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advice best saving/investment

  • 24-01-2020 1:45pm
    Registered Users Posts: 12


    I have small sum (20,000) saved for a mortgage deposit.

    I wont be in a position to apply for the mortgage until early 2021 because of work contracts.

    I want to find the best place to store my deposit until then that will give me the best return while remaining relatively easy to access without loosing too much benefit.



  • Registered Users Posts: 3,087 ✭✭✭Static M.e.

    Credit Union or Bank - Probably in your current bank if they have competitive mortgage rates.

    If you were to invest it, then you risk losing a portion of it. I would not invest my mortgage deposit.

  • Registered Users Posts: 475 ✭✭PHG

    Hi OP,

    To reiterate, as it is your mortgage deposit stay in cash. As stated above, Bank (KBC do 1.35% I think with up to 10,000 deposit then allowed to deposit 1000 each month thereafter) if you hold an Extra Saver Account or nothing in the Credit Union or if you want to feel like you're gambling then Prize Bonds :D. i am not sure if there is a notice period to release the cash for this e.g 30 days.

    The return is pure sh*te in Irish banks but as you cannot afford to lose this cash (I am assuming it from your post) best to keep it in nothing risky and not lose anything.

  • Registered Users Posts: 12 regularjoe_12

    Thanks for the advice!

    I already have the KBC extra regular save and saving the max each month as is but will definitely drop 10k here.

    It leaves me another 10k that i just dont want hanging around my current account but i suppose maybe a fixed rate deposit is only secure option. Ill look into a credit union to as i dont currently have one :)