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Money coming in, where to put it?

  • 22-08-2014 12:35pm
    #1
    Mackas_view
    Closed Accounts Posts: 298 ✭✭


    Hi I have a significant amount Of money being paid to me soon in installments. (Everything is legal) I'm wondering where I should put this money I have an existing bank account and CU account. The money may or may not be needed in the near future. All of it won't be needed anyway.

    Where or which bank should I have this money paid into?


Comments

  • #2
    DMcL1971
    Registered Users, Registered Users 2 Posts: 1,444 ✭✭✭DMcL1971


    This all depends on how much is a significant amount and how big and how frequent are the instalments.

    The highest interest rates available are on regular saver accounts. However these accounts have to have an opening balance of zero and only allow you to deposit a maximum of 1K per month. So, if you are going to receive 1K or less per month in your instalments then this would be ideal.

    If you are going to be receiving bigger instalment this won't help you. For instance if you are receiving 10K per month in your instalments. In that case you could put your money in an Instant Access account. This allows you to lodge or withdraw any amount any time you like.

    Both of the above account types will usually allow you to withdraw the money whenever you like. If you don't mind locking the money away for a fixed time then you can open a Fixed Term account. This is where you deposit the money in one lump and do no have access to it until the end of the fixed period. These accounts offer better rates than Instant Access but less than Regular Saver.

    Of course you can use a combination of these account types to lock away some of the money while keeping some of it available to withdraw.

    The current best rates available for all these account types can be found on the askaboutmoney website. Here is a link to their current 'Best Buys' http://www.askaboutmoney.com/showthread.php?t=90481


  • #3
    Mackas_view
    Closed Accounts Posts: 298 ✭✭Mackas_view


    Thanks and what about putting it in the credit union or post office account? Would you think that would be better? As I can't be sure of the amount of the installments.


  • #4
    DMcL1971
    Registered Users, Registered Users 2 Posts: 1,444 ✭✭✭DMcL1971


    You can put it in the post office, credit union or a regular bank current account and leave it there forever but you will earn little or no interest on your money. If you would like to earn interest, then you need to open one or more savings accounts. You should arrange that whoever is sending you the money sends it to your current account, then you can choose what you want to do with it each month.

    With some of the regular savings accounts, you need to deposit a fixed amount into the account each month, but with others you can deposit any amount under 1K each month. For instance, with the KBC regular account you have to set up a DD for a fixed amount which will be taken from your current account and moved to the regular saver account each month and it is difficult to change that amount, which makes it a bit of a pain if you are unsure of the instalments you will receive. However with the PTSB regular saver account you can make as many or as few lodgements during the month as you like provided that the total does not exceed 1K.


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