Choosing between banks

masterboy123

Hi,

I am looking to open a bank account which don't have any maintenance fees.
I read if you keep minimum of 2500e at AIB then it's no fees and 3000e for Bank of Ireland.

I just want to open this account to save up money. I don't want bank card with it and will be depositing money only in this account. But bank should have a branch so I can withdraw cash if any emergency arises.

Any suggestions please?

coylemj

It sounds like a savings account is what you're looking to open and if you don't want an ATM card, I'd suggest you open an account in your local credit union.

masterboy123

Just checked out credit union. They don't have online account.
it would be great if I could atleast check balance online anytime

coylemj wrote: »

It sounds like a savings account is what you're looking to open and if you don't want an ATM card, I'd suggest you open an account in your local credit union.

newacc2015

masterboy123 wrote: »

Just checked out credit union. They don't have online account.
it would be great if I could atleast check balance online anytime

Depends on the CU. My local one has a facility to check balances online.

JTMan

masterboy123 wrote: »

I just want to open this account to save up money. I don't want bank card with it and will be depositing money only in this account. But bank should have a branch so I can withdraw cash if any emergency arises.

Any suggestions please?

Have a read of the this best buy guide.

masterboy123

This was very useful. I have read the 3 different options but I found it confusing, maybe bcoz I have never done it before.

Could anyone help,
For example if I have 5000 euros in AIB and I want to invest it for 1 year. However, it should be made available to me when needed urgently. What's my best bet? I saw they have online AIB savers but not unsure if that's the best option for me.

JTMan wrote: »

Have a read of the this best buy guide.

coylemj

masterboy123 wrote: »

Just checked out credit union. They don't have online account.
it would be great if I could atleast check balance online anytime

Your credit union will give you a pass book, why do you need to be able to check the balance online? If there's no ATM card on the account, you don't have to worry about withdrawals that you forgot about, the balance will more or less always be what it shows in the pass book, except when they add interest.

punisher5112

Ebs and nationwide have savings rate at 3% I have one with tsb and rate dropped to 1.25%

JTMan

masterboy123 wrote: »

This was very useful. I have read the 3 different options but I found it confusing, maybe bcoz I have never done it before.

Could anyone help,
For example if I have 5000 euros in AIB and I want to invest it for 1 year. However, it should be made available to me when needed urgently. What's my best bet? I saw they have online AIB savers but not unsure if that's the best option for me.

Given that you are already with AIB, you won't go too far wrong with the AIB Online Regular Saver account product. Set up a standing order for 10 EUR per month and wire 990 EUR manually for the first 5 months. Instant access and 2.00% AER variable interest.

JTMan

punisher5112 wrote: »

Ebs and nationwide have savings rate at 3% I have one with tsb and rate dropped to 1.25%

Nationwide UK (Ireland) rate has dropped to 2.50% AER variable.

BorneTobyWilde

Can anyone tell me how you lodge cash in a saving account?
Is that a silly question. I mean can you walk into TSB and hand over 100 euro for them to put into ones savings/

punisher5112

BorneTobyWilde wrote: »

Can anyone tell me how you lodge cash in a saving account?
Is that a silly question. I mean can you walk into TSB and hand over 100 euro for them to put into ones savings/

You can. Also do online or even set up regular saving where 100 can come out each month as example.

JTMan

BorneTobyWilde wrote: »

Can anyone tell me how you lodge cash in a saving account?

Transfer the money via online banking is the simplest way

mansize

EBS works best for me

masterboy123

Thanks everyone for the input.

I am going to try this AIB online saver as mentioned by JTMAN.

But after 5 months, I won't have much of money to deposit. Will it effect?

And how much of DIRT do I need to pay?

JTMan wrote: »

Given that you are already with AIB, you won't go too far wrong with the AIB Online Regular Saver account product. Set up a standing order for 10 EUR per month and wire 990 EUR manually for the first 5 months. Instant access and 2.00% AER variable interest.

PaulM1977

Try Davy Select, they have an online facility and you can pay in and withdraw cash when required with no penalties for doing so.

masterboy123

Thanks.

