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Best place to earn interest

  • 09-05-2008 9:48am
    #1
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭


    I have money in my BOI account that's just sitting there earning no interest. It's a Deposit Account. I have about 40k. I'd like to put about 30k of it somewhere that will be earn me money. I don't want it to be long term so a year or two would be best. Any ideas?


Comments

  • #2
    absolutegroove
    Registered Users, Registered Users 2 Posts: 746 ✭✭✭absolutegroove


    Try the First Active money market account

    4 month term at 5.05 AER (roughly i think).

    30k minimum investment.

    Not a bad return on your lovely pile of dough.



    Now you can buy me a pint with your upcoming interest :D


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    lilybarlean wrote: »
    I have money in my BOI account that's just sitting there earning no interest. It's a Deposit Account. I have about 40k. I'd like to put about 30k of it somewhere that will be earn me money. I don't want it to be long term so a year or two would be best. Any ideas?

    BOI Life have launched a few new products in the past week. One of them is a policy where you invest half of the money you want to invest in a deposit a/c for 1 year (@ 6% interest) and the other half in (I think) the Evergreen fund which is 100% guarenteed not to fall below the amount you put in.

    I suggest contacting your branch first for advice before you go sticking it in a savings account. There are so many options out there. For example you could stick it in as an AVC to your pension and save on tax.

    PM me if you want to me to get you more info.


  • #4
    BendiBus
    Closed Accounts Posts: 2,074 ✭✭✭BendiBus


    stepbar wrote: »
    I suggest contacting your branch first for advice

    Never EVER go to a bank for advice. They will only try to sell you one of their own products. And worse, they'll try to sell the one that's best for them, not for you. If a competitor has a vastly superior offering do you think they'll tell you about it?

    Do your own research and take independent advice if you must.


  • #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Never EVER go to a bank for advice. They will only try to sell you one of their own products. And worse, they'll try to sell the one that's best for them, not for you. If a competitor has a vastly superior offering do you think they'll tell you about it?

    Do your own research and take independent advice if you must.

    Wrong Wrong Wrong. I take issue with that. Banks cannot pull that crap anymore. There are rules and regulations governing the sales of financial products. They must be suitable for the customer and the advisor must put in writing why they think such and such a product is suitable. So it's just not a matter of selling unsuitable products to customers. At the end of the day it's advice and the customer is free to make up their own mind and walk away is they want. There's no obligation at all.


  • #6
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    BendiBus wrote: »
    Never EVER go to a bank for advice. They will only try to sell you one of their own products. And worse, they'll try to sell the one that's best for them, not for you. If a competitor has a vastly superior offering do you think they'll tell you about it?

    Do your own research and take independent advice if you must.

    Totally incorrect.
    stepbar wrote: »
    Wrong Wrong Wrong. I take issue with that. Banks cannot pull that crap anymore. There are rules and regulations governing the sales of financial products. They must be suitable for the customer and the advisor must put in writing why they think such and such a product is suitable. So it's just not a matter of selling unsuitable products to customers. At the end of the day it's advice and the customer is free to make up their own mind and walk away is they want. There's no obligation at all.

    Exactly.

    Yes, Banks are not going to promote other banks products. That can be applied to every company that sales cars to runners.


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  • #7
    somano
    Closed Accounts Posts: 252 ✭✭somano


    Well part of the problem is that many financial institutions only offer one company's products becuase they are tied to them.

    Bank of Ireland: New Ireland
    AIB - Hibernian
    PTSB - Irish Life
    Ulster - Mostly Irish Life
    ACC- Offer choice
    EBS - Irish Life
    Halifax - Irish Life
    NIB - Offer choice
    IIB - Offer choice


  • #8
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    somano wrote: »
    Well part of the problem is that many financial institutions only offer one company's products becuase they are tied to them.

    Bank of Ireland: New Ireland
    AIB - Hibernian
    PTSB - Irish Life
    Ulster - Mostly Irish Life
    ACC- Offer choice
    EBS - Irish Life
    Halifax - Irish Life
    NIB - Offer choice
    IIB - Offer choice

    I think BOI should buy Irish Life then. They seem to have the market sown up. Christ if only business was like that. The other banks can't offer their own products because they don't have the resources to do so and / or don't have the customer base to do it on their own. Perhaps if they did then we would have a more open and transparent marketplace. But at the end of the day do not be under the impression that banks can missell to customers. It just does not happen. And if it does, same advisor should hope to land themselves in a lot of sh1te.


  • #9
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    somano wrote: »
    Well part of the problem is that many financial institutions only offer one company's products becuase they are tied to them.

    Bank of Ireland: New Ireland
    AIB - Hibernian
    PTSB - Irish Life
    Ulster - Mostly Irish Life
    ACC- Offer choice
    EBS - Irish Life
    Halifax - Irish Life
    NIB - Offer choice
    IIB - Offer choice

    Well I can only speak for UB. If you go to a FPM in UB, there are plenty of non IL products. I can say its not mostly. There is plenty of choice.


  • #10
    BendiBus
    Closed Accounts Posts: 2,074 ✭✭✭BendiBus


    stepbar wrote: »
    Wrong Wrong Wrong. I take issue with that. Banks cannot pull that crap anymore.

