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What can I do with 17k

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  • 30-09-2013 10:24pm
    #1
    Little Bubbles
    Registered Users Posts: 268 ✭✭


    I got a call from my bank today wanting to have a meeting with me to do something with my savings. I have 17k in my savings account.
    What would be good options to do with it. I have a morgage, no loans.
    Is investing in something a good way?;)


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    #2
    Delta2113
    Registered Users Posts: 2,707 ✭✭✭Delta2113


    http://www.statesavings.ie/Pages/default.aspx


    - check this out.


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    #3
    dnme
    Registered Users Posts: 3,411 ✭✭✭dnme


    Delta2113 wrote: »
    http://www.statesavings.ie/Pages/default.aspx


    - check this out.

    Am I missing something when looking at these State Savings schemes ?

    They only offer 1.n - 2.n on your savings which is pretty much unremarkable. They tie up your money for 3-10 years. I gather you don't get hit for DIRT but is that the only benefit? 2% AER is pretty lousy IMO.


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    #4
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    If you look up www.consumerhelp.ie and under financial product comparisions you can get the interest rates for intstant access and fixed rate savings accounts.
    An instant access account means that you have access to your funds within a few days but a fixed rate account means you can't get your funds for a fixed period of time.
    If you go for a fixed rate look again at the savings rate availble when you account matures. Send a letter in writing to the bank with this account letting them know if you want to re-invest or have the funds back.
    A bank could be paying 2.4% today which could give your €240 interest and in a years time be paying 0.20% which will give you €20.
    If you are saving money on a regular basis look at the rates for a regular savings account also.

    From what you have told us your bank want to meet you to sell you some type of investment account. My advice is that your bank will charge you a lot to set up and adminster this type of account so they will be making money on this.
    If you are thinking of having some type of investment account I would look up www.rabodirect.ie and click on investments.
    Rabo do not offer advice but they have low fees on this type of investment. Just be aware that funds can fall in value and you may not get all your money back but if you are willing to take some risk you may do well out of these. I would look on any money invested in these as money you will not need for 3 years plus. Also a lot of people will invest say €100 pm into these funds as they can go up and down in value.
    These funds can based on property ie commerical property, equities ie shares in big companies ie coke, vodaphone, apple ect.
    You will buy units in these funds. The unit could sell at 50c today and at 60c on the 1 of June 2015 but at 40c on the 1 Oct 2015.
    I would do the what type of invester I am on the rabo site as it will give you an idea of what fund to invest in and help you understand them also.
    I hope this helps you out.


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