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Savings - deposit guarantee limit and transferring money, where to?

  • 10-02-2019 5:48pm
    #1
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭


    I'd appreciate some advice please. If a credit union account reaches the deposit guarantee limit and you therefore want to transfer the savings elsewhere to continue saving into that account, is this as straight forward as simply transferring online? Or do you have to give notice for a large amount? Is there a limit on how much you can transfer at once? I have never taken money out before so no experience with this.

    Any suggestions on the best place to transfer the money to? Unfortunately I can't commit to long term options at this stage as I would hope to use the money within the next year. I doubt there's much value to be had in relatively short term savings accounts, but I'm only looking for safe and risk free options. A bank or building society? Another credit union?

    I'll be grateful for any guidance offered.


Comments

  • #2
    Seve OB
    Registered Users, Registered Users 2 Posts: 16,042 ✭✭✭✭Seve OB


    Ask your credit union


  • #3
    1dave123
    Registered Users Posts: 71 ✭✭1dave123


    Hi - have a read of the info here. This may help you decide on a destination.

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

    As regards the other part of your question - credit unions have different rules so your own credit union will be best placed to guide you. There almost certainly will be a daily limit. Many will permit online transfers but u may have to sign up to do that.

    All the best.


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