Transferring from lump sum into regular saver account

[hiagain]

Is it worthwhile putting a lump sum into an account like the INBS Instant Access Account, offering 3.75% and then transferring into a regular saver account monthly which offers a higher rate?

 

[skrooge]

Fairly subjective question. IF I told you could get €750 in interest (before dirt) by putting 20K in INBS at 3.75% would you think it would be worthwhile opening a INBS regular savers account with a rate of 4.35%? Notwithstanding the couple of days interest forgone as the money moved from lump sum a/c to current a/c to regular savers a/c you’d earn about €789 interest (before dirt) between the 2 accounts. Is it worth going to the trouble of opening another account and moving money around (INBS have no internet banking) for €39 (€29.25 after dirt)? Well that's your decisions.

 

[Lightning]

Is it worthwhile putting a lump sum into an account like the INBS Instant Access Account, offering 3.75% and then transferring into a regular saver account monthly which offers a higher rate?

Depends, as skrooge suggests it may not be worth the extra pay off.

The 3.75% INBS rate won't last forever. It might be worth feeding 1,000 EUR into an EBS account at 4% for one year while the rate is fixed for year one.