SSIA Information

MiCr0

i know its getting a bit late in the day but which/where is the one to go for?

i'm full time employed with no debts

thoughts?

Victor

I get the impression that the ACC fixed rate one (about 4.5%) is about the best 'bank account type' one.

Alternatively various ones offer stock market oppurtunities (and risks).

the Irish Times has published a number of comparison tables in the Friday business sections.

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See http://scripts.ireland.com/search/highlight.plx?TextRes=SSIA&Path=/newspaper/finance/2002/0201/638306204bwqanda.html

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From the Sunday Business Post - Personal Finance
http://www.thepost.ie/minisites/personalfinance/index.jsp?PostSection=finance&list=personalpost&title=Finance

Specific stories:
Measure risk against reward before buying into a savings account
http://www.thepost.ie/story.jsp?story=WCContent;id-39325

Late array of tempting products
http://www.thepost.ie/story.jsp?story=WCContent;id-39327

Should I invest in an SSIA or add to my pension?
http://www.thepost.ie/story.jsp?story=WCContent;id-38941

ConUladh

I've decided on Anglo Irish's variable rate (seems to be the Sunday Times favorite variable, ACC being their favorite fixed)

Currently 4%, will match ECB rate until 12/02, within 0.25% after

One thing I noticed when I was checking out my usual bank (Bank Of Ireland) was that they only allowed the amount of the contribution to be changed once a year, given that I'm about to head away for a year and a bit that's not good.

Fortunately Anglo Irish allows you to change the amount by giving 7 days notice.

Going with variable as I don't see how the ECB rate could get much lower.

b20uvkft6m5xwg

I researched all the options last year but felt the lack of liquidity with the scheme was a bit of a turn off.

The reason I'm posting is becuase i found a post-it note on my desk with the details I researched and I had Quinn Life Direct circled for some reason- so they must be offering something good!?

Also I got a call from AIB on Wednesday to ask me did I want to avail of it and they told there is some offer for students where they make a contribution every month for the 1st year and will allow you to freeze your payments with no penalty. They are sending me stuff about so i'll post back when I get some info-
For any students it might be worth looking on the website as well- www.aib.ie

Victor

Well here is a suggestion. Commit €12.70 (corrected) a month, no more, to say you own bank scheme, your credit union or the post office. That way, you are in the scheme, if you want to increase the amount later then so be it, but you commitment is only €152.40 (corrected) per year.

If you don't join now, the risk is that you may never be able to join such a scheme again.

GoneShootin

Eamon Dumphy suggests ACC as the best option

b20uvkft6m5xwg

I believe the minimum amount is 10 pounds not 10 euro
ie. 12.7 euros is the min. per month

all the same still an attractive entry option:)

b20uvkft6m5xwg

AFAIK the ACC option offer a fixed rate- something like 4.5% which is above most of the others but...

The medium trends are for interest rates to increase and thus a variable option would may be advisable

Dr. Loon

I heard the An Post one is good! Haven't really researched but will do.

sceptre

Originally posted by Gone Shootin
Eamon Dumphy suggests ACC as the best option

ED bought a crapload of Eircom shares too as I remember but it's still a good call.

b20uvkft6m5xwg

Here are all the financial Instituions providing the SSIA...

Provider Name:
Aberdeen
ACC Bank
Acorn Life *
AIB/Ark Life
Anglo Irish Bank
An Post
BOI/Lifetime
Canada Life
Credit Unions **
Eagle Star
EBS
First Active
Friends First
Hibernian
ICS Building Society
Irish Life
Irish Nationwide
Irish Permanent
New Ireland
NIB
Northern Rock
Quinn Life
Royal Liver
Scottish Legal
Scottish Provident
Standard Life
TSB Bank
Tusa
Ulster Bank

* Acorn Life has not been included as their SSIA's are poor value for money and have no special features to compensate.

** If you are interested in buying an SSIA from a Credit Union please contact you local branch.
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Here's a few relevant links...

http://www.bestvalueireland.com/ssiainvestment.html
http://www.myadviser.ie/tribune12_8_01.htm


http://www.accbank.ie/Web/ACCBank/cms.nsf/CustomContent/84139844fc7b3c9a80256ace005b4642
http://www.angloirishbank.ie/newssia.htm
http://www.tsbbank.ie/savings/govsavingscheme.asp
http://www.postoffice.ie/SavingsInvestment/IncentiveAccount.html
http://www.irishpermanent.ie/yourmoney/gss_moreinfo.htm
http://www.aib.ie/roi/personal/ssia.asp?page=savingoptions
http://www.bankofireland.ie/html/gws/personal/savings_investments/products/gssi.html
http://www.ulsterbank.com/new/roi/ssia/roi_ssia_tree.asp

jd

I'm going with the ebs-deposit to start with but I intend to increase contribution later and that will go to the actively managed fund..
jd