Looking to open up a Savings Account for the first time. Need some advice.

Tommo3434343

Hi all,

I'm a bit clueless when it comes to all things financial so I'd love some advice if some of you wouldn't mind. I'm a 27 year old secondary school teacher on a contract until May (so not permanent). The moneys not amazing or anything but it should be enough to try to save 200-400 euro a month as I have no dependents. I'm living in Dublin. I've never really saved before so I feel like I should start. I currently only have a Bank of Ireland Current Account. Where would people recommend that I set up my savings account and what would be some of the benefits of doing so there?

Thanks a mill for the help.

ct5amr2ig1nfhp

I would recommend you take a look over on askaboutmoney.com (Savings Best Buys). You should also consider prize bonds, state savings etc.

Depending on your appetite for risk, you could always look at other options - stocks, p2p lending etc.

mrmurphster

Try bonkers website for comparison of different savings accounts. Sorry can't post links yet

Tommo3434343

The bonkers site seems to rate KBC as the highest. Would people here recommend them as a good bank to open a savings account with? I've never dealt with them. Again, I'm clueless with all things financial.

bmc58

Go to your local Credit Union,handy in the future if you need a loan and you have a good record of saving.

topper_harley2

If you've never saved before, just start. Interest rates are so rubbish that account x versus account y is fairly irrelevant. Just open a regular saver and set up standing order for E400 per month. Just get started!! Forget ETFs, bonds or anything related with investing. You need to start saving first. Someone linked the ask about money best buys above. Pick whichever regular saver you like, and open it ASAP.
Ensure its a regular saver so you can "set it and forget it". Do that for 12 months and come back to us then, with E4800 saved. That is called an emergency fund, do not spend it.

PHG

I understand you want to save, but do you have a pension?

Irish banks are rubbish for a decent savings rate. Prize Bonds probably the best out of a bad bunch.

Tommo3434343

I'm a secondary school teacher so money comes out of every paycheck for my pension.

All great advice guys. Thanks. Just in addition to my query about where to save; would having money in a savings account with another bank help my prospects of getting a mortgage somewhere way down the road?

topper_harley2

The banks only care if you can repay. Days of getting mortgage due to having savings in same bank and being a loyal customer are long gone.
Hence saving in bank X and applying for mortgage in bank Y is no issue, once they see you have history of saving somewhere regularly.

beechwood55

Treat your savings as a bill to be paid - same as rent, utilities, health insurance etc.
That means you won't dip into it easily.

Tommo3434343

All great advice. Really helpful. Thanks folks.