence. 500 euro is max that I want to save per month.

    You'd still be better off setting up an online savings account that pays a good interest rate. You'd be doing the exact same thing but at least you'd be earning a bit of money. It won't sound like much but all that interest compounded over many years will add up to a serious amount.

    Use this here (http://www.moneychimp.com/calculator/compound_interest_calculator.htm) to calculate what you could be missing out on. If you save €6,000 a year (that's €500 a month) over 10 years, you will notice a massive difference in the amount you earn. At 0.1% you would have saved a total of 60,000 and earn about €330 in interest. At 3.25% you'd earn over €11,840 in interest. You'd be crazy to not put that money in an account earning you more interest.


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    #8
    teednab-el
    Registered Users Posts: 2,971 ✭✭✭teednab-el


    AlmightyCushion wrote: »
    You'd still be better off setting up an online savings account that pays a good interest rate. You'd be doing the exact same thing but at least you'd be earning a bit of money. It won't sound like much but all that interest compounded over many years will add up to a serious amount.

    Use this here (http://www.moneychimp.com/calculator/compound_interest_calculator.htm) to calculate what you could be missing out on. If you save €6,000 a year (that's €500 a month) over 10 years, you will notice a massive difference in the amount you earn. At 0.1% you would have saved a total of 60,000 and earn about €330 in interest. At 3.25% you'd earn over €11,840 in interest. You'd be crazy to not put that money in an account earning you more interest.

    I have already another savings account with permanent tsb that offers 3.25% and if I would save 1500 a month, 1000 of this would go into the permanent tsb account and the rest into the bank of Ireland account. The BOI account is short term savings only. I can always take it out of the BOI savings and into PTSB account in a few months provided I give 30 days notice when doing so.


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