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Best Savings Account?

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  • 15-01-2008 3:49pm
    #1
    BoozyBabe
    Registered Users Posts: 1,724 ✭✭✭


    Hi,
    Just wondering which bank is currently offering the best interest rate on their savings account?

    I have to admit, I'm completely clueless here, & don't know anything about aer, dirt, stingy clauses in the contracts etc.

    I've a lump sum somewhere in & around €20k to put in a savings account, but I don't know which one.
    Was thinking RaboDirect, but you've to post off paper work, which I've never gotten round to doing.
    AIB has some new 7 Day on demand account which seems to also allow a lumpsum deposit & then add more to it whenever. I'm with AIB already, so this would be handy, but they've a split interest rate or something, so I'm not V sure if it'd work out that good. Plus I don't really trust AIB with anything.

    Are there others? Which would you recommend?


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    AIB do have a good rate, (5% I think). The best at the mo is First Active (5.22) and Halifax are 5.15%. On the flip side you have, the monthly saver accounts with rates ranging from high 6% - low 7%. Really depends on how available you want your money to be.

    I would suggest looking into the High Interest Current Account from AIB (all you have to do is ring up your branch to get it switched over) and putting the rest into a deposit account of some sort.


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    #3
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    Rabodirect have lowered their rate - so they are no longer the best.
    For a lump sum of 20k ish - you might need to split it to get the best rates. If you want to keep it in one place then Halifax would be your best option 5.15% on first 10k and 4% on anything over that.
    AIB is 5% on first 10k then 3.5% on the rest.
    NIB and Ulster Bank are worth conseidering too


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    #4
    darraghrogan
    Closed Accounts Posts: 309 ✭✭darraghrogan


    Are there any otheroptions at the moment like with An Post or the TSB - are they worthy of consideration?


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    #5
    The Rooster
    Registered Users Posts: 4,469 ✭✭✭The Rooster


    I did a lot of research on this just prior to Christmas, and generally First Active have the best rates. They have a rate of 5.22% on their "e-savings account" but it only applies to balances up to €15,000. Just be careful not to go over €15,000 as if you do the rate reduces to 4.33% on the total balance.

    The best rate of any deposit account in the market that I could see was the First Active Regular Saver account. But this is where you do a standing order of €X every month. Maximum is €1,000 a month. I believe you can make withdrawls any time unlike some of the other regular saver accounts. Rate is 7.15%.

    Ulster Bank have a new decent rate of 4.6% on lump sums in excess of €10,000.


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