20 Month deposit

[dangerhere]

I want to save 650 per month for 20 months only as I need to have the money in January 2009. Any good options available other than Halifax or fixed terms 1 or 2 years?

 

[oldtimer]

First you say 20 months only and then say fixed terms for 1 or 2 years. Which is it, 20 months or 2 years? If it is 2 years then Anglo Irish Bank allows you to save any amount up to €1,000 per month (currently @ 7%) but it must be for 2 years and you cannot withdraw over that period. You can save up to €750 per month (currently @ 7%) with Halifax but they will only commit that amount for 12 months. If for 20 months you can save only up to €300 per month (currently @ 7.10%)with AIB who do not tie you in for 2 years. If you have a spouse or partner then you could open two accounts with AIB and save €600 per month. I think these are your best options.

 

[Thrifty1]

I presume its for the Opel 50/50 offer , payment due Jan '09 so confined to the 20 months.

 

[bacchus]

If it is 2 years then Anglo Irish Bank allows you to save any amount up to €1,000 per month (currently @ 7%) but it must be for 2 years and you cannot withdraw over that period.

Any premature withdrawal with Anglo Irish simply terminates the saving account. Interest is paid at full rate until the withdrawal date (or as you said for 24 months max), so OP can still use Anglo and withdraw after 20 months or so... No penalty for early termination, and monthly payment can be missed as well. I think this is the most flexible saving accounts around and amongst the highest rate as well.

 

[dangerhere]

Thanks for the info. Yes it is the Opel 50/50 offer and apologies for not making myself clear but I must have the cash in Jan 09.