Transferring money into KBC Regular Saver

T

Titan

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Hi I'm just looking for some advice.

I have most of my savings with PTSB,when They bought Northern Rock I got moved over to them which wasn't too bad at the time cause they were paying one of the top rates on their Demand Online Acc.

I now have this Demand account (Paying 1.5%) along with their regular saver(Paying about 2.85%) and one other account is the Online Instant Access paying 2.25%.I moved all the money from the Demand into this account as it has higher rate and from here monthly into Regular Saver.

I planned on opening a KBC Regular Saving account and putting 1000 into it each month (I already put 1000 into PTSB Regular Saving Acc).

They require a Current Acc but I wasn't sure whether PTSB or KBC would be the best.I already have a Current Acc with BOI and would want to keep this as its close by.

Would I be better just transferring money from PTSB into BOI and then onto KBC?

Any advice much appreciated
 
If you have a current account already with BOI, you can use this to fund the KBC regular saver each month. So if you're disciplined enough you could do as you suggest, with the funds going from PTSB to KBC via BOI.
 
I think it is better to open Nationwide UK regular savings account. It is:

a) better interest rate

b) less hassle & more flexible i.e. you don’t need to set up direct debit and you can save 100-1000 euro per month. In KBC it is fixed amount you set by Direct debit.
 
Good point Sandra about the advantages of the NUK account over the KBC account. However, I think the best strategy is to open both accounts!

By opening both a 4% NUK account and also a 3.5% KBC account and by stopping contributing to the 2.85% PTSB account you maximise your return.

It is good to see that some savers are using multiple regular saver accounts to get the best possible return.
 
Also agree that is a good point Sandra,

Is it a lot of hassle opening an account with Nationwide or just pretty much the same as the rest of them?

Also when I was talking to PTSB about what I was planning on doing they were saying something like a regular saver account mightn't be as good as you might think,i.e if you put 1000 in the first month and then 1000 in the next month,you are only earning interest on the 1000 your only after paying in...
They suggested just putting it into a 1 year term deposit account or similar.

Sorry if thats a bit confusing(Probably cause I didn't really understand what they were on about),I thought if using the above example that after 2 months you would be earning interest on 2k not just 1k.

I could have picked them up wrong though
 
Titan said:
Is it a lot of hassle opening an account with Nationwide or just pretty much the same as the rest of them?
Click to expand...

No, it is easy, even quicker then the rest. I also find their customer service excellent.
If you can save more then 1000 a month then follow Ciaran’s advice and open KBC as well.

I’ll try to explain how it works. Let’s say you put 1000 euro each month. After a year (12 months) you have 12000 euro on the account and you get:
- 4% on 1000 euro
- (4-1/12)% on the next 1000 euro (it was on the account 11 months)
- (4-2/12)% on the next 1000 euro
- Etc.
- (4-11/12)% on the last 1000 euro
 
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