Deposit ..best for 2 years

[deco87]

I have 60 k in two credit unions. 30 in each. Earning very minimal dividends.
I don't need it in the immediate future or 2 years at least.

I wonder what's the best 2 year safe deposit options. Be nice to make a few bob on it ....

Thks

D

 

[Sue Ellen]

Check out the AAM Best Buy - Term deposits.

 

[deco87]

Thks are they all covered by the 100 k guarantee

 

[skrooge]

are they all covered by the 100 k guarantee

See the link above for more.

 

[ClubMan]

@Lightning does a stellar job of maintaining the deposits best buys lists and manages to collate all relevant information into three convenient threads. All that is needed is to read them to understand what's on offer.

Best Buy - Savings Best Buys

Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...

www.askaboutmoney.com

 

[deco87]

Thks a mill. I don't think it's worth leaving that money sitting in credit Union with limited return , would you agree

 

[Luternau]

would you agree

Ultimatley, it's your money and your decision after reviewing all the options on the above link. You have gave no information as to what return you are getting on your 60k.

 

[ClubMan]

You have gave no information as to what return you are getting on your 60k.

Or if you have debts that should be cleared first. Or lots of other questions that a Money Makeover would address.

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...

www.askaboutmoney.com

 

[Corola]

You have gave no information as to what return you are getting on your 60k.

Credit union dividends are so small as to be negligible.

 

[Luternau]

Indeed, as are some deposit rates. CU dividends might even beat some of the pillar bank offerings.

 

[Corola]

I don't think anyone is recommending the pillar banks. They don't feature in the Best Buys list.

 

[deco87]

Must check the dividend..I just presumed credit Union returns were much less than putting the funds in a 2 year deposit account..thanks for all the input

 

[ClubMan]

investing the funds in a 2 year deposit account

Putting cash on deposit isn't really "investing".

 

[deco87]

Re above ...no debts mortgage free ...just sitting there ..don't need it as such ....just had a thought it might even a little more interest ..2/3 years ..I'll have a look through the rates as above ...much appreciated

 

[ClubMan]

don't need it as such

But you do need it for something specific in 2 years?

I don't need it in the immediate future or 2 years at least.

 

[deco87]

Nope

 

[ClubMan]

Nope

So, what is your investment timeframe for this money?

It really would be simpler and more productive to do a Money Makeover...

E.g. for all we know it might be worth putting some or all of this money into a pension.

 

[deco87]

Thks. Semi retired. On pension. Part time working. Really , I was just wondering what's the best option ..leave in credit Union or maybe put into a deposit account ..thanks

 

[ClubMan]

I was just wondering what's the best option ..leave in credit Union or maybe put into a deposit account ..

Those are not the only options depending on your investment timeframe and overall financial circumstances.

 

[Sarenco]

If you’re more comfortable with a “bricks and mortar” bank, AIB have a half decent two-year fixed deposit rate of 2.27%.