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Best account for saving for mortgage deposit.

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  • 19-04-2013 8:24pm
    #1
    ryaner1979
    Closed Accounts Posts: 222 ✭✭


    Can anyone tell me what bank would be the best for saving towards getting a mortgage next year. Myself and OH have about 25k saved in our own separate accounts and were thinking of opening a joint account and depositing 2k each month for the next year. Is this advisable or is there a better way? Would we better off opening a joint account and putting all our savings into it and then depositing smaller payments throughout the year?


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


    Keep the savings you each have in your own name to date.
    See what interest rate you are each getting on these as you may get a higher interest rate in you move this money into a fixed rate account for the next 12 months.

    If you are thinking of depositing €2k each month for the next 12 months I would set up a regular savings account in each of your names and put in €1000 per month in to each of these.
    If you look at nca.ie go into Financial product comparisons to find out the best interest rates on regular savings account and on fixed rate accounts.

    Also I would get legal advice before buying a home together. I know men and woman who ended up a lot poorer after this happened due to not having a legal document drawn up before they brought a house with there partners.


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    #3
    phoenix999
    Banned (with Prison Access) Posts: 581 ✭✭✭phoenix999


    Permanent TSB and KBC Bank are offering 3.5% interest on their regular monthly savings accounts. Best on the market at the moment.


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