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Savings Account Options?

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  • 16-03-2014 1:05pm
    #1
    PrettyBoy
    Registered Users Posts: 4,213 ✭✭✭


    I've decided to close my current account in AIB and open a new one with PTSB next week. The balance in my account currently exceeds €25k and instead of having that much sitting in a current account doing nothing I want to put it somewhere where it will gain interest (savings account) or where I may have a chance of making some money (prize bonds, etc).

    What's the best thing to do with ~€20k?


Comments

  • Options
    #2
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    I suggest you have a read of this and then post any questions on the back of it.


  • Options
    #3
    Tidyweb
    Registered Users Posts: 402 ✭✭Tidyweb


    €20K.....
    With your prize bonds options; based on my calculations statistically you should expect to win €50 maybe 5 times a year.
    It will take you about eight years to win a €100 price
    375 year to win a €1000 prize
    2,124 to win a €20,000 prize and hopefully in about
    16,347 year should expect to bag the big one.

    Do these numbers hold up?


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    #4
    PrettyBoy
    Registered Users Posts: 4,213 ✭✭✭PrettyBoy


    Fungus wrote: »
    I suggest you have a read of this and then post any questions on the back of it.
    Exactly what I was hoping for, thanks! :)
    Tidyweb wrote: »
    €20K.....
    With your prize bonds options; based on my calculations statistically you should expect to win €50 maybe 5 times a year.
    It will take you about eight years to win a €100 price
    375 year to win a €1000 prize
    2,124 to win a €20,000 prize and hopefully in about
    16,347 year should expect to bag the big one.

    Do these numbers hold up?
    I actually have a number of prize bonds and over the last ~18 months I've won around €850 :)


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


    Tidyweb wrote: »
    €20K.....
    With your prize bonds options; based on my calculations statistically you should expect to win €50 maybe 5 times a year.
    It will take you about eight years to win a €100 price
    375 year to win a €1000 prize
    2,124 to win a €20,000 prize and hopefully in about
    16,347 year should expect to bag the big one.

    Do these numbers hold up?

    The odds are very slim, and were cut twice last year, with Prize Bonds.

    You are far more likely to get a better return with a high interest savings account.


  • Options
    #6
    Drexl Spivey
    Registered Users Posts: 528 ✭✭✭Drexl Spivey


    Nation Wide UK is 4% AER -

    If you put 500 every months, you make 130 euros gross after a year.

    You made a whole 76 euros after tax (if DiRT remains at 41%). That's 6 euros 30 cents per month...

    Is there any other solution to make more money like foreign banks with higher rates?


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