Free Banking/ Northern rock demand online/ DIRT

[junii]

Hi,
Currently, Im with BoI. I was considering changing to Ulster bank for free banking. I want to start getting a lump of money together to invest in the future be it property or stocks.

I heard today about Northern rock demand online accounts and I have been checking out the site. The interest rate is 3.66%. You also have to pay DIRT, what is DIRT? Also, what charges will Northen rock charge me for their services? eg. BoI charge me e22 regularily for their services.

I was looking at the Ulster bank website and found it difficult find out what interest they pay on your savings. It seems to depend on how much money is in there? Can somebody please find this out for me?

I hope to save ek5 to e10k. If I get the free charges with Ulster bank, would it work out with me having more money than Northern rock if NR do charge for their services?

<edit in> Actually just after remembering that BoI do offer free banking if the balance is over e500 but what are their interest rates? Also, do I need to pay this DIRT on any savings account?


Perhaps, this is the wrong way to go about saving this money at all...
Any help will be appreciated, thanks.

 

[Snork Maiden]

You also have to pay DIRT, what is DIRT?

Sorry, cant advise you on the best savings plan but DIRT is Deposit Interest Retention Tax - This is a 20% tax on all interest earned. Its compulsory and all institutes have to deduct it from the interest you earn.

 

[lff12]

Most banks don't offer any interest on current accounts and if they do its usually something like 0.1% which is effectively nothing.

As far as I know Northern Rock don't charge for the services. BOI probably do have savings accounts but NR would offer much better rates.

From recent advertising both Rabodirect and NIB are also offering 3.5% or more on savings. NIB also offer good free banking packages that would allow easier access to your savings.

The main disadvantage of the online banks is you cannot walk into a branch to get your cash.

NIB don't have many branches in the south west so Ulster or TSB may be preferable if access to a branch is important.