Aiming to save €10000 - best options

Laura123

Registered User
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Hi,

I'm hoping to save €10,000 over the next 3/4 years - regular monthly saving of €200 approx.

What is the best options available for me - from looking online, the EBS are offering 3% per year. This seems to be the best rate available.

I don't need access to the money for 3 / 4 years, so I am looking for the best options.

Thanks in advance for replies
 
That EBS rate is only for the first year, and of course you'll only get half the rate on your first year's money because you don't invest it all up front and then you'll pay 39% DIRT. So your €2,400 for the first year will make about 0.9% net. Then it reverts to a lower rate, currently 0.35% before DIRT. Unfortunately those high interest saver accounts sound more attractive than they are and there is nowhere offering anything like 3% over the longer term. Perhaps save with EBS for one year, then move the money into State Savings.
 
€200pm * 36 months = €7200
€200pm * 48 months = €9600

Given the rate of interest available (only marginally better than what your average mattress pays out!!) it will take a little over 4 years to reach your target. Even the best rate in the market will not make too much of a dent in the timing I think, simply because they are very low and then DIRT kicks in. Still no harm in checking out the best buys for deposits. The headline rate for EBS for one year is attractive but the question is what happens in year 2 - you will likely need to be reviewing your rates and where your money is pretty regularly.
http://www.askaboutmoney.com/threads/regular-savings-accounts.20747/
 
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