I have opened AIB Online Saver but I don't understand one thing.
It says "Credit @2.00% upto 1000e and 0.150% above".
Does it mean if I transfer manually anything above 1000e a month, I would get 0.150% credit only?

JTMan

masterboy123 wrote: »

Thanks everyone for the input.

I am going to try this AIB online saver as mentioned by JTMAN.

But after 5 months, I won't have much of money to deposit. Will it effect?

And how much of DIRT do I need to pay?

DIRT is 41% for almost everyone. The bank will deduct the DIRT.

You only need to deposit 10 EUR each month by standing order. Anything above that can be done via an online transfer.

JTMan

PaulM1977 wrote: »

Try Davy Select, they have an online facility and you can pay in and withdraw cash when required with no penalties for doing so.

Davy Select do not pay bank interest a fa as I can see and you might end up with other maintenance charges. This is not a suitable account for savings.

JTMan

masterboy123 wrote: »

Thanks.

I have opened AIB Online Saver but I don't understand one thing.
It says "Credit @2.00% upto 1000e and 0.150% above".
Does it mean if I transfer manually anything above 1000e a month, I would get 0.150% credit only?

No. It is to do with your total balance in the account and not the total wire per month.

Month 1: Anything above 1,000 EUR gets 0.15% interest.
Month 2: Anything above 2,000 EUR gets 0.15% interest.
Month 12: Anything above 12,000 EUR gets 0.15% interest.
Month 13: Anything above 1,000 EUR gets 0.15% interest. (The cycle starts again).

10 EUR must come from a standing order.
You can manually wire as much as you want per month. However, keep in mind the rate tier as per the above.

nhg

masterboy123 wrote: »

Thanks.

I have opened AIB Online Saver but I don't understand one thing.
It says "Credit @2.00% upto 1000e and 0.150% above".
Does it mean if I transfer manually anything above 1000e a month, I would get 0.150% credit only?

It means they pay 2.00% on balance up to €1000 and 0.150% on any balance above this (it's normally the lower interest rate on amounts over €10,000 - just double check - just checked my own online notice & online savings a/c both only paying 0.150% on all amounts! )

masterboy123

It's clear now.
many thanks

JTMan wrote: »

No. It is to do with your total balance in the account and not the total wire per month.

Month 1: Anything above 1,000 EUR gets 0.15% interest.
Month 2: Anything above 2,000 EUR gets 0.15% interest.
Month 12: Anything above 12,000 EUR gets 0.15% interest.
Month 13: Anything above 1,000 EUR gets 0.15% interest. (The cycle starts again).

10 EUR must come from a standing order.
You can manually wire as much as you want per month. However, keep in mind the rate tier as per the above.

PaulM1977

JTMan wrote: »

Davy Select do not pay bank interest a fa as I can see and you might end up with other maintenance charges. This is not a suitable account for savings.

Davy Select have an annual charge of 0.90% and any other investment gains you make are yours, less any CGT that may fall due, you also have an annual CGT threshold where you don't have to pay any tax on the first €1,270.00 you make each year.

coylemj

PaulM1977 wrote: »

Davy Select have an annual charge of 0.90% and any other investment gains you make are yours, less any CGT that may fall due, you also have an annual CGT threshold where you don't have to pay any tax on the first €1,270.00 you make each year.

OP is looking for a savings account, Davy Select is a totally different beast altogether .....

Davy Select is designed for investors who are comfortable making their own investment decisions, without financial advice; this is known as “execution-only”. Execution-Only is not for everyone. You should ensure that you fully understand any investment and the associated risks before making a decision to invest.

http://www.davyselect.ie/about/why-davy-select.html

PaulM1977

Davy Select will allow him to save regularly and not lock his money away which he does not want to do. He can also invest in their low risk GPS fund so that there is minimal risk involved. The return in the low risk GPS fund would be similar to other savings account and is offered as an extra option, I am not saying he should invest in a fund in emerging markets/S&P 500 or put all his cash in to equities, just to explore this as another avenue for him to save through. With financial advice, it is a very viable option for anyone looking to save.

masterboy123

Thanks for suggesting Davy Select. I have limited knowledge about how these financial institutions work, so to be on the safer side I have opened AIB Online saver account.
I may use Davy in future once I an comfortable with these..many thanks. Cheers