Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Savings account for an 18 year old

  • 26-06-2016 1:26pm
    #1
    Gearldine25
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi

    I am just finished leaving cert and starting another full time job again this summer.

    My credit union account took a bit of a dip during the year but now I have 6.9k in savings. Is this a good amount for my age ?? I hope to save another 2.5k again this summer. Am I in a good position?

    My credit union only gave me a divided last year of like 28 euro before dirt would i be better transfering to an aib online saver account to get at least 2 percent interest which would be alot better ?

    Thanks


Comments

  • #2
    iainBB
    Registered Users, Registered Users 2 Posts: 460 ✭✭iainBB


    Gearldine25 wrote: »
    Hi

    I am just finished leaving cert and starting another full time job again this summer.

    My credit union account took a bit of a dip during the year but now I have 6.9k in savings. Is this a good amount for my age ?? I hope to save another 2.5k again this summer. Am I in a good position?



    My credit union only gave me a divided last year of like 28 euro before dirt would i be better transfering to an aib online saver account to get at least 2 percent interest which would be alot better ?

    Thanks

    On that 2% you would have to pay dirt tax of 20 plus % so it's not really 2% .after tax. Great amount for for 18 year old. Now what is your great plan for it.


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


    DIRT is currently 41%. The only problem with the regular saver is that you can't get that rate by lodging the entire €6.9k from day 1. You will have to feed the money in at €1k a month, anything over that will only get 0.15%.


  • #4
    Gearldine25
    Registered Users, Registered Users 2 Posts: 3 ✭Gearldine25


    Sarn wrote: »
    DIRT is currently 41%. The only problem with the regular saver is that you can't get that rate by lodging the entire €6.9k from day 1. You will have to feed the money in at €1k a month, anything over that will only get 0.15%.

    Am i going good at 6.9k is that a good amount to have saved ?


  • #5
    DownOneTourist
    Registered Users, Registered Users 2 Posts: 182 ✭✭DownOneTourist


    Gearldine25 wrote: »
    Am i going good at 6.9k is that a good amount to have saved ?

    Yes that is fantastic at 18! I'm 18 and all I've got is 300 euro in confirmation money that I never spent.


  • #6
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    I would say there are very few 18 year olds who have any saving so you are doing very well. It's a good habit to get into at your age.


  • Advertisement
  • #7
    BorneTobyWilde
    Registered Users, Registered Users 2 Posts: 36,895 ✭✭✭✭BorneTobyWilde


    How did you manage to save that in first place.


Advertisement