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€800k in cash

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  • 04-07-2024 11:15am
    #1
    Spencer Winterbotham
    Registered Users Posts: 99 ✭✭


    Hi All,

    I am planning to build a home in 12 - 18 months. During that time, I will accumulate approximately €800k in savings for the build.

    Currently at about €300k, just sitting in an offshore account earning 0%.

    I recently looked into a money market account but am not sure how to access them or how they are treated here in Ireland.

    I have a trading account with Interactive Brokers and Swissquote.

    Does anybody have any recommendations on where to put such funds for this short period as I wait to build?

    Thank you



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    #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,317 CMod ✭✭✭✭Nody


    Bank account is the obvious answer so I'd look at a high interest account in what ever country you have the cash currently. Simply google high interest country X and make sure it's under what ever the local protection scheme is.



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    #3
    Donald Trump
    Registered Users Posts: 19,815 ✭✭✭✭Donald Trump


    Difficult to reconcile someone with an apparently large source of income, already with accounts on trading platforms, with them asking whether there would be better investments available than 0% on a 300k sum they know they will need in 12-18 months.

    Top-rated sovereign bond with that time to maturity if you want minimal risk???? Technically still a default risk, but probably actually less than wherever you have your offshore money stashed.

    Might want to consider your exposure to FX risk if it is the case. Although with the income you are implying, it might not really be an issue for you anyway.



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    #4
    gym_imposter
    Registered Users Posts: 1,059 ✭✭✭gym_imposter


    Almost any savings account paying 2% right now



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