Deposit vs Pension & where to keep savings.

[dreamcatcher]

Personal details

Age: 28
Spouse's age: N/A
Partner's age if not married: N/A

Number and age of children: N/A


Income and expenditure
Annual gross income from employment: €42,500

Monthly take-home pay: €2,835

Type of employment: Employee
Employer type: private company

In general are you:
(a) spending more than you earn, or
(b) saving?
> I am saving

Summary of Assets and Liabilities
Family home value: N/A

Cash: €22,000
Defined Contribution pension fund:
Fund value: €434.54

Company shares : N/A
Buy to Let Property value: N/A
Buy to let Mortgage: N/A



Family home mortgage information
No mortgage yet. Hoping to buy in the future.

Other borrowings – car loans/personal loans etc
N/A

Pension information
Value of pension fund: €434.54
My current contribution: 3%.
Employer: 3% (but will match up to 6%)

Buy to let properties
N/A

Other savings and investments:
AIB Online savings account - €22,000

Other information which might be relevant
Life insurance: N/A


What specific question do you have or what issues are of concern to you?

• I would like to buy a house in the future.
• I would like to increase my income before I do this so I will likely wait for 2 years.
• Saving my deposit in an AIB online saver a/c.
• Is there a better option to save the deposit while I wait please? I think AIBs interest is capped at 12,000 so I have a feeling it shouldn’t be there but I don’t know the best option so any advice would be appreciated!
• Should I increase my pension contributions & reduce the amount towards the deposit?

Thanks in advance!

 

[Mommabearof3]

AIB have 3% fixed for 2 years if you know you wont be buying until then or what about some of the Raisin products? There are also some on demand accounts offering reasonable rates; Have a look at the deposits best buys there are numerous threads on various options where the pros and cons are discussed in detail;

 

[dreamcatcher]

AIB have 3% fixed for 2 years if you know you wont be buying until then or what about some of the Raisin products? There are also some on demand accounts offering reasonable rates; Have a look at the deposits best buys there are numerous threads on various options where the pros and cons are discussed in detail;

I’ll take a look now. Thank you!