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SSIA lump sum reinvestment help needed

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  • 01-11-2006 11:07pm
    #1
    ChewyLuey
    Registered Users Posts: 223 ✭✭


    Want to reinvest my lump sum, girl in the bank was useless, absolutely no help. Anyone done the homework on whos offering the best deals on savings accounts for a lump sum (i will continue saving also). Would need to have access to the money at 30 days notice or less. I've looked at the various web sites but this really wouldn't be my thing.....so any help appreciated to get me started.

    Cheers


Comments

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    #2
    Audioslaven
    Registered Users Posts: 1,372 ✭✭✭Audioslaven


    Try Rabobank or Northern rock(all internet based). They have some conditions


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    #3
    Tom Dunne
    Registered Users Posts: 23,212 ✭✭✭✭Tom Dunne


    From the bit of research I have done, it does appear that Rabo Bank have the least strings attached and the best rates. All the other banks have minimum terms, minimum amounts and restrictive clauses as to what you can do with your money.


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    #4
    ChewyLuey
    Registered Users Posts: 223 ✭✭ChewyLuey


    Any opinions on Post Office Savings Bonds ?

    Seem secure and offer 8% over three years. Not sure what that means if you withdraw before that timescale though.


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    #5
    r3nu4l
    Registered Users Posts: 17,399 ✭✭✭✭r3nu4l


    ChewyLuey wrote:
    Any opinions on Post Office Savings Bonds ?

    Seem secure and offer 8% over three years. Not sure what that means if you withdraw before that timescale though.

    Are these linked to inflation?


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    #6
    Oracle
    Registered Users Posts: 3,630 ✭✭✭Oracle


    Yes, they're guaranteed NOT to cover inflation! :D


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    #7
    r3nu4l
    Registered Users Posts: 17,399 ✭✭✭✭r3nu4l


    Oracle wrote:
    Yes, they're guaranteed NOT to cover inflation! :D

    Yes, this is always a problem with guarenteed investments, if it doesn't beat inflation, you've lost out. I'm no expert at all, nor do I claim to be but OP you should seek advice from an independent financial advisor rather than relying on the literature you see for these products.

    The IFA will assess your attitude to risk and whether you can afford that risk and help you come to a better decision. It may cost you a bit but you could reap that cost and more back with the right investment.


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    #8
    Oracle
    Registered Users Posts: 3,630 ✭✭✭Oracle


    Just kidding in my previous post; the An Post investments: Bonds, Certificates and Instalment Savings, used to have a great rate (i.e Instalment Savings did offer 50% over 5 years) and carry an index-linked (inflation index) guarantee. I think in practice, the index-linked guarantee never kicked in because the basic rate was so good. Nice to have it though just in case of super-inflation!
    I'm really disappointed An Post products have become so unattractive, I think pressure was put on the government, and the NTMA (National Treasury Management Agency- the body that governs the An Post savings schemes), to lower the deposit rates; or as the savings and investment industry lobby would say.... "to adjust the rates to reflect the prevailing interest rate environment."

    Anyway, enough of that here's a link to some handy pdf booklets on SSIAs, investment and pensions (I hope they help.): http://www.ifsra.ie/frame_main.asp?pg=%2Fconsumer%2Fcr%5Fintr%2Easp&nv=%2Fconsumer%2Fcr%5Fnav%2Easp


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