I am thinking of buying a very cheap android phone and leaving it at home with all my banking apps on it, just in case I lose it or its stolen.Reviews of Raisin make me question whether it is a good idea. They don't seem to be strong in tech support?
Revolut are excellent in tech support, but I don't understand the level of risk in their MMF product, the tax eats into the interest - and, most importantly, access to my phone lets anyone clear out all my money.
The interest payments are loaded towards the end of the term, i.e. structured so as to favour investors who leave their money in for the full 10 years. You can early withdraw all or part of your savings bond/cert cash. I've done this twice in the past six months - both joint accounts so required postal application. Pretty straightforward and in each case the money was in my bank account within ten days.One question I have about State Savings is what happens if I cash out before the date is up. The best rate is in the 10 year bond, let's say I go into that, then in 3 years I want the money, what kind of interest do I retain? And how long does it realistically take to get the money out early?
In general, State Savings doers look like what I want. Kinda kicking myself I did not know about them earlier.
State Savings Term products are intended to hold your money for the full term. The fact you can withdraw early without penalty (other than forgoing the higher interest rates offered for the later years) is a concession. The way to look at is you should only invest in the product if you are very/extremely likely to remain for the full term, and only likely to withdraw early in an emergency. If you are likely to withdraw early, the product is not for you. So choose the term that is most likely to be fulfilled, 3, 5 or 10 years. Or opt for Prize Bonds. Or another product from another provider.One question I have about State Savings is what happens if I cash out before the date is up. The best rate is in the 10 year bond, let's say I go into that, then in 3 years I want the money, what kind of interest do I retain? And how long does it realistically take to get the money out early?
EDIT. I finally found their well-hidden link as to the interest accruing each year. The trick is that early withdrawal is allowed but you lose a lot in interest. One has to go to the product, go to Interest rates and Returns, then find the very small link to "show yearly returns".
The term for the PTSB 3% fixed term product is 3 years. Bear in mind the T&Cs stateWhat about the ptsb 3% fixed term? Works out better than the 3 or 5 year state savings I think?
Repayment tables are in the link below.One question I have about State Savings is what happens if I cash out before the date is up.
Also think I need to be an AIB current account customer which I am not. Another t&cThe term for the PTSB 3% fixed term product is 3 years. Bear in mind the T&Cs state
Typical of the customer oriented outfit that PTSB is, they don't tell you what the early withdrawal charge is or how it is calculated.
- If a withdrawal is required before account maturity an early withdrawal charge will apply.
AIB have a 2 year fixed term product offering 3%. Their T&Cs require you to die in order to withdraw early.
@Freelance I was given some method when I opened the 3% account, can't find my own account opening page but found this online which I think is the same (someone else can work out an example though!):The term for the PTSB 3% fixed term product is 3 years. Bear in mind the T&Cs state
Typical of the customer oriented outfit that PTSB is, they don't tell you what the early withdrawal charge is or how it is calculated.
- If a withdrawal is required before account maturity an early withdrawal charge will apply.
AIB have a 2 year fixed term product offering 3%. Their T&Cs require you to die in order to withdraw early.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?