Savings account instant access/long term

mazdamps

Hi all.

I would like some help and advice on what to do with my savings and have it make some money for me.

Currently I have about 7k in my current account with bank of ireland and 8k in an easy saver instant access account with BOI and 24k in a 1 year fixed rate ( 3.55% ) account with PTSB.

I save about 600e a month which goes into the easy saver account.

The easysaver with BOI is grand up to 5k, but after 5k the interest drops from 2.5% to 0.5% so I have to get money out of there now.

With my PTSB fixed rate account up for renewal next month and the easysaver past the 5k limit I need advice what do.

In an ideal world I would like to have an instant access or short access saving account with a good interest rate 3-4.5% but they are hard to find.

I would like to keep 4k in my current account ( for emergencies, dodge bank fees etc )

The rest in a good savings account.

A few people have suggested getting a flight to a tax free country like Switzerland, Austria etc an open a savings account to avoid dirt, but is that even legal?

Dirt at 30% is a killer.

Any advice appreciated.

AlmightyCushion

I believe the off shore account route is legal as long as you declare any money earned from it as income tax. e.g. if you have €100,000 in an offshore account earning 4% interest you inform revenue of it and then pay income tax on the €4,000 earned as interest.

I could be wrong there though so hold off on that until some else clarifies it. Permanent TSB do a regular saving account at 4% interest. You can put between €1 and €1000 a month into it and the rate stays the same until you go over €50,000. It's instant access as well so no need to keep a huge amount in your current account and you can use it on line as well. I use this as my savings account and I find it brilliant.

mazdamps

AlmightyCushion wrote: »

I believe the off shore account route is legal as long as you declare any money earned from it as income tax. e.g. if you have €100,000 in an offshore account earning 4% interest you inform revenue of it and then pay income tax on the €4,000 earned as interest.

I could be wrong there though so hold off on that until some else clarifies it. Permanent TSB do a regular saving account at 4% interest. You can put between €1 and €1000 a month into it and the rate stays the same until you go over €50,000. It's instant access as well so no need to keep a huge amount in your current account and you can use it on line as well. I use this as my savings account and I find it brilliant.

Thanks Almighty.

Do you have a link for that account.

Sounds ideal.

Offshore would be an idea if I had alot of money, but I am just your average joe putting a few pennies away every week.

AlmightyCushion

https://www.permanenttsb.ie/whatweoffer/savingsandinvesting/savingsaccounts/online-regular-saver/

Make sure the balance doesn't go over €50,000 though as the interest rate drops to 1% on the whole balance.

digzy

instant access on lump sum

aib on line deposits or kbc. both about 3.1% before dirt.

JTMan

mazdamps wrote: »

Hi all.

I would like some help and advice on what to do with my savings and have it make some money for me.

Currently I have about 7k in my current account with bank of ireland and 8k in an easy saver instant access account with BOI and 24k in a 1 year fixed rate ( 3.55% ) account with PTSB.

I save about 600e a month which goes into the easy saver account.

The easysaver with BOI is grand up to 5k, but after 5k the interest drops from 2.5% to 0.5% so I have to get money out of there now.

With my PTSB fixed rate account up for renewal next month and the easysaver past the 5k limit I need advice what do.

In an ideal world I would like to have an instant access or short access saving account with a good interest rate 3-4.5% but they are hard to find.

I would like to keep 4k in my current account ( for emergencies, dodge bank fees etc )

The rest in a good savings account.

A few people have suggested getting a flight to a tax free country like Switzerland, Austria etc an open a savings account to avoid dirt, but is that even legal?

Dirt at 30% is a killer.

Any advice appreciated.

PTSB 2 month term deposit @ 3.55% would seem to suit you best.

All the options are here.

JTMan

AlmightyCushion wrote: »

I believe the off shore account route is legal as long as you declare any money earned from it as income tax. e.g. if you have €100,000 in an offshore account earning 4% interest you inform revenue of it and then pay income tax on the €4,000 earned as interest.

I could be wrong there though so hold off on that until some else clarifies it. Permanent TSB do a regular saving account at 4% interest. You can put between €1 and €1000 a month into it and the rate stays the same until you go over €50,000. It's instant access as well so no need to keep a huge amount in your current account and you can use it on line as well. I use this as my savings account and I find it brilliant.

Offshore is 100% legal provided you declare interest and declare the account to the revenue.

Agreed that the PTSB online regular saver account is a good option but the OP has a lump sum to deposit so a regular saver account is not the best immediate approach.

JTMan

digzy wrote: »

instant access on lump sum

aib on line deposits or kbc. both about 3.1% before dirt.

KBC Smart Access is 3.25% provided you have at least 3,000 EUR in the account.

AlmightyCushion

Fungus wrote: »

Offshore is 100% legal provided you declare interest and declare the account to the revenue.

Agreed that the PTSB online regular saver account is a good option but the OP has a lump sum to deposit so a regular saver account is not the best immediate approach.

He could still keep his 5k lump sum in his BOI account at 2.5% while moving €400 of it and putting his €600 a month in to the PTSB account.

JTMan

AlmightyCushion wrote: »

He could still keep his 5k lump sum in his BOI account at 2.5% while moving €400 of it and putting his €600 a month in to the PTSB account.

The OP also has 24,000 EUR maturing that needs a home.

2.5% is a poor return for your money.

Again, the PTSB 2 month term deposit might be the best option here.

Drop feeding the PTSB Online Regular Saver account is an option over the medium term.

AlmightyCushion

Fungus wrote: »

The OP also has 24,000 EUR maturing that needs a home.

2.5% is a poor return for your money.

Again, the PTSB 2 month term deposit might be the best option here.

Drop feeding the PTSB Online Regular Saver account is an option over the medium term.

Ha ha. Completely missed the 24,000, I thought it was the 5,000 lump sump you were on about.