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Savings account for an 18 year old

  • 26-06-2016 2:26pm
    #1
    Gearldine25
    Registered Users Posts: 3 ✭


    Hi

    I am just finished leaving cert and starting another full time job again this summer.

    My credit union account took a bit of a dip during the year but now I have 6.9k in savings. Is this a good amount for my age ?? I hope to save another 2.5k again this summer. Am I in a good position?

    My credit union only gave me a divided last year of like 28 euro before dirt would i be better transfering to an aib online saver account to get at least 2 percent interest which would be alot better ?

    Thanks


Comments

  • #2
    iainBB
    Registered Users Posts: 460 ✭✭iainBB


    Gearldine25 wrote: »
    Hi

    I am just finished leaving cert and starting another full time job again this summer.

    My credit union account took a bit of a dip during the year but now I have 6.9k in savings. Is this a good amount for my age ?? I hope to save another 2.5k again this summer. Am I in a good position?



    My credit union only gave me a divided last year of like 28 euro before dirt would i be better transfering to an aib online saver account to get at least 2 percent interest which would be alot better ?

    Thanks

    On that 2% you would have to pay dirt tax of 20 plus % so it's not really 2% .after tax. Great amount for for 18 year old. Now what is your great plan for it.


  • #3
    Sarn
    Registered Users, Registered Users 2 Posts: 3,086 ✭✭✭Sarn


    DIRT is currently 41%. The only problem with the regular saver is that you can't get that rate by lodging the entire €6.9k from day 1. You will have to feed the money in at €1k a month, anything over that will only get 0.15%.


  • #4
    Gearldine25
    Registered Users Posts: 3 ✭Gearldine25


    Sarn wrote: »
    DIRT is currently 41%. The only problem with the regular saver is that you can't get that rate by lodging the entire €6.9k from day 1. You will have to feed the money in at €1k a month, anything over that will only get 0.15%.

    Am i going good at 6.9k is that a good amount to have saved ?


  • #5
    DownOneTourist
    Registered Users, Registered Users 2 Posts: 182 ✭✭DownOneTourist


    Gearldine25 wrote: »
    Am i going good at 6.9k is that a good amount to have saved ?

    Yes that is fantastic at 18! I'm 18 and all I've got is 300 euro in confirmation money that I never spent.


  • #6
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    I would say there are very few 18 year olds who have any saving so you are doing very well. It's a good habit to get into at your age.


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  • #7
    BorneTobyWilde
    Registered Users, Registered Users 2 Posts: 36,279 ✭✭✭✭BorneTobyWilde


    How did you manage to save that in first place.


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