Decision time regarding savings!

A

Amateur

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Hi everyone,

I am looking for some advice. Currently I have some money (~15000) invested with the ICS through BOI. I have a savings account with the BOI. I am not getting great interest at present so was looking to take it from the ICS and transfer it somewhere else where I can get better interest.

I have read a bit about Northern Rock and Rabo Direct giving a good return on their saving accounts. I was wondering if it would be a good idea to open a savings account with one of these or what other opitions are open to me? At present I have an open mind on the situation and just looking for more professional advice. Any further question please just ask.

Thanks in advance.
 
Amateur I was in similar position. Have this week opened a Freeway Account with Quinn Life. I am looking at a timeframe of 15+yrs so felt this type of account would suit. Kills me having money in deposit accs with inflation eating away at your hard earned savings. Even a 5% rate does not match current inflation when DIRT is taking into account.
 
Thanks for both replies. I have looked into the Freeway account and dont think its for me, thanks though.

I am wondering what is my best option. Should I open a saving account with Rabo, Northern Rock or other and continue to save regulary or would I be better to invest my money (some or all) into a longer term secure investment? Which would get a better return? Maybe even a split between the savings account and an investment. With the ICS at present I am only getting 2% which is not ssatisfactory at all.
 
While you are deciding on a more long-term strategy, you will get the best deposit rate (5%) for the first Eur 10k with Rabo, and the rest will get highest rate with N Rock.

Medium to long-term investment should take into account whether you have a mortgage and whether you are contributing to your pension up to your maximum limit.
 
jrewing said:
While you are deciding on a more long-term strategy, you will get the best deposit rate (5%) for the first Eur 10k with Rabo, and the rest will get highest rate with N Rock.

Medium to long-term investment should take into account whether you have a mortgage and whether you are contributing to your pension up to your maximum limit.
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Thanks for your help.

No I dont have a mortgage but will be looking into one within th e next a year or 2. Contributing to a pension but not up to my maximum limit. Rabo for less than 10,000 and the rest in Northern Rock is a better option than all with Northern Rock or all with Rabo, correct?

What Medium to long-term investment options do I have open to me?
 
Amateur said:
No I dont have a mortgage but will be looking into one within th e next a year or 2. Contributing to a pension but not up to my maximum limit.
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Might be worth concentrating on saving for the house purchase (deposit and buying/fitting out expenses) before worrying about the pension unless you are just contributing enough to avail of employer contributions up to so limit? See the AAM guide to savings & investments for some of Brendan's comments about why it may be too soon to start a pension if you have not yet bought your own home.
Rabo for less than 10,000 and the rest in Northern Rock is a better option than all with Northern Rock or all with Rabo, correct?
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€10K in Rabo at 5% gross CAR and the rest in NR at 4.30% gross CAR is probably the best demand deposit combo option right now unless you can also exploit one of the higher rate regular saver accounts and/or other high rate accounts (e.g. EBS Optimise offering 5.25% for 3 months on SSIA transfers).
What Medium to long-term investment options do I have open to me?
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If you are buying a house in the next couple of years then perhaps you should forget about medium/long term investing for the moment? If not then read the key topics and the AAM/IFSRA guides to savings & investments to get some idea of what to consider.
 
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