Saving account

blahblahbla

Hi
I want to open a saving account where I get interest on the money I put in. I tried checking with the Bank of Ireland online to see their interest rates. But I didnt fully understand what I was looking at.I would like to speak to someone but the Banks dont tend to open after 5, which is a problem because I have a job.

Does anyone know which bank offers the best rate for my money?

28064212

Are you talking about a regular saver (put money in each month) or a deposit account (lump-sum, all in one go)?
For the former: http://www.askaboutmoney.com/showthread.php?t=20747
For the latter, you can either deposit for a fixed term (http://www.askaboutmoney.com/showthread.php?t=101813), or have a notice period for withdrawals (http://www.askaboutmoney.com/showthread.php?t=102329)

blahblahbla

That is very helpful, exactly what I was looking for.
Are these saving accounts guaranteed to not loose value. I know there are some saving schemes that say you can loose money. I assume because I am just holding money here without investing it my money should only increase?

28064212

blahblahbla wrote: »

That is very helpful, exactly what I was looking for.
Are these saving accounts guaranteed to not loose value. I know there are some saving schemes that say you can loose money. I assume because I am just holding money here without investing it my money should only increase?

They can't drop below what you put in, no, and they're covered by the deposit guarantee, so even if the bank goes under, you're still covered up to €100,000 (for the Irish banks anyway).

However, they can fail to maintain their value relative to inflation. e.g. you deposit it for a year at 2%, but the economy grows at 4%. The effective purchasing power of your deposit is 2% less, despite the absolute amount increasing. Savings accounts are *very* low-risk, low-return