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Where is the best place to save money?

  • 12-07-2009 06:10PM
    #1
    lisajane
    Closed Accounts Posts: 585 ✭✭✭


    I have been trying to save money for the past couple of weeks and looking for a safe place to put it. At the moment, its just in a box. Its not a big amount but i would like to add to it. Im not looking for a long term savings plan. Possibly dig into the savings when i go back to college sept 2010.

    I have been looking at a couple of banks and they all mention a withdrawl fee. Is this even legal?

    What is a credit union or a post office like? I used to save in a post office years ago and that was dead handy. I was able to walk into any post office and take it out when i liked. Would a credit union be similar? Can i start saving in my local credit union and take it out anywhere?


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,581 ✭✭✭JTMan


    There is a detailed list of best buys for savings accounts here:
    http://www.askaboutmoney.com/showthread.php?t=90481

    You will get zero return or close to zero with a CU.

    I am not aware of any banks that charge a withdrawal fee.


  • #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators, Paid Member Posts: 17,003 Admin ✭✭✭✭✭Toots


    Some types of account require that you give a certain period of notice before you withdraw the funds, say 14 days, but if you go into the bank and want to withdraw funds straight away there is a fee/penalty for doing so. It's not usually very large, it's more of a deterrent to stop people just randomly taking their savings out. TBH, I'm not aware of very many accounts that charge fees like this anymore though.


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