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Where To Place Large Sum of Money?

  • 09-06-2008 10:50am
    #1
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭


    Going unregged for this one and posting in Personal Issues as I can't post anonymously in Personal Banking & Insurances & Pensions. Mods, I feel this is a personal issue since I don't want to disclose that I'm to this money. Hope that's ok!

    Soon enough, I'll be receiving €100,000 inheritance. The transition legalities and fees are all covered and taken care of. Also, my intention is to use this towards purchasing a house. I also already have my mortgage sorted (just a matter of deciding on a place).

    Does anyone have any advise on where would be a good place to put this money? Honestly, I'm looking for somewhere with an interest rate that would benefit me (the money might be there for up to about 6 months) and also one that won't hinder me in withdrawing it all. I'm not really that interested in investing it; but rather just keeping it somewher "safe & smart".

    Thanks!


Comments

  • #2
    LegacyUser
    Registered Users, Registered Users 2 Posts: 166,026 ✭✭✭✭LegacyUser


    have you tried askaboutmoney? create a new account there. Lots of good advice there fromt the accountant and solicitor types who live there ;)


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,576 ✭✭✭✭Victor


    Moved from Personal Issues to Personal Banking & Insurances & Pensions.

    Second accounts are legitimate for situations like this.


  • #4
    The Voice
    Closed Accounts Posts: 5 ✭The Voice


    RaboDirect has just launched a 5.25% Deposit Rate for 6 Month Term. It might be what your looking for. All info on it is on there website.


  • #5
    Clink
    Closed Accounts Posts: 196 ✭✭Clink


    + 1 for Rabo bank


  • #6
    aidan24326
    Registered Users, Registered Users 2 Posts: 5,925 ✭✭✭aidan24326


    Stick it in the bank. If it's only for 6 months you're hardly going to make a fortune in interest anyway. Different if it was going to be a long-term investment. Ask in bank what's the best interest account they can give you, you'll find that with 100K to lodge they'll be more than happy to advise you.


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  • #7
    Clink
    Closed Accounts Posts: 196 ✭✭Clink


    Yeah but the OP should be smart and go for the highest rate that they can get. Might only be 6months but it all adds up! I think Rabo have the highest rate at the moment- or go have a quick look on askaboutmoney they have stickies of all the current best rates.


  • #8
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    the OP should also realise that that full amount would not be covered by deposit protection in the event of a bank collapsing (not saying its gonna happen, but should be considered when making your decision) if its all invested in the same institution

    Deposits with northern rock are 100% guaranteed by the UK treasury and Rabo have the best credit rating of all banks operating in the irish market at present. You would also be covered under the Dutch scheme with Rabo which is more generous than the irish equivalent


  • #9
    boa-constrictor
    Closed Accounts Posts: 109 ✭✭boa-constrictor


    aidan24326 wrote: »
    Ask in bank what's the best interest account they can give you, you'll find that with 100K to lodge they'll be more than happy to advise you.

    Good God man. Banks don't advise people - Banks sell.


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