Savings accounts

Danger781

Hey everyone,

I'm looking to set up a savings account with either:
1. Credit Union
2. Post Office
3. Bank of Ireland

I've been with the Credit Union for years but figured I might as well be earning interest on my savings. I am confused by the various options available. What I am looking for is a savings account where I can lodge money every month or whatever and earn interest on that account every month. Does this exist? Most of the options I'm looking at seem to earn interest per annum..

An Post seems to make the most sense (Tax free, High interest rate) but I can't find the information I'm looking for online. From what I can gather the interest is only paid at the end of the savings term? So if I went with the 10 year option I only get paid interest at the end of the 10 years? Can I set up a standing order with the PO account? Do I get an account number / sort code?

Thanks

28064212

Very few accounts will pay interest more often than once a year. All of them will earn interest regularly (most of them daily). The post office/state savings accounts don't allow you to make regular deposits, they're fixed term and sum.

What you want is a regular savings account. There's an good comparison of the available accounts here: http://www.askaboutmoney.com/threads/regular-savings-accounts.20747/

NIMAN

To be honest OP, you won't earn very much money in interest from savings, unless you have a large amount to save.

Savings interest rates are pretty awful at present, and then you have to allow for DIRT on most of them which will take the guts of nearly half of it away in tax.

You mention An Post. They do offer interest free accounts, but you have to be prepared to tie your money up for quite a while.
http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Savings+and+Investments/

Danger781

Just bringing this back.. Set up a BOI Monthly Saver but this isn't really what I'm looking for either as there is no lodgement option.. You simply specify how much to deposit per month and that's that. There is a 30-day notice account that does allow lodgements but it's a measly 0.25% per annum/AER.. Although a quick look at AIB shows roughly the same numbers..