Inheritance on deposit

A

adox

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So Ive received a cheque for approx €200,000 from inheritance that was due to me.
I havent decided what to do with the money yet. Im debt free, mortgage free, car recently bought for cash.

I`m thinking I will open a couple of current accounts with different institutions and lodge the money in them for the time being until I decide what I want to do with it. Does this sound like a prudent thing to do?

I have accounts with BOI at the moment and also N26 so id like to put the money elsewhere so I`m not over the €100,000 guarantee scheme. I dont keep large amounts in N26 but its not easy to withdraw large lump sums so I dont wan to park money there.

Also being a cheque I will have to lodge the whole amount into one account initially(most likely my BOI current account) and then maybe get drafts drawn up for the new accounts? Am I right in that line of thinking?
 
CiaranT said:
You would be better off opening a few savings accounts, rather than current accounts. Have you read the savings best buy threads?
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Thanks Ciaran. I will have a look but I know interest rates are extremely low and presumed current accounts would be the easiest way to access the money on demand.

CiaranT said:
Simplest to wire the money online. This may need to be in a few instalments.
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Again, thanks for this. Yeah maybe I will go down this route although it will take a few months to move the money this way as I am pretty sure that BOI have a small enough monthly limit on transaction amount.
 
adox said:
Thanks Ciaran. I will have a look but I know interest rates are extremely low and presumed current accounts would be the easiest way to access the money on demand.
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Some return is better than no return.

You could be earning 2k+ on your 200k.

Drip feeding your money into multiple regular saver accounts will maximise your return.

For example, you can get 2.25% AER Variable on-demand with a KBC Extra Regular Saver account. 10k deposit allowed at the start and then monthly deposits of 1k up to a 40k cap. Extra Current Account required but zero fees if you deposit at least 2.5k per month into the current account. Double the return if you open 2 KBC Extra Regular Saver accounts if you have a partner.
 
Just wondering what age you are and if you'll need the money in the near future? Hard to see how there's going to be anything much going to happen in a good way with deposit rates over the next few years at least. Chuck it into the Post Office 10 year bond and you'll get a guaranteed €30,000.00 into your hand tax free, although plenty of Celtic Tiger wannabees on here will say that would be unwise. It's your money, mind it, there's an awful lot of so called experts that will show how good everything else has been over the past 10 years and all that Ross O Carroll talk, but none of them will show what will be there for you in 10 years time by doing it their way.
 
noproblem said:
Just wondering what age you are and if you'll need the money in the near future? Hard to see how there's going to be anything much going to happen in a good way with deposit rates over the next few years at least. Chuck it into the Post Office 10 year bond and you'll get a guaranteed €30,000.00 into your hand tax free, although plenty of Celtic Tiger wannabees on here will say that would be unwise. It's your money, mind it, there's an awful lot of so called experts that will show how good everything else has been over the past 10 years and all that Ross O Carroll talk, but none of them will show what will be there for you in 10 years time by doing it their way.
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Thanks. I’m 51. Have no immediate need for the money as I am in full time employment and paid th mortgage off with a lump sum around 18 months ago. No debt and currently have 1 years gross wage in savings. My wife is unemployed and gets nothing from the social so my modest wage (40k) supports us both.

We live a modest enough lifestyle so could put the money away long term possibly but is something I will have a good think about and will also be sitting down with my financial advisor in the coming weeks to look at options.

I may spend some of it obviously on holidays or home improvements or whatever. We’ve had a tuff couple of years emotionally which has resulted in this inheritance and I also have approx another 50k coming from another inheritance in the coming weeks so I think there will certainly be some “treat” money taken out of it.
 
CiaranT said:
Some return is better than no return.

You could be earning 2k+ on your 200k.

Drip feeding your money into multiple regular saver accounts will maximise your return.

For example, you can get 2.25% AER Variable on-demand with a KBC Extra Regular Saver account. 10k deposit allowed at the start and then monthly deposits of 1k up to a 40k cap. Extra Current Account required but zero fees if you deposit at least 2.5k per month into the current account. Double the return if you open 2 KBC Extra Regular Saver accounts if you have a partner.
Click to expand...

Thanks again Ciaran. I will certainly look at the KBC accounts. I was vaguely aware of them but knew about having to have the current account with the money going into it every month, which was putting me off slightly, but if they can be managed online then I’m sure it’s quite easy to service.

Certainly some food for thought for me in the short to medium term. Thanks again.
 
noproblem said:
Chuck it into the Post Office 10 year bond and you'll get a guaranteed €30,000.00
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Just to point out that there is a 120k cap on the NTMA State Savings 10 Year National Solidarity Bonds, so you cannot early 30k from it, not to mention that 10 years is a long time for anyone to lock their money away for.
 
Have opened the current and savers account with KBC for a starter and will max that out. Uploaded the info last night and they rang me today so just waiting for it to be all cleared and opened.

Lodged my cheque in my BOI current account(which has shown up already!) so will feed both the KBC accounts for the time being and look at other options. Also have a couple of BOI savings accounts that are bring fed monthly.

Thanks again for the advice on here.
 
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