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Credit Union or Savings Account

  • 14-09-2012 11:24pm
    #1
    Eman_321
    Registered Users, Registered Users 2 Posts: 215 ✭✭


    Hi, I need some advice.
    I would like to save some money and wondering if I should use a credit union or make a BOI's savings account.
    If credit union which is the best out there?
    BoI's Savings Account seems very restrictive as in I can only lodge in
    0 - 500 per month
    or
    10000-1,000,000 per month (definitely can't happen, or am I misreading it?)
    And what about taxes?

    Advice welcome.
    Thanks.


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Go with neither.

    BoI don't offer good savings returns right now.
    Credit Unions don't offer good savings returns right now.

    Do you want a term deposit, regular saver product or instant access? There is a full list of rates here.


  • #3
    Eman_321
    Registered Users, Registered Users 2 Posts: 215 ✭✭Eman_321


    Regular Savings look better. Why do I need a Savings Account? Can't I just leave the money in Current Account?


  • #4
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    You can, if you choose to, but you will earn 0 or practically 0 interest.


  • #5
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Eman_321 wrote: »
    Regular Savings look better. Why do I need a Savings Account? Can't I just leave the money in Current Account?

    Why? To get a good return for your money.


  • #6
    Eman_321
    Registered Users, Registered Users 2 Posts: 215 ✭✭Eman_321


    So I think a Savings account between 500-1000 per month will be good for me, BOI doesn't have offer that.
    What is the best out there?


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