Monthly cap on savings - recommendation needed

GooglePlus

I have a decent bit of money due to come in soon, which I would like to send over to my credit union as I would rather it away from my current account. I've just found out that my CU has a monthly limit for deposits, so I'd be a few months sending the money over in batches, which isn't an option.

Are there any other options for me that may be beneficial. I don't need the money short term but would like to access it within a year or two for a house deposit.

Heraclius

https://www.boards.ie/discussion/2058204492/monthly-cap-on-savings-recommendation-needed

If it is likely to reach three years plus you could consider state bonds.

GooglePlus

https://www.boards.ie/discussion/comment/117767847#Comment_117767847

Thanks, I was looking at Bonkers and they recommended the same for a lump sum in. It's likely that it push to three years but in the event that I needed the money beforehand, would there be penalties apart from the lost potential interest? It's not too clear from their brochure.

Seve OB

Look up askaboutmoney and there is a thread there which gives all the best rates going for different saving options.

which at the moment is SweetFA

Heraclius

https://www.boards.ie/discussion/comment/117767875#Comment_117767875

As far as I know it takes about a week to get your money back from the NTMA but there are no penalties. The interest is loaded towards the end though so if you pulled it out earlier you would probably have done better in a savings account.

beachhead

No penalties for withdrawing your money except the loss of interest for the remaining part of the certificate/bond.The government has played clever with the latest issues of bonds and certificates as interest is paid in the final years.It will take 2 weeks minimum to get your money returned.They are efficient-not like the passport office delays

beachhead

Forgot to mention you should ring statesavings.ie to see how best to lodge the money.There is an e120,000 limit in each category as far as I can remember.Also,I do not think they accept bank transfers.You'll probably have to prove the source of the funds too.

The J Stands for Jay

https://www.boards.ie/discussion/comment/117767926#Comment_117767926

They send a cheque in the post, so it'll take even longer to get the funds from them.