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Where to keep deposit

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  • 09-10-2020 9:21am
    #1
    Brianmwalker
    Closed Accounts Posts: 119 ✭✭


    I've my deposit in a 35 day notice to withdraw account. Curious to know how quickly does the deposit need to be handed over once gone sale agreed?
    Where are people saving their deposits?


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    #2
    cruizer101
    Registered Users Posts: 3,205 ✭✭✭cruizer101


    There are two kinds of deposit.
    First is your mortgage deposit, it is minimum 10% of purchase price, 20% for non-ftb.
    The second deposit is the booking deposit that you give to estate agent after going sale agreed. It tends to be around 5k, there is no set figure. It's that amount that you will need to have quicker access to.


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    #3
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,629 Mod ✭✭✭✭Gumbo


    Brianmwalker wrote: »
    I've my deposit in a 35 day notice to withdraw account. Curious to know how quickly does the deposit need to be handed over once gone sale agreed?
    Where are people saving their deposits?

    Booking deposit which is about €5k is usually required there and then when booking the house. Otherwise another person can walk in after you with the draft and take the house.


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    #4
    Brianmwalker
    Closed Accounts Posts: 119 ✭✭Brianmwalker


    Thanks so it would take longer than 35 days to get through the paperwork once I've the 5kish paid


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    #5
    awec
    Administrators Posts: 53,487 Admin ✭✭✭✭✭awec


    If you're buying a new build it could be a lot quicker than 35 days.

    When I was buying I moved my deposit out of the savings account with the delayed access into an immediate access one. The interest rate is lower, but interest rates suck anyway and the potential earnings are insignificant.


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    #6
    Brianmwalker
    Closed Accounts Posts: 119 ✭✭Brianmwalker


    awec wrote: »
    If you're buying a new build it could be a lot quicker than 35 days.

    When I was buying I moved my deposit out of the savings account with the delayed access into an immediate access one. The interest rate is lower, but interest rates suck anyway and the potential earnings are insignificant.

    Any idea of the time line if its a second hand home?


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    #7
    mojesius
    Registered Users Posts: 4,324 ✭✭✭mojesius


    Brianmwalker wrote: »
    Any idea of the time line if its a second hand home?

    It depends on how quickly both parties have their ducks in a row (survey, loan offer, contracts issued between solicitors).

    For us, it was 4 weeks from sale agreed/booking deposit to contracts signed and 10% deposit paid, but both solicitors moved pretty fast as we both wanted a quick sale.


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    #8
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,629 Mod ✭✭✭✭Gumbo


    Brianmwalker wrote: »
    Any idea of the time line if its a second hand home?

    Did you view the property and are happy to proceed?


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    #9
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,933 Mod ✭✭✭✭L1011


    I would move it out of the notice account to a specific deposit account - if you don't have one most banks will allow near instant setup of one, KBC was actually instant for me a few weeks ago.


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    #10
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    The interest is so meaninglessly low anyway in all accounts that it’s not really worth the hassle of having it in a 35 day notice account.


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    #11
    awec
    Administrators Posts: 53,487 Admin ✭✭✭✭✭awec


    Kellen Crooked Nutcracker wrote: »
    The interest is so meaninglessly low anyway in all accounts that it’s not really worth the hassle of having it in a 35 day notice account.

    Yea exactly.

    The only real benefit to these notice accounts these days is they make accessing the money difficult which means you're much less likely to ever spend any of it on a whim.


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