30k... 1year

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GoldDigga

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My partner and I have 30k to save/invest for one year only as we will need the funds for a house.
We are thinking about setting up a Rabo or NR deposit account and then drip feeding into some or all of the following savings accounts

AIB 7.1% 300P/M
Halifax 7% 750p/m
BOI 6.5% 1000P/M

If we are setting up joint accounts can we double the maximum contribution for these savings accounts?

Can anyone advise us on any better savings accounts?

Is it worthwhile getting involved with a unit linked fund like Quinnlife Freeway with some of the money or is the timeframe too short?

Any advice or recommendations greatly appreciated!
 
GoldDigga said:
If we are setting up joint accounts can we double the maximum contribution for these savings accounts?
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Depends on the account. Check the terms & conditions of each.
Can anyone advise us on any better savings accounts?
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You seem to have them covered there but check for up to date info.
Is it worthwhile getting involved with a unit linked fund like Quinnlife Freeway with some of the money or is the timeframe too short?
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One year would generally be considered far too short a timeframe to get into unit linked funds especially if you definitely need the money and, consequently, capital security over that period.
 
I'm not sure you can "drip feed" from a deposit account (I assume you mean a standing order or direct debit). Worth checking first, otherwise alot of manual moving of money around will be needed.
 
That's true - you probably need to manually (e.g. online) move the money from Rabo/NR to your normal bank from which DDs will be paid. Could become onerous when you need to time things (e.g. allowing a few days for money to clear) so that you don't end up with insufficient funds to honour any of the DD payments...
 
ok thanks. Didnt realise that. Maybe best just leaving the cash in our current account and drip feeding into as many of these accounts as possible
 
With a bit of organization you should be able to manage moving enough each month from Rabo and/or NR to your normal current account to cover the DDs.
 
Are you not better leaving it for 12 mths in an account that pays 4%, rather than monthly payments from an account that pays 0% to one paying 7%. Apart from the hassle, you may end up with less interest.
 
GoldDigga said:
If we are setting up joint accounts can we double the maximum contribution for these savings accounts?
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I know that Halifax won't allow you to double the maximum contribution to any one account, but they will allow (encourage? :)) you and your partner to open three accounts — one single a/c each, plus a joint one in both names.
 
tiger said:
Are you not better leaving it for 12 mths in an account that pays 4%, rather than monthly payments from an account that pays 0% to one paying 7%. Apart from the hassle, you may end up with less interest.
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The original idea of holding the money in a Rabo (5% on up to €10K, 3.75% on the balance) and/or NR (4.3% on > €1K) and then drip feeding it (via a normal current account) into one or more of the other high rate regular saver accounts would surely be the optimum? Anybody care to crunch the numbers here? ;)
 
I do the drip feeding thing into AIB/BOI/BOSi/AI & it really isn't that much hassle. (& believe me I don't like hassle).

Just have to log on to NR once a month do the transfer & the direct debits hit a few days later.
 
Two things:

1. with rabo you can have upto 30k at 5%, open 3 accounts (you, spouse, joint self/spouse).

2. to drip feed from rabo you can set up standing orders yourself online to occurr on a specific day each month. Then just sit back, the money will automatically be transferred to your external account(s) monthly. I pay my mortgage this way and XFer 1k into a BOI deposit account each month(the one with interest rate 6.5%).
 
Thanks Mr Magoo

Didnt think about stting up the 3 dufferent Rabo accounts and thats great If you can transfer the funds directly to external savings account
 
BOI might insist that you feed your 6.5% savings account from a BIO current account(they would set up a monthly direct debit for 1k) and then you would feed the BOI C/A from rabo. Also with rabo you need to transfer from rabo saving to rabo c/a and then from rabo c/a to the external account. So you would create the 2 monthly direct debits on Rabo yourself (one from saving to c/a, one from c/a to external). But don't panic once set up it works seamlessly.
 
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