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What to do with savings ?

  • 18-08-2010 4:04pm
    #1
    Gaz
    Registered Users, Registered Users 2 Posts: 1,595 ✭✭✭


    Hi all,

    I am currently saving for a house deposit with the missus and we have roughly 20k saved, its just sitting in a regual BOI savings account which pays very little interest once a year.

    What would you guys recommend ? I could probably leave it some where for say 18 months before i need it ?

    Would this be a good idea > http://www.bankofireland.ie/personal/savings_and_investment/savings/18_month_reward/index.html

    Waht does EAR mean , how much could i possible make ? Sorry , totally useless at this kind of thing

    thanks !


Comments

  • #2
    pocketdooz
    Registered Users, Registered Users 2 Posts: 1,559 ✭✭✭pocketdooz


    Gaz wrote: »
    Hi all,

    I am currently saving for a house deposit with the missus and we have roughly 20k saved, its just sitting in a regual BOI savings account which pays very little interest once a year.

    What would you guys recommend ? I could probably leave it some where for say 18 months before i need it ?

    Would this be a good idea > http://www.bankofireland.ie/personal/savings_and_investment/savings/18_month_reward/index.html

    Waht does EAR mean , how much could i possible make ? Sorry , totally useless at this kind of thing

    thanks !

    Check here http://www.itsyourmoney.ie/costcomparisons/cs_group_lump_sum_deposit.htm

    It looks like 3.5% is the best you'll get on your €20,000 lump sum deposit which will give you €20,700 after one year, but you will pay DIRT at 25% on the €700 so you'll get, net after DIRT, €20,525.

    It's not a lot of interest, €525 for a year but it's better than the basically nothing you are getting in Bank of Ireland.



    EAR calculates interest as if it is paid once a year, even if it is paid twice or three times per year. The higher the EAR, the more interest you will be charged or earn. So, the EAR is the annual rate on your savings even though BOI advertise it as 3.75% over 18 months, so you'll get less with BOI than the 3.5% with Anglo or IN. Good luck.

    .


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