Best place to save for me

[tommythegun]

Hi guys/girls,

Im a new member and poster so im hoping you maybe able to help, or feel free to move to the right place should i not be in it.

I posted this on boards and i was referred to here so here goes:


Just a quick one i'm hoping one of your experts can help with.

Basically I'm in a lucky position in my life now that I will be able to save around €20k over the next 14 months or so to put by for possibly a deposit on a small mortgage for myself if the time is right to buy at the end of that period.

I plan on saving €1000+ pm directly plus any bonuses and extra money i have just to show the regular savings pattern.

my question is, does anybody know the best bank to get the best return for my money right now? I am a BOI customer but I am willing to save with other banks/building societies/CU etc....

Cheers,
Tom

I should also add I was made aware of a link to this site about best place currently for deposit savings(currently EBS @ 5.00% which i cant post link cos I've less than 15 posts on AAM)
which is great thanks.

However I would like to add to this. I will be hoping to have an extra few hundred each month and I want to know what you guys would do with this extra? I basically want to show as much regular savings as possible.

And a side note, living at home again, I pay my parent rent. I was advised to set this up as DD to show more regular outgoings. Would this be advisable? I dont want to affect any icome/tax of my parents if I do this and tbh I'd rather not go down this route but will do if its helpful to get a mortgage in the future.

Sorry for the long post.

I appreciate any help and I look forward to hearing any advice I can take on board.

 

[Bigmc]

welcome to AAM Tommythe gun,

have you checked out the best buys thresd on this site for th best rates available for your regular saving account

 

[tommythegun]

Thanks Bigmc,

Yes I have, that was the link i was sent to and I found this:

ebs family saving acc.

The info I was looking for was if this would be a good idea for me to save based on getting a mortgage?

Plus as i mentioned, I may have some excess money and as this account only takes €1000pm max, I was looking to see what I could do with any excess?

Also, the issue of DD to parents for the rent I pay them.

Cheers,
Tom

 

[millieforbes]

I dont think you should take the advice on paying parents by standing order. I think there's actually a risk the bank would take that the other way round ie that you have a fixed commitment to pay someone and they have no way of knowing that won't continue once you get your mortgage.

The key point on the regular savings is to keep the statements to show in support of your application (and so you wont be charged for copies) and be sure the account you save in doesn't have restrictions on withdrawals

 

[Lightning]

Plus as i mentioned, I may have some excess money and as this account only takes €1000pm max, I was looking to see what I could do with any excess?

How much more? Would an instant access account be a good idea for the remainder? For example, AIB Direct @ 3.45%.