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Best Savings A/C

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  • 23-03-2015 10:47pm
    #1
    Controversy
    Registered Users Posts: 18 ✭


    Hi,

    I am looking to put together a deposit for a house within 3 years. I am looking to save €100 a month going forward. Additionally, my parents are planning on giving me 3k a year; as this is the maximum "gift" parents can give to their children under the new CGT regs. So my question is, what would the best savings a/c be to choose? Nationwide appears to be offering 4% and that seems to be well above others?

    Thanks in advance :)


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    #2
    TiGeR KiNgS
    Registered Users Posts: 1,435 ✭✭✭TiGeR KiNgS


    Controversy wrote: »
    Hi,

    I am looking to put together a deposit for a house within 3 years. I am looking to save €100 a month going forward. Additionally, my parents are planning on giving me 3k a year; as this is the maximum "gift" parents can give to their children under the new CGT regs. So my question is, what would the best savings a/c be to choose? Nationwide appears to be offering 4% and that seems to be well above others?

    Thanks in advance :)

    The annual tax free gift allowance is actually €6k in your case - €3k from each parent under CAT as I understand it.


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    #3
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Your parents can gift you something like €225k in your lifetime.

    The best option is a Nationwide UK Ireland regular saver. Its 4% and you can lodge from 100-1000 per month. TBH €100 savings for a deposit is pretty poor. You need to save a lot more for a decent deposit.


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    #4
    AlexisM
    Registered Users Posts: 250 ✭✭AlexisM


    hfallada wrote: »
    Your parents can gift you something like €225k in your lifetime.
    But the 3K p.a does not go towards eroding this limit.


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    #5
    guile4582
    Registered Users Posts: 1,139 ✭✭✭guile4582


    i think nationwide too, note its a 15 month term


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    #6
    ratmouse
    Registered Users Posts: 2,856 ✭✭✭ratmouse


    guile4582 wrote: »
    i think nationwide too, note its a 15 month term

    That seems like a good rate.


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    #7
    guile4582
    Registered Users Posts: 1,139 ✭✭✭guile4582


    just beware at month 15 if you do not withdraw you go to a lower rate of 1.05% and are automatically rolled into another 15 month term


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    #8
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    guile4582 wrote: »
    just beware at month 15 if you do not withdraw you go to a lower rate of 1.05% and are automatically rolled into another 15 month term

    You are not automatically moved into another 15 month term.


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    #9
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    KBC also have 3.5% regular saving.Its open end so it maybe better than nationwide for long term saving


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    #10
    Triceratops Ballet
    Registered Users Posts: 4,894 ✭✭✭Triceratops Ballet


    hfallada wrote:
    KBC also have 3.5% regular saving.Its open end so it maybe better than nationwide for long term saving


    Not sure if still the case but they did offer 4% if you switched your current account to them. I agree that € 100 pm is too little for a deposit but if you've years to wait before buying its a start


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    #11
    marco_polo
    Moderators, Science, Health & Environment Moderators Posts: 10,079 Mod ✭✭✭✭marco_polo


    Just bear in mind that some of the best regular saver accounts will probably not permit an irregular lump sum top up of 3K once per year, and if they do the interest on that part may be much lower that the interest on the regular savings amount, so you might end up better off either having separate accounts (finding the best rate for each one) or to put the 3K in installments as part of the regular savings amount over the course of the year.


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