Where to put savings ?

clint123

Folks, I have some money saved away and the account is giving little or no interest on it now, its with AIB at the moment, but the way things are going with the banks, IM a little worried about locking it away again with them for a few years, and I really dont know what to do ?
what would you do ? Im thinking National Solidarity Bond with An post
but would like to know what is the safest place
thanks

cosmic

Sorry to hijack your thread, OP, but I'm in the exact same situation and am looking forward to hearing people's replies. I was thinking of putting mine into the Credit Union but, now that the IMF's claws are into us, I'm uncertain about the future of Credit Union.

Jayminato

This all depends on your attitude to risk.

I would always advocate diversifying your money into the 4/5 main asset classes of equities, property, commodities, lower risk fixed interest funds or cash deposits.

You can acheive this spread on your overall portfolio through managed funds with all of the leading insurance / investment companies e.g Irish Life , Canada Life.

Canada Life offer a Quadrivium fund investing in 4 of the main asset classes http://canadalife.moneymate.com/Details.aspx?site=corporate&country=IE&id=25002341

Pm me for more info if required

J

okiss

I would look for a good savings rate and take into consideration how long you want to put your savings away for.
http://www.nationwideuk.ie offer good rates for both demand and longer term savings accounts and your will be covered by the FSCS which are limited to a maximum of £85,000 per individual investor’s total deposits or the euro equal.

Retail Hell

up to one hundred grand is granteed by the government for irish banks, but you'll be paying about 30% in Dirt on any interest you might make.

the post office bonds are or were tax free uptothe the last budget, ifthey still are thats where my money would be going.

if you've millions i'd be going to switzerland

RR2026

also consider National Solidarity Bond

GampDub

Sorry for jumping in on this too... I actually logged on seeking advice on saving too!

The National Solidarity Bond looks good! How secure is it though given the state of the economy! Would my cash be gauranteed?

thanks a mill.

Cavehill Red

Silver and gold.
The only investments guaranteed to hold their value long-term.
An oz of gold in 1912 purchased a full tailored outfit and still does today. The $12 that bought that suit however wouldn't get you the tie now.
Anything valued in fiat paper money is destined to decline in real value terms.
Stocks are speculative and it's a very choppy market.
Gold and silver are real money.

Seifer

What are people's opinion's of using bank's investment facilities such as: Bank Of Ireland.
If I'm ok with the possibility that I could lose some money would it be likely these would out perform say a post office saving cert which gives 20% interest, tax free over 5.5 years?

Thargor

I dont see why its likely they would perform better than that tbh, the BoI Evergreen Fund S9 my parents gave me as a gift when I graduated is currently down 20%, thats because of the crash obviously but they're not exactly renowned for their investment expertise in there are they? Have a look at the Rabo Funds thread if you dont want to invest it yourself, their top pick funds usually do well:

http://www.boards.ie/vbulletin/showthread.php?t=2055876056

There are a few good AIM oil companies around at the minute if you want to take a punt in shares.

irishh_bob

Cavehill Red wrote: »

Silver and gold.
The only investments guaranteed to hold their value long-term.
An oz of gold in 1912 purchased a full tailored outfit and still does today. The $12 that bought that suit however wouldn't get you the tie now.
Anything valued in fiat paper money is destined to decline in real value terms.
Stocks are speculative and it's a very choppy market.
Gold and silver are real money.

gold and silver are down over 6% since the begining of the year and are long overdue a serious correction , the eurozone crisis was the one thing keeping prescious metals up in the second half of last year and with that crisis having passed and the american economy having recovered , thier is absolutley nothing bar the chineese and indians traditional hunger for gold and silver , to keep them both riding high , the matter of investment banks having dumped both so as to return to equities and soft commodities is another reason to add to thier demise

even though im in both , i wouldnt touch either with a barge pole at this point

irishh_bob

Seifer wrote: »

What are people's opinion's of using bank's investment facilities such as: Bank Of Ireland.
If I'm ok with the possibility that I could lose some money would it be likely these would out perfrom say a post office saving cert which gives 20% interest, tax free over 5.5 years?

four out of five investment funds make no money for the person stumping up the cash , a huge amount of your investment gets swallowed up in fees and the fund managers take a throw **** at the wall approach to investing ( hoping that something will stick ) , i invested in a irish life fund in which the bulk of it was in commodities a few years ago , this was during a period when prescious metals were soaring , oil was 150 dollars a barrell and soft commodities had thier 1st bull run ( 2007 - mid 2008 ) , it never made a brass farthing , i came to the conclusion that the fund manager must have invested in the like of a BP the day after it began to leak oil into the gulf coast , invested in an anglo irish bank or threw money at an insurance company by the name of QUINN , baschically the fund manager get paid no matter how lousy thier choices are , they are nothing but a vechile for banks to earn some handy money , its quite noticable the number of capital guarentee funds available at the moment , according to rory gillen , theese investments shouldnt be touched with a barge pole , they seem attractive to people in an insecure time like this but deliver almost nothing nine times out of ten and them being capital guarentee investments , the charges are much higher

direct shares or ETF,S are a much cheaper option , never believe that other people know how to spend your money better than you do

Thargor

Next time I have some free cash its going longterm into an ETF linked to the price of oil, been meaning to do it for ages.

irishh_bob

Thargor wrote: »

Next time I have some free cash its going longterm into an ETF linked to the price of oil, been meaning to do it for ages.

be carefull with some of those ETF,S , some of them linked to various commodities are duds too , i had money in the ETF ( COW ) for three months , its a livestock based fund , never made a schilling despite the fact that cattle prices were soaring

clint123

I've gone an put my money into National Solidarity Bond for 10years, I think if you are prepared to wait , its great, you get back 47% TAX FREE at the end of year 10.
You also have access to the funds if/when needs be, with a 7day notice, you simply go the post office tell them how much you want and within 7 days you will have a cheque.
they also do a 4 yr bond, with interest back something around I think the 15% mark.
Hope this is helpful to some anway !!

irishh_bob

clint123 wrote: »

I've gone an put my money into National Solidarity Bond for 10years, I think if you are prepared to wait , its great, you get back 47% TAX FREE at the end of year 10.
You also have access to the funds if/when needs be, with a 7day notice, you simply go the post office tell them how much you want and within 7 days you will have a cheque.
they also do a 4 yr bond, with interest back something around I think the 15% mark.
Hope this is helpful to some anway !!

if the country defaulted , would money in the post office not be the most vulnerable of all ?

tommy21

Interesting we are all lead to this thread I have about 5-6,000 to put away and mulling over the options too like you all. I am seriously considering Saving Bonds with an Post - 3 year term with a ten percent return. Of course my one worry is default, as Irish bob above this post asked.

I am also mulling putting a few grand with a stock broker and seeing what happens. Out of interest, from your own experience with that area, if you were to put up 2,000, how much of this would actually be invested by time fees etc. were deducted (just a rough idea, I know each one might vary).

edit: actually not so sure after reading this! http://www.davidmcwilliams.ie/2011/03/09/keep-an-eye-on-your-savings-you-can-be-sure-the-state-is