AIB Demand Deposit Account.

Paul.M92

Hi Guys!
Thinking of sorting myself out somewhere I can just lodge money and forget about it and was looking at the Demand Deposit Account. I only have 1 Question though. It says that there is no minimum or maximum amount but does it still require fixed lodgements (i.e. a set amount each month is automatically lodged)?. Thats the only thing that is keeping me from setting one up. I don't always have the cash to put in, like at the moment I'd say there is about 6 euro in my current account! But when I do get a windfall I would like to be able to put some somewhere where I could still get at it if i needed it. Without having to lodge every month. Kind of like the way some people use the credit union, to just put money there. Except you can just transfer it out using internet banking but still be able to lodge in branch if ye know what i mean. Like if one of the other banks had something more suitable for me I would have no problem switching.

dotsman

I think you are getting confused between a demand deposit account and a savings account.

A demand deposit account is intended for sporadic lodgements/withdrawals (which is what you say you want). From looking at AIB's website, they say you can choose to make regular lodgements, but it is only an optional extra.


You should note that a demand deposit account's main selling point is convenience and safety. It's not intended for gaining interest (the interest rate on a demand deposit account is negligible). If it's interest rates that you are looking for, you will want to go for a regular savings plan or fixed term deposits. However, it sounds like they are unsuitable for your needs. How much money are we talking about? You could go down the route of the Online Notice Deposit 7 which sounds like it does everything you want, but at least pays a decent interest rate on the first 10 grand.

JTMan

Paul, have a read of this list of savings accounts and get yourself a good rate.