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Best option for saving for that rainy day

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  • 01-02-2015 9:59pm
    #1
    MANUTD99
    Registered Users Posts: 1,162 ✭✭✭


    Hi There

    I was wondering if anybody could help me with what is the best option for saving a small amount of money each month.

    We want to put away €200 each month which will only be dedicated for emergencies (house repair, doctor, car )

    Hopefully it will be a fund we wont have to be approaching too often.

    We were thinking Credit Union but I'm skeptical (I don't know why, just pure ignorance on my part), Rabo Bank.

    I don't want to have easy online access so I can avoid the urge to spend.

    Could anybody recommend a good way to save this money each month ?

    Thanks again


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    #2
    Bombesly
    Registered Users Posts: 8 ✭Bombesly


    Hi Manutd99,
    I was looking at this possibility from Nationwide UK, check it out yourself but since you don't have a lump sum to put in strait away this is ok for a period of 15 months. Plus because it is for emergency it is important that you be able to take some out during the time.


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    #3
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    MANUTD99 wrote: »
    I was wondering if anybody could help me with what is the best option for saving a small amount of money each month.

    We want to put away €200 each month which will only be dedicated for emergencies (house repair, doctor, car )

    2 suggestions.

    (1) Nationwide UK (Ireland) who pay 4.00% AER variable with their regular saver product on €100 to €1,000 per month. The downside is the account matures after 15 months.

    (2) KBC Regular Saver product which pays 3.50% AER variable on €100 to €1,000 per month.

    Review rates frequently.
    MANUTD99 wrote: »
    We were thinking Credit Union but I'm skeptical (I don't know why, just pure ignorance on my part), Rabo Bank.

    Most CU's will offer you a return much lower than the products aforementioned. Rabo do not offer a regular saver product, their instant access product pays just 1.50% AER variable.


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    #4
    MANUTD99
    Registered Users Posts: 1,162 ✭✭✭MANUTD99


    JTMan wrote: »
    2 suggestions.

    (1) Nationwide UK (Ireland) who pay 4.00% AER variable with their regular saver product on €100 to €1,000 per month. The downside is the account matures after 15 months.

    (2) KBC Regular Saver product which pays 3.50% AER variable on €100 to €1,000 per month.

    Review rates frequently.



    Most CU's will offer you a return much lower than the products aforementioned. Rabo do not offer a regular saver product, their instant access product pays just 1.50% AER variable.

    Excuse my ignorence. What do you mean by when your account matures?

    KBC sounds good. 3.5% is good return. We were getting I think 2% with Ulster Bank.

    Is KBC is "safe bank"? I just bought a repossessed house from KBC Bank!


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


    MANUTD99 wrote: »
    Excuse my ignorence. What do you mean by when your account matures?

    The account expires on a fixed date, 15 months after account opening. You then need to find a new home for your deposit.
    MANUTD99 wrote: »
    Is KBC is "safe bank"? I just bought a repossessed house from KBC Bank!

    KBC are a big bank. You will be fine with them.


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