    So if I go to NIB for example and ask the OPs question do you think they'll send me to First Active or whoever? No. They'll tell me about THEIR best savings account.


  • #11
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    BendiBus wrote: »
    So if I go to NIB for example and ask the OPs question do you think they'll send me to First Active or whoever? No. They'll tell me about THEIR best savings account.

    And if I go into a BMW dealership they're going to start telling me about the new C class Mercedes? Please. I take you didn't bother to read the rest of my posts. Your argument is noncence.


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  • #12
    BendiBus
    Closed Accounts Posts: 2,074 ✭✭✭BendiBus


    stepbar wrote: »
    And if I go into a BMW dealership they're going to start telling me about the new C class Mercedes? Please. I take you didn't bother to read the rest of my posts. Your argument is noncence.

    I wouldn't go to a BMW dealer for advice on what was the best car for my needs.

    I wouldn't go to a bank for advice on where was the best place to put my money.

    Simple as that.


  • #13
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    BendiBus wrote: »
    I wouldn't go to a BMW dealer for advice on what was the best car for my needs.

    I wouldn't go to a bank for advice on where was the best place to put my money.

    Simple as that.


    You're missing the point and you know it. The advice given is simply advice. Nothing more and nothing less. You can take it or leave it. I'm sorry I had to point that out.


  • #14
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    somano wrote: »
    Well part of the problem is that many financial institutions only offer one company's products becuase they are tied to them.

    Bank of Ireland: New Ireland
    AIB - Hibernian
    PTSB - Irish Life
    Ulster - Mostly Irish Life
    ACC- Offer choice
    EBS - Irish Life
    Halifax - Irish Life
    NIB - Offer choice
    IIB - Offer choice

    I do know if a customer is referred to our private banking unit that they will offer the customer a range of products not exclusive to BOI and place money with the institution that the customer is happy with. BOI have two units that deal with investments - BOI Life and New Ireland. At the end of the day if the customer is not happy with the product offerings of same they're free to walk away and check out the offering of any of the other banks.


  • #15
    IamBeowulf
    Closed Accounts Posts: 432 ✭✭IamBeowulf


    stepbar wrote: »
    You're missing the point and you know it. The advice given is simply advice. Nothing more and nothing less. You can take it or leave it. I'm sorry I had to point that out.

    I have alot of experience in this field and the credentials to prove it. I can tell you without a shadow of a doubt that the regulations only hinder a salesperson (cos that what they are) in their ability to pitch a product. No longer can they use blatant convincing terms to scare or seduce their customer. Now it has to be subtle, near-subliminal suggestion.

    Thing of it as reverse psychology. If a salesperson frequently reminds the customer of the regs and their consequence, they actually make that salesperson seem more honest, and----here's the kicker, ladies and gentlemen----more convincing and trustable.

    I honestly think people live in a dream world. Regulations are only put in place because when court cases come up they can be dismissed easier, and the governemnt can continue to reap tax from the everyman without as much risk of reprieve or fallibility(sp?).

    The very best way is NOT to goto a bank OR an independent advisor (their stakes are higher, so they're even lest trustable)---but to read up as much info. And to research. invest in future tech. Biofuels for example.

    Banks have commission, bonuses and incentives for a reason. They have targets. And their employees are under deamnd to reach those targets. To believe otherwise proves you've never worked for a bank and don't know what you're talking about.

    (Apologies for my tone if I'm being harsh---I just hate when people trust regulations as if they're our salvation from the greed of the upper echelons.)


  • #16
    Ivicia
    Registered Users, Registered Users 2 Posts: 64 ✭✭Ivicia


    I agree that if you go a particular bank they are going to try and sell their own product not the rivals.

    However I don't agree on independant advisors as a reptuable adviser will give you advise on a range of products from many banks. They charge you a fee for this advise and thats it. You are under no obligation to tell him/her which product you used.

    Reading best buys in papers websites is also essential.


  • #17
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭CuppaCocoa


    Right....... still wondering where the best place is to dump some dosh! What about the EBS? They're currently offering 5.1% for 12 months. Should I bother?


  • #18
    Athina
    Closed Accounts Posts: 50 ✭✭Athina


    lilybarlean wrote: »
    Right....... still wondering where the best place is to dump some dosh! What about the EBS? They're currently offering 5.1% for 12 months. Should I bother?



    Yes, this thread has wandered off a bit!!!, The EBS sounds like a good deal also Irish Nationwide have a similiar offer. AIB have an online savings account paying 5% on the first 10,000 euro. Northern Rock and Anglo Irish Bank also have accounts paying 5% interestl. Have a look at their websites and you might as well be earning interest on your savings rather than let BOI swell their yearly profits from your free dosh.


  • #19
    SuperHans
    Closed Accounts Posts: 309 ✭✭SuperHans


    I had the same problem as you (but for a smaller sum). I put the money in First Active's e-savings account and am getting 5.22% EAR paid monthly into the account. It's totally flexible and money can be put in/withdrawn at any time. It's a good place to keep the cash until you know what you want to do with it.
    Actually just checking their website you will only get 4.33% on balances above 15,000 so there may be better deals out there.


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