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Savings Interest Rate

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  • 26-03-2013 5:12pm
    #1
    jeffk
    Registered Users Posts: 5,841 ✭✭✭


    I currently have an easy saver account with BOI that has 10K in it. I went in today and was talking to a member of staff and was basically told there is no real point in saving as you wont get great interest for a while.

    I also have a credit union account, but that’s mostly for small amounts and is easy if I need money for the car etc.

    Can anyone recommend what bank etc would give me the best return on my money, thanks in advance


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    #2
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,078 Mod ✭✭✭✭AlmightyCushion


    Permanent TSB regular saver gives 3.5%. It works out about 2.3 once the government takes their cut of the interest so it's not bad. You can only save between €1 to €1000 a month so you'll have to feed your €10K to the account on a regular basis. Apart from that the best rate would be from state savings accounts. These are usually tax free but have a fixed term.


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    #3
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    AlmightyCushion wrote: »
    Permanent TSB regular saver gives 3.5%. It works out about 2.3 once the government takes their cut of the interest so it's not bad. You can only save between €1 to €1000 a month so you'll have to feed your €10K to the account on a regular basis. Apart from that the best rate would be from state savings accounts. These are usually tax free but have a fixed term.[/Quote

    better to put full amount if he can into fixed account as he has the money now. get around 3%


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    #4
    jeffk
    Registered Users Posts: 5,841 ✭✭✭jeffk


    Is there an account I can get the 10K straight into and start earning the 3% on ?

    I wouldn't touch those set time limit ones, the mother had one and got a very poor return and I don't like the idea of my money being locked for x time


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    #5
    enviro
    Registered Users Posts: 1,291 ✭✭✭enviro


    Visit bonkers and fill in your criteria...

    KBC Bank Smart Access Demand Account (3% on up to 100,000 euro) seems to be your best bet.


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    #6
    greenman09
    Registered Users Posts: 1,909 ✭✭✭greenman09


    Then there is ptsb 1year account at 3%. Best in the market for the term iirc


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    #7
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    Check here ? http://www.moneyguideireland.com/best-savings-rates/instant-access


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    #8
    jeffk
    Registered Users Posts: 5,841 ✭✭✭jeffk


    Thanks for all the replys and information.

    I live in Blanchardstown so would prefer a bank in the area, looks like its see what BOI can do and then Permanent TSB seem to be the best option.


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    #9
    lucernarian
    Registered Users Posts: 9,235 ✭✭✭lucernarian


    I've been looking at some savings account options. From shopping around, it seems that many online instant-access savings accounts offer better interest than online 7-day or 30-day access accounts. Surely having restricted access to your money would imply a higher rate of interest?

    I want an account I don't have immediate access to, but the interest rates are not so good...


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    #10
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    To_be_confirmed wrote: »
    I've been looking at some savings account options. From shopping around, it seems that many online instant-access savings accounts offer better interest than online 7-day or 30-day access accounts. Surely having restricted access to your money would imply a higher rate of interest?

    I want an account I don't have immediate access to, but the interest rates are not so good...

    Notice account does not always mean a higher rate.

    Nationwide UK pay 2.75% with 30 days notice.


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    #11
    lucernarian
    Registered Users Posts: 9,235 ✭✭✭lucernarian


    Fungus wrote: »
    Notice account does not always mean a higher rate.

    Nationwide UK pay 2.75% with 30 days notice.
    Yeah I can see that, why is that the case? Every guide I see about savings accounts seems to imply that interest rates are higher for notice deposit accounts compared to instant-access accounts. Even AIB's 21 day notice account has a lower interest rate compared to the 7 day notice account, below a threshold of something like €10,000.


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    #12
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    To_be_confirmed wrote: »
    Yeah I can see that, why is that the case? Every guide I see about savings accounts seems to imply that interest rates are higher for notice deposit accounts compared to instant-access accounts. Even AIB's 21 day notice account has a lower interest rate compared to the 7 day notice account, below a threshold of something like €10,000.

    Example:
    Bank launched notice account Y with 30 days notice. 2 years pass and the bank has millions saved with this product. The bank needs cash. If the bank raises the rate on product Y then the existing savers benefit and they have to pay them AND also new savers. The bank comes up with a cunning plan. They launch product Z with 31 days notice and drop the rate on product Y. The bank gets new savers into product Z and due to inertia they pay less on product Y. The bank wins.

    Hence, the number of days notice is just a made up figure, it bares little relationship to the rate on offers. The banks frequently launch/discontinue notice products with different notice periods and swap and change to the banks benefit.

    Moral of the story ... watch your rate frequently and switch frequently.


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