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What are the best current and savings accounts available at the moment?

  • 14-05-2015 10:00pm
    #1
    dmullins3
    Registered Users, Registered Users 2 Posts: 109 ✭✭


    This question has probably been asked countless times already so even a link to a thread where it has already been discussed would be great. I'm mid 20's and have a full time job.

    Thinking of moving to Permanent TSB for its current account as I can avoid all fees if I lodge €1500 a month.

    In relation to a good saving account does anyone have any recommendations. My ideal situation would be to lodge between €200 and €500 into a savings account per month. I'd probably prefer an account where I couldn't access the money at all for say a 12 month period.

    Open to suggestions or recommendations.
    Tagged:


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,695 ✭✭✭✭NIMAN


    Good link for various types of savings, always kept updated

    http://askaboutmoney.com/threads/savings-best-buys.90481/


  • #3
    dmullins3
    Registered Users, Registered Users 2 Posts: 109 ✭✭dmullins3


    NIMAN wrote: »
    Good link for various types of savings, always kept updated

    http://askaboutmoney.com/threads/savings-best-buys.90481/

    exactly what I was looking for, thanks


  • #4
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,799 ✭✭✭Delta2113


    PTSB (total no brainer) and Nationwide UK is the short answer.


  • #5
    dmullins3
    Registered Users, Registered Users 2 Posts: 109 ✭✭dmullins3


    Delta2113 wrote: »
    PTSB (total no brainer) and Nationwide UK is the short answer.

    Don't take it the wrong way but do you know what you're talking about? It's just that I did a quick google search before starting this thread and these were the 2 banks that I came up with as well. I'm just curious as to whether you know for definite that these 2 are best or did you just do a google search as well?

    Again, no offense intended


  • #6
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,799 ✭✭✭Delta2113


    I moved from a BOI current a/c to PTSB back in 2013 and am very happy.

    I don't have an account with Nationwide Uk so i'm only going with the rate.


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  • #7
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,125 Mod ✭✭✭✭AlmightyCushion


    PTSB would be the best way to go for your current account. The interest rates for their savings accounts used to be market leading years back but now they are desperate. KBC's regular save account has an interest rate of 3.5% which is the best long term rate you'll get ( the nationwide account is only for 15 months).


  • #8
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    AlmightyCushion wrote: »
    KBC's regular save account has an interest rate of 3.5% which is the best long term rate you'll get

    The KBC Regular Saver product rate is decreasing to 3.00% AER variable from 14 July 2015 for those that do not have a KBC current account. The rate for those that do have a current account with KBC, and meet other criteria, is decreasing to 4.00% AER variable including the 1.00% bonus.

    The rate is not a long term rate. It is variable. It will probably drop again. The differentiating factor is that the product does not have a maturity date nor a fixed period unlike the Nationwide UK (Ireland) Regular Saver product.


  • #9
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,125 Mod ✭✭✭✭AlmightyCushion


    JTMan wrote: »
    The KBC Regular Saver product rate is decreasing to 3.00% AER variable from 14 July 2015 for those that do not have a KBC current account. The rate for those that do have a current account with KBC, and meet other criteria, is decreasing to 4.00% AER variable including the 1.00% bonus.

    The rate is not a long term rate. It is variable. It will probably drop again. The differentiating factor is that the product does not have a maturity date nor a fixed period unlike the Nationwide UK (Ireland) Regular Saver product.

    What I meant is that long term I think the KBC account is the best bet. The rate is lower but the Nationwide account is cancelled after 15 months. The difference in interest earned between the two accounts after the 15 months will probably only be about €50, providing you put in the full €1,000 every month. It's after the 15 months where the KBC account is the better option. When the Nationwide account ends you have to put the €15,000 plus interest into a current account paying nothing or a deposit account paying less than the 3% KBC. You could then trickle feed the lump sum into a regular saver like the KBC account (although that isn't an option if you're already saving €1,000 a month anyway). With the KBC account you'll continue to get 3% on the €15,000 and interest after month 15 as well as any new contributions. This means that in the long term you'll earn more going with the KBC account now. If you want to save for 15 months or less then the Nationwide account definitely is the better option but the longer you plan to save the more sense it makes to open the KBC account instead.


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