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Looking for advice on what to do with small lump sum

  • 21-05-2018 7:08pm
    #1
    den87
    Registered Users Posts: 531 ✭✭✭


    Just wondering has anyone any advice on what the best option would be to do with €4k? Savings account? Deposit account?

    Thanks in advance.


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,777 ✭✭✭✭NIMAN


    To be honest, with such a small amount it won't really matter.

    You'll get such a poor return on it, you may as well just stick it into your current account. Putting it into any other account may affect your ability to get at it quickly, although plenty of savings accounts have immediate access.


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    den87 wrote: »
    Just wondering has anyone any advice on what the best option would be to do with €4k? Savings account? Deposit account?

    Thanks in advance.

    If you have any short term debt, loans/credit card or overdraft pay it off. Otherwise a fixed term deposit .....will be pittance compared to what rates used to be but itll be something.


  • #4
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,777 ✭✭✭✭NIMAN


    Here is a list (always updated) of your best Savings options:

    https://www.askaboutmoney.com/threads/savings-best-buys.90481/

    and remember that the current DIRT rate is 37%, so you will lose 37% of any interest you earn on savings.

    As mentioned, if you have any debt you'd probably be better paying that off first.


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