Setting up a savings account

joe123

Just wondering can anyone recommend a good website for comparing savings accounts etc?

Currently I only have a current account with Ulster Bank but I really should have a savings account so I can at least earn something off some of my savings. Coupled with the fact Ulster Bank are introducing new charges, it'd be great to be able to compare various banks and what would be considered the best type of savings account/bank.

Most seem to only allow a lump sum to be put in. I was thinking more along the lines, a lump sum and then be able to top it up monthly. Is this even a thing?

Duffryman

https://www.bonkers.ie/money/

https://www.ccpc.ie/consumers/financial-comparisons/

That'll get you started....

dennyk

KBC are the only ones who offer more than 1% on a standard savings account, as far as I know. Their Extra Regular Savings Account can be opened if you have an Extra Current Account with them; it pays ~1.85% per year (starting this May; the rate is dropping yet again from the current 2.10%) on balances up to €40k. You can do a one-time lump sum deposit of up to €10k as well as your required monthly deposits of €100-€1000. It's also a demand account, so you can withdraw any amount of money at any time without any waiting periods or anything; handy if you want to use it for an emergency fund, since your savings will be accessible in case you need to draw on it.

To maintain your Extra Current Account status, you have to lodge a minimum of €2500 per month into the account across any number of lodgements. There's no minimum balance, however, so even if you don't have the required monthly income (or you don't care to use KBC as your primary current account), you can simply transfer €2500 per month to your KBC current account from another bank account once a month and then transfer the money right back (minus whatever amount you put into your savings, of course) as soon as the transfer has cleared.

SureYWouldntYa

dennyk wrote: »

you can simply transfer €2500 per month to your KBC current account from another bank account once a month and then transfer the money right back

Does that work? I always just assumed it would have to be a "new" €2500 that you've earned from your wages/salary

dennyk

SureYWouldntYa wrote: »

Does that work? I always just assumed it would have to be a "new" €2500 that you've earned from your wages/salary

Yep, it works; that's what I do with mine. They have no restrictions on the source of the money, so a SEPA transfer from another account is fine, and as there's no minimum balance, it isn't required that you keep the money in there for any particular length of time.

Of course, they could always change the terms in the future somehow so that little workaround would no longer be allowed (requiring proof of income to open an account, for instance), but it probably isn't really worth their while. I suspect they may just want to attract more customers with decent incomes to sell their more profitable products like mortgages and investments to, but the cost of doing actual income verification or something for all their Extra bank account customers would likely be far more than the cost of that little bit of additional savings interest they give 'em anyway, and of course they're still loaning out those funds on savings deposit for a lot more than they're paying us for 'em in the end.

Mrcaramelchoc

I didn't want to start another thread so ill ask here.
All i want is an account to save in.i don't want an atm card or any other perks.i want to be able to transfer a few quid every week by app from my main ub account.
Im willing to deposit 2k to the account.
What account / bank/ offer would suit me best?
Thanks.

Wheety

Mrcaramelchoc wrote: »

I didn't want to start another thread so ill ask here.
All i want is an account to save in.i don't want an atm card or any other perks.i want to be able to transfer a few quid every week by app from my main ub account.
Im willing to deposit 2k to the account.
What account / bank/ offer would suit me best?
Thanks.

Credit Union?

Mrcaramelchoc

Wheety wrote: »

Credit Union?

I have a joint one of them and they won't let me open a second separate account and im not sure if you can transfer funds online from bank to cu?

Wheety

Mrcaramelchoc wrote: »

I have a joint one of them and they won't let me open a second separate account and im not sure if you can transfer funds online from bank to cu?

Depends on CU. You can in mine. You should have an IBAN.

You could go to a different CU. Can have a work one, or local to your home or local to work.

danjo-xx

Mrcaramelchoc wrote: »

I have a joint one of them and they won't let me open a second separate account and im not sure if you can transfer funds online from bank to cu?

I do it all the time but it depends if your cu is set up for this. Most should be by now I would expect. Check their website