Redundancy

blowin3

I have 150k in my current account in PTSB from a redundancy. I have read all about investments etc but this all new to me. I am maybe think of keeping 100k in a demand deposit account in my bank and maybe moving 50k to the post office. Is there any other advice but I know I need to move this Monday. Thanks in advance .

willietherock

Go see a Independent Financial Consultant. Try and educate yourself about the options available to you. DO NOT RUSH AND COMMIT TO SOMETHING YOU MAY REGRET LATER.

tommylimerick

happy retirement

it seems like you want a safe place for your money , if you can do without it for 5 or 10 years a reit might be better
as far as I am aware a reit can not hold profits and must distribute profits via dividend
I think that they will pay over 6 % per annum
plus the property on their books might increase over time
even if property prices keep pace with inflation that is 3 %
so you might consider a reit as well
best of luck

tennisfennis

blowin3 wrote: »

I have 150k in my current account in PTSB from a redundancy. I have read all about investments etc but this all new to me. I am maybe think of keeping 100k in a demand deposit account in my bank and maybe moving 50k to the post office. Is there any other advice but I know I need to move this Monday. Thanks in advance .

If you have 150k from a redundancy you have obviously worked for awhile and at this stage you have never had an interest in investing so it might be a bad idea to invest now in the markets. Did you make any investments? Would be interested to know how this worked out

blowin3

Thanks for the help. I have bought a house which I plan to do up and hopefully move it on a year or two at a profit.

homer911

You should immediately go into your online banking and open a demand savings account and transfer the money into it. It will take you two minutes and at least give you some interest while you decide what to do with the money

There are no forms to fill out - its all online

tennisfennis

blowin3 wrote: »

Thanks for the help. I have bought a house which I plan to do up and hopefully move it on a year or two at a profit.

So is it safe to say that the 150k is tied up in this house?

househero

blowin3 wrote: »

Thanks for the help. I have bought a house which I plan to do up and hopefully move it on a year or two at a profit.

If you can help it, dont wait to sell. Interest rates will more than likely have moved at that point and depressed financial markets may weigh heavily on the housing market in the near future (1 to 2 years). The housing market is buoyant NOW, and it may not get better.

Rare advice...
There is NOTHING WRONG WITH HOLDING CASH in uncertain markets. Growth is NOT guaranteed.

spideog7

Sad reflection on Ireland when flipping houses is still seen as an 'investment' how quickly we forget

blowin3

spideog7 wrote: »

Sad reflection on Ireland when flipping houses is still seen as an 'investment' how quickly we forget

Never mentioned flipping an investment property as I intend to live in it. Maybe in the future I will sell as I am mortgage free and have interests abroad.:D

Sonnenblumen

Touché well done OP, and the very best of luck to you.

Nice job done on that jumped up 'quick to judge' being put smartly back into their box. The online Demand account is a good option, best rates but choose carefully.

spideog7

Sonnenblumen wrote: »

Touché well done OP, and the very best of luck to you.

Nice job done on that jumped up 'quick to judge' being put smartly back into their box. The online Demand account is a good option, best rates but choose carefully.

Not entirely true, he did say he wanted to sell it on in a year or two. Where I live anything under two years is counted as an investment.

blowin3

Sorry spideog if I led you astray with my wording ( a year or two) as you see I asked for advice so I am not as well advised in to the world of investments and finance as you. It is always great to have people like you to keep foolish people like me to keep my feet on the ground and not to make foolish investments. I hang my head in shame .

topper_harley2

Check out http://www.askaboutmoney.com/showthread.php?t=90481 for saving accounts. These will give idea of sample saving rates and terms.

As you have large capital built up, you should be looking at demand and fixed term accounts, depending on what access you need. As mentioned, until you know your plans, immediately move all 150k to PTSB online demand account until you decide what to do.

Then make appointment with an independent fee based financial advisor to discuss your goals for next five to ten years - then move the money to appropriate saving account / bond /investment based on what suits your goals and age/risk profile.

Enjoy.