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Lump sum on-demand savings options

  • 03-06-2020 8:28pm
    Registered Users Posts: 5,685 ✭✭✭

    Hello folks,

    I'm looking at finally sorting out my savings. I've set up a DD to a savings account already at the maximum amount I can for that account (1000 per month, KBC) but now I'm debating what to do with the odd time I have extra lump sums to save. All along I've just been throwing into CU but not sure if that's any good for my money.

    I've been looking at alternative lump sum options that have:
    • On-demand access
    • If not on-demand at least no more than one month
    • > 0% interest on savings

    It seems like PTSB booster saver is the best option if I make less than 2 withdrawls in a calendar year.. But that feels a tad restrictive. I'm not sure if I can guarantee that I can make less 2 transactions as we plan on buying a house some time in the next few months.

    The other option I was looking at was the Post Office book-based deposit account, but not being able to manage it online and only dealing in cash seems inconvenient.. However it seems to offer the best interest rate.

    I'll probably leave the existing funds in the CU (~10k) but just trying to decide what to do going forward; Continue dumping spare money into CU or set up a new lump sum savings account of some kind.

    What does everyone else do?


  • Registered Users Posts: 5,741 ✭✭✭daheff

    Really depends on your risk appetite, investment time horizon and whether you have the funds earmarked for something particular.

    I have some funds on demand deposit and some more invested in shares.

    In my view investment in any kind of lock up deposit isn't paying anything worthwhile to justify the lock up at the moment.