Savings Account Query

shuffles03

Hi,

I'm looking to setup a regular savings account. I can save €400 per month and also have €2,000 saved up in my current account to transfer into a savings account (if the account allows it). I'm currently with Bank Of Ireland. Looking to save for a deposit.

I've looked at the various options available from each financial institution and below appears to be the best offers from each that suit my needs. Can someone advise?


Rabo Direct

Personal Savings Account:
2% interest up to €20,000. 0.75% up to €30,000 (lump sum).
If I initially lodge €2,000, will it only get the rate of 0.75%?
Direct Debit is fortnightly or monthly, 14 days notice.

Save To Borrow Account:
2% interest up to €12,000. 0.75% up to €30,000 (lump sum).
Same question about €2,000 initial lodgement from above applies here
Direct Debit is fortnightly or monthly, 14 days notice.
If I save for 12 months I could borrow up to 5 times my savings.


AIB

Online Saver Account:
2.95% interest. Can save a max of €1,000 p/m Direct Debit.
Could I set this up with my BOI current account?


Ulster Bank

Regular Saver Account:
2.50% interest up to €15,000. 1% over.
Direct Debit monthly.


EBS

Family Savings Account:
3.1% AER. Fixed for one year.
Direct Debit monthly with a max savings of €1,000 p/m.
Minimum term of 1 year.


Permanent TSB

21 Day Notice Regular Saver Account:
2.75% AER up to €50,000. 1.50% over
Direct Debit monthly with maximum monthly savings of €1,000


KBC

Regular Saver Account:
3.5% interest up to €50,000.
Direct Debit monthly.
Is there a minimum balance needed? I vaguely remember reading somewhere that you needed to have a set amount in the account at all times.
Could I setup a Direct Debit from my BOI current account?


Based on all of the above, it looks like KBC is the best followed by EBS. Is this correct?

Is Bank of Ireland's 'Save To Borrow' account a viable option? The interest is lower but is the option of borrowing up to 5 times more than my savings a better scheme to go for than higher interest rates?

Thanks in advance.

shuffles03

I just came across Nationwide UK Ireland. They're offering 4%, 15 month terms, min balance of €100, max monthly savings of €1,000.

What should I choose. I've just read a few negative boards posts about KBC.

JTMan

The best option is Nationwide UK @ 4.00% for your 400 EUR per month. See here for more information on this account.

Gradually drip feed the 2,000 EUR into your Nationwide UK 4% account. You will be able to move a maximum of 1,000 EUR per month or 600 EUR per month if you are going to have a standing order for 400 EUR.

i.e. standing order for 400 EUR and a manual online wire each month for 600 EUR.

shuffles03

Fungus wrote: »

The best option is Nationwide UK @ 4.00% for your 400 EUR per month. See here for more information on this account.

Gradually drip feed the 2,000 EUR into your Nationwide UK 4% account. You will be able to move a maximum of 1,000 EUR per month or 600 EUR per month if you are going to have a standing order for 400 EUR.

i.e. standing order for 400 EUR and a manual online wire each month for 600 EUR.

Cheers! Are any banks more favourable to use when saving for a deposit eg. EBS?

JTMan

shuffles03 wrote: »

Cheers! Are any banks more favourable to use when saving for a deposit eg. EBS?

A mortgage provider should accept a savings record from any other financial institution.