€50k savings options for mortgage purposes?

Muff Richardson

Hi guys,

I recently sold an overseas property and netted €50k on the proceeds of the sale. I am hopefully planning on buying a property here in 24 months time. Would anyone have any advice on a better way to save the money other than having it sit in my pitiful interest rate AIB online saver account?

Thanks.

Nody

RaboDirect Notice Saver 90; basically 90 days notice to take out your money and 1.45% AER; it's probably about as good as it's going to get

Muff Richardson

Thanks...

What do you think of this one, found it on another thread which is quite old

http://www.nationwideuk.ie/savings/regularsaveraccount.asp

I would probably be taking the mortgage out with AIB as I've been using the account for 20 years and have had some previous loans with them. Do you think pulling the money out will stand against me when applying for the mortgage down the line?

Nody

Muff Richardson wrote: »

Thanks...

What do you think of this one, found it on another thread which is quite old

http://www.nationwideuk.ie/savings/regularsaveraccount.asp

I would probably be taking the mortgage out with AIB as I've been using the account for 20 years and have had some previous loans with them. Do you think pulling the money out will stand against me when applying for the mortgage down the line?

There are plenty of Irish versions of that as well that I ruled out and they all have the same problem that you need to save monthly and you have a maximum cap of 1k EUR a month and 1k starting balance; hence they are more suited for monthly savings from your salary rather than for once off deposits.

Also I'd shop around for the loan (and basically offer to move your savings etc. over); being loyal to a bank (esp. AIB) for no reason is stupid. No matter which bank you end up with tho they'll value monthly savings over a one off deposit or withdrawal as that shows discipline.

caviardreams

Nody wrote: »

RaboDirect Notice Saver 90; basically 90 days notice to take out your money and 1.45% AER; it's probably about as good as it's going to get

Just for info, this rate is dropping to 0.95% from February I think
https://www.rabodirect.ie/personal-savings/notice-saver/default.aspx

JTMan

Muff Richardson wrote: »

Hi guys,

I recently sold an overseas property and netted €50k on the proceeds of the sale. I am hopefully planning on buying a property here in 24 months time. Would anyone have any advice on a better way to save the money other than having it sit in my pitiful interest rate AIB online saver account?

Thanks.

Put 10,000 EUR in a KBC Extra Regular Saver at 4.00% AER variable. Then open a KBC Smart Move Online Demand Account at 1.25% AER variable. Drip feed the money at, 1,000 EUR per month, from the KBC Smart Move Online Demand Account to the KBC Extra Regular Saver. A KBC Extra Current Account is required but there are no fees provided you deposit at least 2,500 EUR per month.

PaulM1977

Try Davy Select, for a wider range of investment options and can give a better rate of return that deposits/demand accounts. No encashment charges or set time that it needs to be invested so you can get at it after 3 years or earlier if required.