Where to transfer Credit Union savings?

galwayhooker

Credit Union will be allowing customers to have only €20,000 in savings so I have to transfer the rest of my savings else where. Just wondering in which place to put the rest of my savings. I have a current account with AIB but I hear the banks will start charging customers to save money. Someone did mention to me An Post. I am single and intend to buy a house in the next few years also.

Spocker

It depends on your attitude to risk; if you want somewhere safe, try State Savings: https://www.statesavings.ie/
If you need to make a gain, get professional advice from a QFA and invest

JTMan

galwayhooker wrote: »

Credit Union will be allowing customers to have only €20,000 in savings so I have to transfer the rest of my savings else where. Just wondering in which place to put the rest of my savings. I have a current account with AIB but I hear the banks will start charging customers to save money. Someone did mention to me An Post. I am single and intend to buy a house in the next few years also.

Yes, AIB are rumoured to be considering applying negative rates but only to very large deposits (possibly 500k or 1m as the threshold). Hence, you only need to consider this if you have very large deposits.

Most deposit rates are near zero.

State Savings returns are highest on longer dated products. You have said that you need the money soon.

Your options include a basic instant access account and/or a regular saver product.

Frozen Veg

Bitcoin.

dublin49

Spocker wrote: »

It depends on your attitude to risk; if you want somewhere safe, try State Savings: https://www.statesavings.ie/
If you need to make a gain, get professional advice from a QFA and invest

Stay away from financial advisors,they will have you risk your money,if it works they take most of the upside and as most likely happens if it fails it all your loss.Don't worry about about ban
k charing you on deposits,it will be tiny money in the scheme of things and probly won't have begun by the time you need your savings.For you holding onto your savings is key ,not speculating.

oEmmao

you can open another account in a different Credit Union if you are within their bond area

Allinall

dublin49 wrote: »

Stay away from financial advisors,they will have you risk your money,if it works they take most of the upside and as most likely happens if it fails it all your loss.Don't worry about about ban
k charing you on deposits,it will be tiny money in the scheme of things and probly won't have begun by the time you need your savings.For you holding onto your savings is key ,not speculating.

Utter rubbish.