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Savings account

  • 27-07-2015 7:09pm
    #1
    sharkey 25
    Registered Users, Registered Users 2 Posts: 94 ✭✭


    Hi lad's

    I have just been made permanent in a job that I've had for the last while. I am now being paid monthly and was thinking of setting up a savings account. I was thinking of setting up a monthly payment to the credit union, with a view to maybe small loans in the future. I would appreciate any advice on setting up a savings account. I will probably start with a lump sum of €1500- €2000 and a monthly payment of €400. As a novice with this I would be grateful for your advice.


Comments

  • #2
    mahoganygas
    Closed Accounts Posts: 1,488 ✭✭✭mahoganygas


    Congratulations on the job.

    I wish I had your mindset when I started working. It took me way too long to start saving!

    Interest rates are at rock bottom at the moment. You will earn very little interest in a savings account, no matter which bank you choose. Some are better than others, but the returns you can expect are still tiny.

    If you plan on taking a small loan here and there, then I would definitely recommend saving with a Credit Union. Interest will be low, but you will be building up a good track record with your CU by saving €400 each month. The best part about this is that your CU will usually charge you a very low interest rate on your loan, compared to a similar loan in a bank.

    Each credit union is ran differently. They set their dividend policy independently each year. Some have online facilities. Loan interest rates can vary.

    My advice is to check out your local CU to see what rates and services they offer. Then take a look at bonkers.ie. You can compare all of the savings accounts offered by the banks. Then make up your mind.

    Best of luck with it.


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