Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Best option for long-term saving

Options
  • 02-10-2014 10:25pm
    #1
    missjm
    Registered Users Posts: 268 ✭✭


    A number of years ago I set up a 7 day notice savings account with AIB. Initially the returns were decent enough on it but now they're abysmal and I'm being charged more in dirt tax than what I get in interest.
    These savings are towards a mortgage and I want to get the best possible return. Can anybody advise where I might be better placing this money? It's money I don't particularly want 'easy access' to but can still if necessary withdraw from if an emergency occurs.


Comments

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


    Have a read of these best buy guides. Post back if you have any questions.


  • Options
    #3
    Mort5000
    Registered Users Posts: 419 ✭✭Mort5000


    missjm wrote: »
    I'm being charged more in dirt tax than what I get in interest.

    You're paying over 100% DIRT?!


  • Options
    #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Mort5000 wrote: »
    You're paying over 100% DIRT?!

    Micky Noonan will be thrilled.


  • Options
    #5
    missjm
    Registered Users Posts: 268 ✭✭missjm


    Mort5000 wrote: »
    You're paying over 100% DIRT?!

    That should have read over 50% based on interest I should have received.


  • Options
    #6
    billyhead
    Registered Users Posts: 9,852 ✭✭✭billyhead


    I have investments in the An Post 5 year savings bonds and also substantial investments in the 10 year National solidarity account. These offer the best gains long term but you need to lock them away for the full term length to avail of this


  • Advertisement
  • Options
    #7
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    billyhead wrote: »
    I have investments in the An Post 5 year savings bonds and also substantial investments in the 10 year National solidarity account. These offer the best gains long term but you need to lock them away for the full term length to avail of this

    NTMA State Savings "An Post" rates have reduced significantly lately.


  • Options
    #8
    billyhead
    Registered Users Posts: 9,852 ✭✭✭billyhead


    JTMan wrote: »
    NTMA State Savings "An Post" rates have reduced significantly lately.

    Has there been a recent change in the rate? I want informed of it. I have a monthly direct debit set up with An Post were I transfer a lump sum of 600 into a 10 year national solidarity bond. Should I be looking to invest this money elsewhere?


  • Options
    #9
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    billyhead wrote: »
    Has there been a recent change in the rate? I want informed of it. I have a monthly direct debit set up with An Post were I transfer a lump sum of 600 into a 10 year national solidarity bond. Should I be looking to invest this money elsewhere?

    There was a recent reduction in most of the NTMA State Savings products including the 10 year rate.

    You are now being paid 2.66% AER tax free with a 10 year deposit. A low rate for being defacto-locked for 10 years.


  • Options
    #10
    The J Stands for Jay
    Registered Users Posts: 5,768 ✭✭✭The J Stands for Jay


    billyhead wrote: »
    I have investments in the An Post 5 year savings bonds and also substantial investments in the 10 year National solidarity account. These offer the best gains long term but you need to lock them away for the full term length to avail of this

    Given that current interest rates are extremely low, what looks like a good rate now (2.6%?) is unlikely to look so hot over the 10 year term.


  • Options
    #11
    billyhead
    Registered Users Posts: 9,852 ✭✭✭billyhead


    McGaggs wrote: »
    Given that current interest rates are extremely low, what looks like a good rate now (2.6%?) is unlikely to look so hot over the 10 year term.

    thanks but if I can afford to lock away money for that long I.e I have an emergency fund in a current account, can easily pay my mortgage and have money left over for food,bills and discretionary expenditure apart from stocks and shares which I woudn't be 100% confident in investing in where could I lock my money away in for a decent secure return. Also I have an Avc already.


  • Advertisement
  • Options
    #12
    The J Stands for Jay
    Registered Users Posts: 5,768 ✭✭✭The J Stands for Jay


    billyhead wrote: »
    thanks but if I can afford to lock away money for that long I.e I have an emergency fund in a current account, can easily pay my mortgage and have money left over for food,bills and discretionary expenditure apart from stocks and shares which I woudn't be 100% confident in investing in where could I lock my money away in for a decent secure return. Also I have an Avc already.

    I was thinking more along the lines of shorter term fixes deposits with the expectation of getting higher rates in a few years in excess of the solidarity bond rate.


Advertisement