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Put 10k in prize bonds or savings?

  • 31-08-2020 12:03pm
    #1
    jayjay2010
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭


    Want to park 10k aside. May be short, medium or long term, haven’t decided yet. It is separate from my emergency fund. Saving account interest rates are obviously abysmal but I don’t want to invest this money. Would buying 10k prize bonds make sense? As far as I know, if I want to liquidate those it’ll take 3 months, which I expect to be fine with as this is not emergency money.

    Any ideas?


Comments

  • #2
    Irishphotodesk
    Registered Users, Registered Users 2 Posts: 1,896 ✭✭✭Irishphotodesk


    An post state savings account ? If it's money you can put aside decent interest rates are available.


  • #3
    Hibernicis
    Registered Users, Registered Users 2 Posts: 1,739 ✭✭✭Hibernicis


    jayjay2010 wrote: »
    Want to park 10k aside. May be short, medium or long term, haven’t decided yet. It is separate from my emergency fund. Saving account interest rates are obviously abysmal but I don’t want to invest this money. Would buying 10k prize bonds make sense? As far as I know, if I want to liquidate those it’ll take 3 months, which I expect to be fine with as this is not emergency money.

    Any ideas?

    It makes sense - a lot of people hold money in prize bonds for short-medium periods, E.g. self employed hold tax money there pending payment in November.

    Just to be clear, you can’t sell them in the first three months after purchase, but after that it takes roughly a week or so to encash them.


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