EUR 5000 lump sum - What to do with it?

Queston_man

Hey so i have 5000 just sitting in my current account and i want to put it into a savings account or something. Not sure do i want to invest it in anything yet.

Was looking at Anglo Irish Bank Premium Demand account. It seems to have the best interest rates (for now). What do ye think?

Also has anyone any idea is it possible to put 5000 lump sum into this savings account now, and then put another lump sum in the same account in the future?

http://www.angloirishbank.ie/Personal_Savings/Premium_Demand_Account/

Thanks in advance.

Mezcita

This site is handy for working out the sums:

http://www.moneytalk.ie/Tools/SavingsCalc.php?FormAction=process&category=4&OpenBalance=0&NoMonths=12&InterestRate=7.3&Payment=1000.00&CloseBalance=13386.46&DIRT=Yes&showAmort=Calculate+Savings+Details

Anglo Irish Premium Account would be worth €5183 after a year. To answer your question, there is nothing stopping you from adding another €5000 after six months.

However, their Regular Annual Saver account may be better option for you, assuming you have the funds to save constantly for a year. Maximum contribution is capped at €1000 per month but the rate is 7.3%

http://www.angloirishbank.ie/Personal_Savings/Regular_Annual_Saver_Account/

Works out at €386.46 in interest assuming you make a total of 13 deposits of €1000 per month.

Queston_man

Mezcita wrote: »

This site is handy for working out the sums:

http://www.moneytalk.ie/Tools/SavingsCalc.php?FormAction=process&category=4&OpenBalance=0&NoMonths=12&InterestRate=7.3&Payment=1000.00&CloseBalance=13386.46&DIRT=Yes&showAmort=Calculate+Savings+Details

Anglo Irish Premium Account would be worth €5183 after a year. To answer your question, there is nothing stopping you from adding another €5000 after six months.

However, their Regular Annual Saver account may be better option for you, assuming you have the funds to save constantly for a year. Maximum contribution is capped at €1000 per month but the rate is 7.3%

http://www.angloirishbank.ie/Personal_Savings/Regular_Annual_Saver_Account/

Works out at €386.46 in interest assuming you make a total of 13 deposits of €1000 per month.

Hey Mezcita, thanks for that web tool. Very useful in helping me make my descision.