Changing from equities to deposit/regular saver accounts

[lotus]

I am saving to buy a home and hope to buy in the next year and want to consolidate my savings and investments and seek advice on same.

The following is what I’m currently doing each month:

€800 per month in a mixture of Quinn Life equities
€500 per month in First Active 7.15% regular saver
€700 per month in Irish Nationwide 7.35% regular saver.


The growth in Quinn equities account was very good during the SSIA years but in the past year there has been no growth overall and I have lost a small amount of money. There is now a lump sum of about €30K in this account. I feel it is now time to remove this money and put it into something more secure. I think the best option here is to put the money in the Anglo Irish 5.3% deposit account. However I understand that you only get 4.5% on balances over €20K. Should I just put €20K in Anglo Irish and €10K in the Halifax 5.15% deposit? AFAIK, I would have access to this money on demand, if I needed the money for the house deposit

Is my thinking correct that I should not be exposing myself to the risks of equities since I will probably need my deposit for house in the next year? Normally I am not adverse to risk but I think in this case I need to invest in something safer…opinions? Or should I leaave some oney in Quinn equities?

I then intend to put the €800 euro per month I was investing in Quinn in the Anglo Irish 8.00% regular saver.

Thus my new regular savings would be:

€800 per month in Anglo Irish 8.00% regular saver
€500 per month in First Active 7.15% regular saver
€700 per month in Irish Nationwide 7.35% regular saver.

Opinions and advice appreciated in relation to my A) Lump sum plans and B) Regular savings plans. Cheers

 

[ClubMan]

If you are saving towards a house purchase in about a year's time then you should not be in equities at all in my opinion. At least not with the money that you will be using towards the purchase. Stick to deposits. The Financial Best Buys forum and www.itsyourmoney.ie summarise the high rate various lump sum demand/term and regular saver accounts on offer and the terms & conditions applicable. There are numerous existing threads on how to mix and match several of these accounts to maximise deposit interest returns.