Regular Savings

Sully

I'm looking into a regular savings account and I see that Nationwide UK Ireland has the best interest rate at 4%. Even when you take DIRT & banking fees (for me to transfer money by standing order), it's much more appealing than other banks and saving institutions.

Seems mad that other institutions are not competing on this.

better call saul

Sully wrote: »

I'm looking into a regular savings account and I see that Nationwide UK Ireland has the best interest rate at 4%. Even when you take DIRT & banking fees (for me to transfer money by standing order), it's much more appealing than other banks and saving institutions.

Seems mad that other institutions are not competing on this.

First thing to get into is why are you paying fees for banking? PTSB has zero fees if you transfer in 1500 a month for example, things like this need to be tightened up before you consider savings rates, feel free to pm me for insight

Sully

better call saul wrote: »

First thing to get into is why are you paying fees for banking? PTSB has zero fees if you transfer in 1500 a month for example, things like this need to be tightened up before you consider savings rates, feel free to pm me for insight

Arah I've a few accounts with AIB including business accounts, I find their banking website and customer care excellent so switching is putting me off a tad! Plus, I believe that Permanent will introduce charges soon just as Ulster Bank did. Their going to have to recoup their losses from somewhere!

better call saul

Sully wrote: »

Arah I've a few accounts with AIB including business accounts, I find their banking website and customer care excellent so switching is putting me off a tad! Plus, I believe that Permanent will introduce charges soon just as Ulster Bank did. Their going to have to recoup their losses from somewhere!

I moved from aib to PTSB, found PTSB to be far superior in my experiences so far YMMV

better call saul

Also, depending on your age and your capital at the moment:

When youre young, the RATE you save at is far more important than INTEREST.

IE. as in how much are you saving every month

Sully

better call saul wrote: »

Also, depending on your age and your capital at the moment:

When youre young, the RATE you save at is far more important than INTEREST.

IE. as in how much are you saving every month

Why would that make any difference (age)?

JTMan

Sully wrote: »

Seems mad that other institutions are not competing on this.

It's not mad. It is business logic. Other banks rely on consumer laziness. Why bother competing when only a small section of your customers will switch.

Also, the Nationwide UK (Ireland) 4.00% AER variable rate is a loss making new customers enticing rate. Well worth taking advantage of.

better call saul

Sully wrote: »

Why would that make any difference (age)?

If you are 21 fresh outta college, no point worrying about interest rates on what little you can save, you are better off figuring out how to maximise the amount you can save each month - ie. the interest will be negligible

tomfoolery60

better call saul wrote: »

If you are 21 fresh outta college, no point worrying about interest rates on what little you can save, you are better off figuring out how to maximise the amount you can save each month - ie. the interest will be negligible

Agreed - basically unless you're siting on a few hundred grand of cash the difference in rates won't make much difference. Obviously go for the best but don't get too caught up on 0.5%-1% differences. Much more important is the (much more difficult) task of actually salting away the moola every week/month!

better call saul

tomfoolery60 wrote: »

Agreed - basically unless you're siting on a few hundred grand of cash the difference in rates won't make much difference. Obviously go for the best but don't get too caught up on 0.5%-1% differences. Much more important is the (much more difficult) task of actually salting away the moola every week/month!

Yeah exactly, dirt eats almost half of it up anyway! Plus if you earn DIRT of something like €600 a year the revenue can come upon you to explain where you got the savings from, had it happen to me.

Sully

Full time employment, & late 20s. Just looking to start saving some of my salary every month so was looking around for savings accounts.

JTMan

better call saul wrote: »

If you are 21 fresh outta college, no point worrying about interest rates on what little you can save,

Every little helps. The rate matters.

Sully

Over a year on, I am now looking to see what next with my savings. Nationwide are handy, but with the hours I work it's hard to reach them as they only open during business hours and their website is a tad difficult. I'll try get time to chat with them about what's saved and what the interest will now be a year on before deciding do I stop the savings there and save elsewhere with better interest, or take the lump sum elsewhere to give the funds a bit of a boost.

Any thoughts?

I'm also now considering starting a pension, but it may be biting of a bit too much more than I can chew as my salary is poor at the moment.

Merowig

Sully wrote: »

Any thoughts?

I'm also now considering starting a pension, but it may be biting of a bit too much more than I can chew as my salary is poor at the moment.

I would still consider one - even if you just pay something like 20 Euro a month - as starting early helps - and you will make an habit out of it.
Plus the tax incentive is a bit like free money.

JTMan

Sully wrote: »

Over a year on, I am now looking to see what next with my savings. Nationwide are handy, but with the hours I work it's hard to reach them as they only open during business hours and their website is a tad difficult. I'll try get time to chat with them about what's saved and what the interest will now be a year on before deciding do I stop the savings there and save elsewhere with better interest, or take the lump sum elsewhere to give the funds a bit of a boost.

Any thoughts?

I'm also now considering starting a pension, but it may be biting of a bit too much more than I can chew as my salary is poor at the moment.

Where exactly is your savings now? Is your savings with Nationwide UK (Ireland)?

Are you looking for a new regular saver product? Have you considered KBC?

Sully

JTMan wrote: »

Where exactly is your savings now? Is your savings with Nationwide UK (Ireland)?

Yeah, it should be about to mature. Going to make a few calls to confirm.

Are you looking for a new regular saver product? Have you considered KBC?

Yeah, I can't continue with Nationwide and avail of their good rate savings wise so I think KBC is the way to go next but my question is what I do with the lump sum I now have - keep it where it is at the lower rate or move it somewhere else.

JTMan

The KBC Extra Regular Saver:
- Allows a 10k lump sum.
- Pays 4.00% AER variable.
- Standing order monthly deposits up to 1k per month.
- Requires a current account to be opened but there are no fees with the current account provided you deposit at least 2,500 EUR into the account per month.

Perhaps, this might product suit you.

Sully

JTMan wrote: »

The KBC Extra Regular Saver:
- Allows a 10k lump sum.
- Pays 4.00% AER variable.
- Standing order monthly deposits up to 1k per month.
- Requires a current account to be opened but there are no fees with the current account provided you deposit at least 2,500 EUR into the account per month.

Perhaps, this might product suit you.

The last point is a snag. A clever idea by KBC in fairness

Squall Leonhart

Sully wrote:

I'm also now considering starting a pension, but it may be biting of a bit too much more than I can chew as my salary is poor at the moment.

Merowig wrote:

I would still consider one - even if you just pay something like 20 Euro a month - as starting early helps - and you will make an habit out of it. Plus the tax incentive is a bit like free money.

I'd echo Merowig's sentiments. I know Irish Life have a minimum pension payment of 50/month, but this can be paused at any time.

If you're on the 20% tax rate, your 50 contribution will only cost you 40 euro as the other 10eur will be given as tax credit.

If you're on the 40% income tax band, it'll only cost you 30eur for your 50eur contribution. Like Merowig said, it's like free money.

Start today!

gordongekko

Sully wrote: »

The last point is a snag. A clever idea by KBC in fairness

you said you have a lump sum. Just set up a dd to lodge 2500 into the current account on the 1st and out again on the 2nd

JTMan

gordongekko wrote: »

you said you have a lump sum. Just set up a dd to lodge 2500 into the current account on the 1st and out again on the 2nd

Yeah, obviously the outbound DD needs to be for 1,500 EUR.