Need guidance on best practice saving for Mortgage

icanmunch

Hi All,
Myself and my fiance are starting to save for a deposit for a house. 
We are looking to save around €1750 each a month but are unsure which bank to open a savings account with.
I checked some of the bank websites but I'm finding it hard getting my head around the different rates and terms etc that is included. What would you guys recommend? Also are we better off opening 1 savings account between the 2 of us or opening 2 separate accounts?

Thanks!

bmwguy

icanmunch wrote: »

Hi All,
Myself and my fiance are starting to save for a deposit for a house. 
We are looking to save around €1750 each a month but are unsure which bank to open a savings account with.
I checked some of the bank websites but I'm finding it hard getting my head around the different rates and terms etc that is included. What would you guys recommend? Also are we better off opening 1 savings account between the 2 of us or opening 2 separate accounts?

Thanks!

I am guessing at 1750 a month you will be saving for a year or max 2 years? Its not really a long enough time frame to make much interest and it's definitely not long enough to enter an investment fund.

So look for a bank account with the highest AER. This is the important figure. Forget the rest of the rates. Also look for one with easiest access to cash and the most flexible one. These are the key points. Go chat to the banks, online comparisons tricky to get your head around to be honest.

okiss

I would open 2 separate accounts to show you both can save. Once you save this money you can't take it out a few weeks later to pay off an unexpected bill.
I would also advise you to pay off any debits you have ie credit cards, personal or car loans. Make sure you bank statements show no internet gambling.
If you have loans when you apply for your mortgage it will effect the amount you can borrow.

If you look up www.ccpc.ie this is the Competition and Consumer Protection Commission website and click on financial comparisons then regular savings. You can put in how much you want to save each month and see which bank offers the best rate and term and conditions of the account.

Their is also budget calculators and a lot of consumer information here.

Charles Babbage

Regular savings accounts meet your needs here. Unfortunately the best of these was NationwideUK, who are now leaving Ireland.

https://www.askaboutmoney.com/threads/regular-savings-accounts.20747/