General Savings Question

B

Bobby

Registered User
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I recently sold a house and netted €100k after CGT et al. This money will be used to build a badly needed extension on my current humble abode. The council were not happy with certain aspects of the propsed plan so we need to revise a few things before resubmitting. The thing is the money is sitting in an Ulster bank savings account which earns us very little interest. In fact of all banks concerned Ulster bank show the greatest disparity by only pass 0.2% onto savings accounts whilst fully passing on the recorded 1.75% ECB interest rate onto mortgages. In short is there anything I can do to make this money earn me extra without risking it. Plus I need access to the money as soon as we get the go ahead to start building.

It is worth noting that my mortgage is with Ulster bank and I will need a top-up as the best quote for the work is €147k. Should I just leave the sum will look good when applying for a top-up?
 
I would be inclined to move the money to either Northern Rock or Rabodirect-see the Best Buys forum for more info.

You could of course go to your local branch of UB and negotiate a better rate directly with the threat that you will move your money otherwise.
 
Rabodirect would be my choice (no connection with them). easy access but you need a current account in your "home" bank AFAIK. They're paying 5% up to end of year on first 10k and 3.75% above that
 
At current rates, you would be €425 better off (before DIRT) with Northern Rock on a balance of €100k for one year.

Edit-I see that [broken link removed] on balances over €10k (thanks to MugsGame). Terms and conditions apply of course.
 
Thanks. It seems like Ulster bank already have a competitive savings interest rate. Funny they never informed me of this - why would they if they can have my money for free!
 
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