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Regular savings strategy for maximising interest

BrianD3 · 2011-07-17 00:02:18

If you are saving a proportion of your income each month, what strategy do you have that maximises interest. I'm talking about bank accounts here, not investing etc.. Personally I have been saving for many years but have been a lazy idiot in that I've often let my current account build up and not moved money out of it into…

17-07-2011 12:02am

#1

BrianD3

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If you are saving a proportion of your income each month, what strategy do you have that maximises interest. I'm talking about bank accounts here, not investing etc..

Personally I have been saving for many years but have been a lazy idiot in that I've often let my current account build up and not moved money out of it into interest paying accounts regularly enough. The result is I have cost myself thousands in lost interest in recent years :mad:

I'm slightly better now and have one monthly regular saver account with a standing order into it from my current a/c. But I think with these type of accounts its preferable to have several of them and pay in the max allowed for the first month and the minimum after that. But I'd imagine that this would be a PITA with the banks making it difficult. In general I like to minimse interaction with bank staff.

Would buying NTMA bonds or certs after each salary payment be a strategy. When you already have a cert or bond, it takes about 5 minutes in the post office to buy another. And unlike my experiences with bank staff, I find An Post staff professional with no bullsh1t. The minimum amount for a cert is 50 quid (bond 100) and AFAIK you can have as many of them as you want up to 120k total value. Each one is like a fixed term deposit account.

Any ideas?

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