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Where to put 30k?

  • 24-05-2015 8:33pm
    #1
    gsi300024v
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭


    I'd money with Ulster bank for one year, but the interest rate is not great at all.
    Any suggestions where to put money away for a year?
    I've a meeting on Tues with the bank, had one last year and they wanted me to link it to the top 500 companies with something other package.


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    • How quickly do you need access to the funds for withdrawals (i.e. do you need to have access with in a day, a week? Do you need to make several withdrawals in a year or one big one)?
    • How long are you willing to lock the money away for (i.e. if you can't access them for 5 years is that ok?)?
    • Can you afford to lose any of the money (stock markets go up and down and we're approaching a peak on a global level; the only question is when) on a short term/long term basis?

    Based on the above you'll have an investment horizon to consider what options are out there for you.


  • #3
    gsi300024v
    Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭gsi300024v


    I was hoping to put money away for 12 months and would not need it during that time.


  • #4
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,375 CMod ✭✭✭✭Nody


    gsi300024v wrote: »
    I was hoping to put money away for 12 months and would not need it during that time.
    Honestly with that short window I'd definitely not go with anything stock market related (esp. not index funds!) and look at the various bonds & bank accounts instead; this will obviously will limit your upside but you need more than 12 months for the stock market (esp. with the current valuations on shares). Based on that it appears the best option is Rabo Direct 90 day's notice giving you 1.7% interest. It's not sexy but you're not facing a huge potential downside which a index fund would have (i.e. if the share market starts to go down you can easily lose 10% or more in a few days which is fine on a 3 to 5 year perspective as things will turn up again but not on 12 month perspective). Alternatively if you're a gambling man you can try the prize bonds but it is really low interest annualized with a very very remote chance to score big.

    The reason the bank tries to sell you on funds is simply because they get provision doing so; I'd definitely not go that route if I had 30k for 12 months only.


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