Investing savings

masterboy123

I am wondering is there a safe way to invest your money and get some interest on your savings?

Say I have 10,000 euros. I want to invest it and also would like to have the option of withdrawing the money if there is an emergency.

What would be the best option? AIB have very low interest rates.

Many thanks

Liam D Ferguson

There's a good Best Buys section over on Askaboutmoney here. https://www.askaboutmoney.com/threads/savings-best-buys.90481/

Anything with the potential to offer more interest than these will carry greater risk.

dennyk

KBC's Extra Regular Savings Account pays 2.5% APY at the moment, and allows a one-time up front deposit of up to €10k. It requires one monthly deposit between €100-€1000 to keep active, and you can withdraw your money at any time. You'll have to open a KBC Extra Current Account and lodge a minimum of €2500 a month to that current account to qualify for the 2.5% savings rate, though. If you don't have enough monthly income, you could save up a few grand in a second current account at another bank and then transfer that money from it to KBC and then back to your other account (minus your savings contribution, of course) once a month.

You'll not find a better interest rate that allows demand withdrawals, I'd say. To earn more than that, you'd have to look into riskier investment options like ETFs or mutual funds, which of course means you could potentially lose value and there would be tax considerations if you had to sell to withdraw money. Not the best place for an emergency fund, as generally you'd want that money stable, liquid, and easily accessible.