Savings Accounts that you can withdraw funds from?

A

AnnieC

Registered User
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42
Hi all,

I hope someone can advise me on my best option for my situation. Since I went back to work in October after Maternity Leave I have had to jobshare i.e. take a cut in pay. December and January every year are really difficult months financially for me as I have my daughter's birthday, Christmas and OHs birthday all within a month of each other, as well as some annual household expenses. I find myself now in a lot of debt that I can't see a way out of for a few months. I don't currently have any savings but have a credit card bill and overdraft!

Basically I would like to put away even €25 a month into an account that I could then access Nov/Dec time to cover the expenses I need to pay for. I've had a brief look at some savings accounts but they all seem to have a clause of only getting interest rates if they're not touched for a set period of time etc.

Are there any savings options available out there for such a thing or do I just have to keep an envelope safe in the house somewhere for 10 months and add to it every month?!

Thanks
AnnieC
 
The Halifax Flexisaver may be what you are after:
[broken link removed]

It says 4% interest, can anyone confirm if this is the correct current rate?
 
Have a look at AIB's Parent Saver plan, might suit you. You can vary the amount you put in each month if you need to, and a good interest rate for the year on the monthly payments. Most banks have a Regular Saver account that you can get instant access to, just a matter of finding one with the best interest rate. You just have to agree to put something in each month, even if it's just one euro on a bad month!
 
FLANDERS` said:
The Halifax Flexisaver may be what you are after:
[broken link removed]

It says 4% interest, can anyone confirm if this is the correct current rate?
Click to expand...

Thanks for this Flanders. I had looked into Halifax before but had misread the info so I thought you couldn't touch your money. Will investigate.

sadie said:
Have a look at AIB's Parent Saver plan, might suit you. You can vary the amount you put in each month if you need to, and a good interest rate for the year on the monthly payments. Most banks have a Regular Saver account that you can get instant access to, just a matter of finding one with the best interest rate. You just have to agree to put something in each month, even if it's just one euro on a bad month!
Click to expand...

Hi Sadie,
Thanks but I had a very bad experience with AIB a few years ago so am reluctant to give them my business (€1 a month would even be too good of me!!)

That's interesting about the varying amounts. I thought you had to sign up to an agreed monthly amount but as you say some months might be more of a struggle than others!
 
EBS have a new Family Saver account - a regular direct debit each month is required and the interest rate is fixed for a year at 5.1%. Two withdrawals are allowed - one at any time and the other at 12 months. The 5.1% is paid upto the withdrawal date. Some of the other regular saver accounts will probably be dropping further soon - so 5.1% fixed for a year isn't too bad (if you dislike AIB that much)

If I was you though - I would tackle that overdraft and credit card before putting money into savings. You will be paying way more interest on those than you will get in any savings account.
 
Bank of Ireland easysaver, pays 7%
min contribution €20 per month
4 withdrawals allowed per annum
[broken link removed]
 
ardmacha said:
Bank of Ireland easysaver, pays 7%
min contribution €20 per month
4 withdrawals allowed per annum
[broken link removed]
Click to expand...

BOI only max 500 per month though Anglo 1000. Both have max balances (BOI 5000 for good interest rate & Anlgo account finishes after 12 monthie 12000). These rates from BOI and Anglo are over 1.5% better than all the other banks at about 5.4%, hence I feel as soon as BOI drop rates (probably by over 1% and soon), Anglo will do the same very quick. Think they will continue to drop as many of the rates from banks are tied to ECB hence the other banks not linked with ECB rates will follow and drop rates too. Only my view though
 
irishlinks said:
EBS have a new Family Saver account - a regular direct debit each month is required and the interest rate is fixed for a year at 5.1%. Two withdrawals are allowed - one at any time and the other at 12 months. The 5.1% is paid upto the withdrawal date. Some of the other regular saver accounts will probably be dropping further soon - so 5.1% fixed for a year isn't too bad (if you dislike AIB that much)

If I was you though - I would tackle that overdraft and credit card before putting money into savings. You will be paying way more interest on those than you will get in any savings account.
Click to expand...

Thanks Irishlinks, EBS or Halifax seem to be closest to what I'm looking for. I'd settle for 0% interest tbh as it's just somewhere I need to have some money accessible for end of year.

As for overdraft & cc, why do you think I can only afford €25 a month?! (if even!) They're my top priority at the moment and hopefully overdraft will be cleared by next month. These are the very reason I'm looking for savings options so I can avoid such a situation next year. It's horrendous!

Anyway, I'm turning this into a Money Makeover thread sorry! Thanks for all the help and information, this site is great

TomOC said:
BOI only max 500 per month though Anglo 1000. Both have max balances (BOI 5000 for good interest rate & Anlgo account finishes after 12 monthie 12000). These rates from BOI and Anglo are over 1.5% better than all the other banks at about 5.4%, hence I feel as soon as BOI drop rates (probably by over 1% and soon), Anglo will do the same very quick. Think they will continue to drop as many of the rates from banks are tied to ECB hence the other banks not linked with ECB rates will follow and drop rates too. Only my view though
Click to expand...
 
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