Moon light
Registered User
- Messages
- 36
Deposit Interest won't bring you anything like €400 a month that you say you could save by putting the €60,000 into your mortgage.
If you take the simplest route, put the €60,000 in KBC 1 year deposit at 1.05%, and following that move it into the 35 day notice deposit at 0.65% (if this is still the rate) for 7 months, after Dirt you will have gained something like €523 in interest at the end of 19 months..
Or, you can open 2 Extra current accounts, 2 regular savers at (currently) 3%, and a Smart Move Online Deposit Account at 0.45%.
You set up standing orders for €1000 each month from each current account into the Regular Saver.
You put €10,000 into each Regular Saver at the start, and the balance, €40,000 into the SMODA.
I don't know if you can set up a standing order from the SMODA, I think you would have to remember to transfer €2500 each month into one current account, then the other, send €1000 back to the first, and €500 back into your SMODA, just before your Regular Saver standing orders go out.
IF you can follow this, and IF KBC do not drop their interest rates, at the end of 19 months it would result in about €1330 after Dirt.
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