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Is there somewhere I can simply deposit my savings and get a decent return?
Hey there,
I have the exact same query. Have been lodging 400 monthly into my online savings account with AIB (interest 2.75%), and received interest equivalent to a saved sum of just over 300 yo yos - what gives?!!
On paper, this looks like a good deal. Can someone please explain? AIB terms and conditions doesn't shed any light...
Have a look at Investec - better for lump sums deposited for 6 months or longer
Best Buys - Highest Term Deposit Rates
6 Months - Irish Nationwide - 4.50%
1 Year - Anglo-Irish Bank - 4.90%
2 Years - Anglo-Irish Bank - 3.50%
3 Years - An Post - 4.19%
5.5 Years - An Post - 4.58%
Hi I'm new to this site. I have an online savings plan with AIB and have been saving the max €1000 a month for over a year now. The interest I got on the account today is less than I had expected. Now I'm wondering is there a better place to save my money? I find all the terms and conditions and rates which vary depending on X, Y or Z very confusing. Is there somewhere I can simply deposit my savings and get a decent return?
Thanks in advance!
coin, how much did you have in the account ???
An average balance of 3,000 EUR over the 6 months ????
Hi coin,
If you lodged €12,000 in a lump sum account and left it there for a year, your calculation would apply.
But interest accrues on the daily balance (roughly 1/365th of 2.5% each day). You only had €1,000 in the account for the first month. Your average balance over 12 months would be roughly €6,000 (growing from €0 to €12,000 over the year), so the interest payable will be roughly half what you've calculated. As AIB pay interest in April and your average balance was only €3,000 you'll get half this again.
The returns on saving is shocking at the minute, after having a look around at some of the options.
Could someone confirm it this calculation is correct?
Putting €30k into Investec's 6 month deposit at 4.25%.
You actually get 2.125% as the 4.25% is a yearly rate, so
minus DIRT of 25%, leaves you with return of 1.593%, which
turns €30,000 into €30478.12 after 6 months.
Correct?
If so, its a poor return.
Can anyone explain why they only offer this rate for 6 months?
Correct.
As far as savings rates go right now it is a good return. Second Best.
It is a term deposit. All term deposits have a maturity date and a fixed rate for a period of time.
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