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€50 - €100 a week

  • 26-08-2007 6:36pm
    #1
    nellyshark
    Registered Users, Registered Users 2 Posts: 455 ✭✭


    Right now I think I'll be able to save €50-100 a week for the next say 6 or so months. Only 21.

    What are my best options.

    Leave it in the bank.
    Prize Bonds
    Gamling ;)
    Investment (really small) in some startup

    Any advice appreciated


Comments

  • #2
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    gambling


  • #3
    A Random Walk
    Closed Accounts Posts: 346 ✭✭A Random Walk


    Do you have an emergency fund to get you through lifes little ups and downs? If not I'd put it into a high interest deposit account (e.g. Rabo) until you get a few grand together.


  • #4
    nellyshark
    Registered Users, Registered Users 2 Posts: 455 ✭✭nellyshark


    Was looking a Rabo but am a bit confused. They offer 5% from €1 to €10,000? Could I put in say 50-100 a week for maybe 30 or so weeks and get €75 or more interest without fees? Also could I say be saving away in a normal account for expenses and at the end of the 30 weeks put a further lumpsum in it and get interest on that aswell?

    I'm saying 30 weeks here but is there a min/max time one can put money into their accounts? Can someone dumb the whole Rabo savings account down to expain it to me Please :D


  • #5
    eclectichoney
    Closed Accounts Posts: 4,291 ✭✭✭eclectichoney


    A Rabo savings account is just like any other normal deposit account (eg BOI, AIB) etc except it generally pays more interest :D. Basically you open an account and put in any amount you like e.g. €10 and can add to it whenever you want: once a week, once a month, every so often or never. You leave it there for as long as you like and it earns interest - currently 5% per year. If you put on €1000 today and left it in the account for a year, in twelve months time it would be worth €1,050. However you would have to pay DIRT tax on the interest portion as with any deposit account (this is 20% of the €50 interest) so after Rabo had deducted the tax you would get €1040.


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