Saving Best Buys - Layout Change

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Lightning

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As the number of savings products continues to grow, I have changed the layout of the best buys for instant access, notice and money market products. The post, as always, is here.

The objective was to make it more readable.

Any positive/negative feedback or suggestions welcome. Thanks.
 
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Lightning said:
money market
Click to expand...
What's a money market account and how does it differ from a demand/instant access or notice/fixed term account?

Is this thread now redundant?

Best Buy - Savings Best Buys

Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...
www.askaboutmoney.com
 
ClubMan said:
What's a money market account and how does it differ from a demand/instant access or notice/fixed term account?
Click to expand...
The money is invested in a fund not on deposit so not covered by 100k deposit guarantee and exit tax is payable not DIRT
 
ClubMan said:
What's a money market account and how does it differ from a demand/instant access or notice/fixed term account?
Click to expand...

A money market product is a low risk fund where the money is invested in deposit like instruments like term deposits and short term government bonds etc.

The downside is deemed disposal tax rates apply.

Sometimes money market products are resold by the bank/broker (like the Revolut, Plum and Vivid Money products) at an 'advertised-but-variable' interest rate.

Or alternatively you can invest directly via brokers (like Trading212) where the fund has a target index return (often ESTR plus/minus a small margin) less fees (typically a TER). For example, XEON targets a return of ESTR (about 1.92%) + 0.08% less 0.10% TER which is aprox. 1.90%.

In the US, money market funds are becoming a real alternative to instant access deposits. Tax is the issue here.

I will add the word "fund" in the best buys beside "money market".
 
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ClubMan said:
Is this thread now redundant?

Best Buy - Savings Best Buys

Savings Best Buys: There are 3 savings best buy threads on AskAboutMoney that are updated frequently. Instant Access and Notice Accounts - Lump sum variable rate savings. Fixed Term Deposits - Fixed Lump Sum Term Deposits from a few months to a few years. Regular Savings - Smaller sum...
www.askaboutmoney.com
Click to expand...

Nope! I have just changed the instant access & notice account thread. There is no change to the term deposit and regular savings best buy threads which remain seperate.
 
Looks great. Well done. I don't know how you keep on top of it.

The one issue I would raise is that I don't like accounts which have a 3 month teaser rate and new customers only. Most people don't switch afterwards.

Which institution pays the best rate that I don't need to keep switching?
 
Thanks for your thoughts Brendan.

Yeah, there are 2 products with intro teaser rates. I generally don't like these products too as most customers are not savvy enough to switch after the intro period.

I will seperate out the intro teaser rates, so it is clearer who offers the best ongoing rate.
 
Could we have a separate table with the 'best' interest rates from Irish banks? I know that this is a non-sequitur but it might be useful to show the disparity from what can be achieved elsewhere.
 
Thanks for your thoughts.

Probably makes sense for the Irish bank offers to be mentioned but not eager to separate them.

Hence, I have increased the top table to include a longer list of offers in the market which includes the main Irish bank offers.
 
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Excellent layout @Lightning. Gives me almost everything I need and really easy to make comparisons. My only suggestion is to put Withholding Tax Y/N into the tax field as it’s a key decision factor for many. (You may have considered this already as I don’t think it applies to any of the listed products).

Filtering out the short term teasers/promos is a great idea.

Small point: A couple of corrupt seq. nos in the first col of the first table. Looks like a formula conversion went rogue.

It’s great that the number of competing deposit products has reached this order of magnitude. What a change from 5years ago when we had little more than the local cartel all offering the same rubbish rate.

Thanks for the time you obviously put into this excellent revamp, and for all your work during 2025. It’s really invaluable.
 
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Freelance said:
Small point: A couple of corrupt seq. nos in the first col of the first table. Looks like a formula conversion went rogue.
Click to expand...
I can't see anything. Unless you mean the "=" character indicating offers that are tied in the rankings on interest rate? E.g. here:

1000020174.webp
 
Freelance said:
My only suggestion is to put Withholding Tax Y/N into the tax field as it’s a key decision factor for many. (You may have considered this already as I don’t think it applies to any of the listed products).
Click to expand...

Thanks for your thoughts Freelance.

There is just one product that has witholding tax (deduction of tax at source in a foreign country) which is the Wise.com product which I have indicated as such.

For the products that have no witholding tax (deduction of tax at source in a foreign country) and no deduction at source in Ireland, I have input "paid gross; declare to Revenue" but if there is clearer short wording I am open to that.

But I think the wording "no witholding tax" might mislead some people into thinking there is no tax whatsoever especially given that "witholding tax" could easily get confused by some with DIRT.

Freelance said:
It’s great that the number of competing deposit products has reached this order of magnitude. What a change from 5years ago when we had little more than the local cartel all offering the same rubbish rate.
Click to expand...

Yeah, the number of providers has soared over recent years which has been great to see.
 
Would it be possible to make the second column a link to institution in question and the third column a link to the product in question?

1000020239.webp
 
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Thanks for the suggestion Clubman.

Good point that links would help. I have added links for each line. Not sure if I will add 2 links but line but I have one present per line for now.

(Hopefully Xenforo does not auto remove the links, like was sporadically happening previously!).
 
Great new layout, much easier to read!

Should the normal (for most of us) TR212 interest rate of 2.2% be included somehow?
 
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