Would putting 100k into Bunq be wise?

[creditworthy]

Good evening,
I'm considering moving my AIB Fixed Term savings of 100k to one of the online banks to avail of the much better interest rates.
I'm seriously looking at getting my savings to generate extra funds for me in the longterm as I'm considering retiring from my civil service job after 35 years, in approximately 18mths .

I've read the very helpful Savings Best Buys posts and was just wondering if spreading the capital over maybe 2 different banks would be advisable instead of all with the one bank. I would obviously only go with a bank with the deposit guarantee scheme.

I have another State Savings account which will mature later this year also . Just a bit apprehensive as Im traditional in my financial habits !
Thank you .

 

[ClubMan]

Wise in what way exactly?
It wouldn't be wise if, for example, you had debts of €100K+ that might merit prioritisation over putting money on deposit.
Without more details it's difficult to offer useful feedback.

 

[S class]

All the banks on the Raisin site are guaranteed.

There are some offering better rates for 30k+ deposits.
You would probably get the best deal of you split your 100k into a few of these.

Better not to have all your money in just one bank.
If that bank gets into difficulty all your money would be tied up until the guaranteed repayment is made.

 

[Persia]

100k in savings is a wasted opportunity. It will eventually get eaten away by inflation.

I understand you're conservative and want little risk. However this approach will be detrimental to you over anything other than the short term.

Buy a passive index tracker.

 

[creditworthy]

Thank you for your replies and suggestions,
I neglected to mention that my mortgage is paid and I haven't any loans , may change my car before retirement and fortunate to be in a good position financially, I spend enough on my interests , meals with friends and holidays.
I'm not frugal but have simple spending habits ! Pension is estimated to be €700 per week so I'm now monitoring my daily spending as I'll be on a budget once that kicks in !
I'll look up passive index trackers , if anyone has a link to concise information, I would very much appreciate that ,
Many thanks .

 

[Lightning]

Would putting 100k into Bunq be wise?​

You can do a lot better than Bunq. Bunq pay 1.51% (standard rate) and their promo rate of 2.01% has stringent terms attached to it.

Have a read of the instant access and notice best buys here: https://www.askaboutmoney.com/threads/instant-access-notice-deposit-accounts.102329/ and the term deposit best buys here: https://www.askaboutmoney.com/threads/term-deposits-fixed-lump-sum-savings.101813/

You mentioned splitting your money - You could split your money between T212 (2.50% for new customers) and TFBank via Raisin.ie (2.17%) or consider a term deposit, for example Collector Bank pay 2.71% via Raisin.ie for 2 years with no withholding tax in Sweden.