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Where to put some savings?

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  • 10-04-2014 1:06am
    #1
    Fabio
    Registered Users Posts: 2,257 ✭✭✭


    Hi all,

    I have some savings which have matured from an NTMA-managed Post Office account. I think it might have been in a 3-year account and they notified me recently that it has matured and have asked if I would like to reinvest it with them or whether I would like them to send me a cheque.

    I will soon have to pay some college fees and while I have money put away to cover that I always kinda saw this NTMA-Post Office account as a real rainy day fund. Hurricane kinda day fund! Only, in retrospect it could never be as I couldn't have instant access to it if the ****e hit the fan.

    So, my question, to those of you who know more than I do, where could I feasibly put this money? It's a couple of grand, instant access would be good or something with short notice so it can earn interest. I know it won't earn the 4% tax-free that the NTMA account gave but still...

    Any suggestions? Thanks very much in advance by the way.:)


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    KBC


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    #3
    DMcL1971
    Registered Users Posts: 1,444 ✭✭✭DMcL1971


    Fabio,

    Here is a link to the best buys thread on Askaboutmoney.com it is kept up to date with all the interest rates available on the market for all types of deposit accounts.

    http://www.askaboutmoney.com/showthread.php?t=90481

    The NTMA account that you had has dropped its interest rate hugely over the last year and is not really worth while anymore. The best instant access accounts are now only offering 2 to 2.25%. You will also have to pay DIRT at 41% on the interest earned.


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    #4
    Fabio
    Registered Users Posts: 2,257 ✭✭✭Fabio


    Thanks very much for the help guys!


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    #5
    abceire
    Closed Accounts Posts: 734 ✭✭✭abceire


    Where might you suggest if I wanted to put money away for a year with no need to access it? What sort of interest could I get?


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    #6
    DMcL1971
    Registered Users Posts: 1,444 ✭✭✭DMcL1971


    abceire wrote: »
    Where might you suggest if I wanted to put money away for a year with no need to access it? What sort of interest could I get?

    Here is a link to the best buys thread on Askaboutmoney.com it is kept up to date with all the interest rates available on the market for all types of fixed term accounts.

    http://www.askaboutmoney.com/showthread.php?t=101813

    It depends on how much money you want to save. If you have over 10K to deposit then PTSB's Interest First Savings Account is the best at 2.34%. If you do not have over 10K then PTSB's One year fixed term account is best at 2.3%. However the difference in interest is almost nothing and the 'Interest First' gives you all your interest upfront instead of having to wait until the end of the year, which is nice.


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    #7
    abceire
    Closed Accounts Posts: 734 ✭✭✭abceire


    Cool, cheers, yep interest up front would be nice, but sure I' d just go spend it. It was in Ulster Bank last year and I got 2%.


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