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Interest on savings account - BOI!

  • 10-08-2012 9:42am
    #1
    stripysocks85
    Registered Users, Registered Users 2 Posts: 1,877 ✭✭✭


    Received a 'Certificate of Interest' earned on my Savings account for the year ending Dec 2011. Now, I've never had much savings but I had to laugh when I opened it - Gross Interest €0.03, Tax deducted €0.01 so Net Interest was €0.02 - What the hell! Wasn't worth their while posting that out to me! I'd have rathered the cost of postage in replacement!


Comments

  • #2
    [Jackass]
    Closed Accounts Posts: 9,193 ✭✭✭[Jackass]


    Interest rates are rock bottom at the moment, so money sitting in a bank account will earn virtually zero return.

    If you are looking to "make your money work for you" and earn more interest and have savings that are long term and you don't anticipate needing any time soon, you might consider different investment options, such as putting the finance into a fixed term savings account (lowest risk investment type), where you can earn up to 4.1% return on your savings (KBC - minimum deposit 3k, deposit term 12 months) or you might consider something a bit more adventurious like contacting a broker and looking to have money invested for you, like some low risk commodity.

    If you have a few grand lying around, it's no harm to look for that extra bit of return, and as you rightly say, you'd be better off getting the cost of postage with money sitting in a regular savings account at the moment.


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