Best option for lump sum saving?

ciara1052

Hi,

I have been saving using bank or Ireland's regular saver account. However with the account after you hit 10,000 or 15,000 euro (can't remember off the top of my head) the interest you make reduces significantly.

What is the best option for saving once you have hit the threshold for those regular savings accounts? I looked into KBCs 35 day notice account and it seems to be one of the best options?

I take it depositing the money elsewhere makes more sense and then just let the regular saver accumulate up again?

Any advice appreciated

Liam D Ferguson

There's a good Best Buys thread on Askaboutmoney.com.
https://www.askaboutmoney.com/threads/savings-best-buys.90481/

JTMan

ciara1052 wrote: »

Hi,

I have been saving using bank or Ireland's regular saver account. However with the account after you hit 10,000 or 15,000 euro (can't remember off the top of my head) the interest you make reduces significantly.

What is the best option for saving once you have hit the threshold for those regular savings accounts? I looked into KBCs 35 day notice account and it seems to be one of the best options?

I take it depositing the money elsewhere makes more sense and then just let the regular saver accumulate up again?

Any advice appreciated

Your best option is to open up another regular saver account. BoI allow you to have 4 regular saver accounts (1*365 Regular Saver, 2*Goalsaver and 1*Mortgage Saver). Simply open another one. Watch the caps which vary from product to product.

Better still open a regular saver elsewhere. The KBC Extra Regular Saver account pays 2.25% AER Variable provided you open a KBC Extra Current Account and deposit at least 2,500 EUR per month into the KBC Extra Current Account to get free banking.

ciara1052

Cheers for that link Liam.

I went and opened a current account, regular savings and 35 day notice account with KBC (I don't qualify for the extra I'm afraid but when I do I'll definitely move over to them) . I've also open an extra savings account with BOI.

Thanks again for your help - should have done this a good while ago but it's better to do it now I guess.

dennyk

ciara1052 wrote: »

I went and opened a current account, regular savings and 35 day notice account with KBC (I don't qualify for the extra I'm afraid but when I do I'll definitely move over to them) .

If you aren't bringing in enough income to satisfy the €2500 lodgement requirement each month, but you can save up a €2500 lump sum, you can transfer that money (plus whatever your monthly savings deposit will be) from your BoI account to your KBC current account to fulfill the lodgement requirement and then transfer it back to your BoI account; there's no minimum current account balance required, only the monthly lodgement. It does mean you've got that €2500 sitting around not earning interest, but the additional interest on the Extra Regular Savings Account would generally make up for that.

ciara1052

dennyk wrote: »

If you aren't bringing in enough income to satisfy the €2500 lodgement requirement each month, but you can save up a €2500 lump sum, you can transfer that money (plus whatever your monthly savings deposit will be) from your BoI account to your KBC current account to fulfill the lodgement requirement and then transfer it back to your BoI account; there's no minimum current account balance required, only the monthly lodgement. It does mean you've got that €2500 sitting around not earning interest, but the additional interest on the Extra Regular Savings Account would generally make up for that.

Ah right, that makes sense (I don't know why I was under the impression it had to be a direct lodgement from wages or whatever). That's definitely something to look in to now!