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Place to put rental income that will produce interest.

  • 11-10-2018 3:57pm
    #1
    Wexford96
    Registered Users, Registered Users 2 Posts: 247 ✭✭


    My loan on a property will be over soon. That will leave me with 2500 EU per month income from that property.
    I would like to save that income each month in some kind of interest account. I've always heard about the power of compounding. Is there some way I can make this money work for me. I don't intend to need the money for everyday life and want to make it grow in a risk-free consistent way.
    Thanks for reading.


Comments

  • #2
    Browney7
    Registered Users, Registered Users 2 Posts: 3,100 ✭✭✭Browney7


    Wexford96 wrote: »
    My loan on a property will be over soon. That will leave me with 2500 EU per month income from that property.
    I would like to save that income each month in some kind of interest account. I've always heard about the power of compounding. Is there some way I can make this money work for me. I don't intend to need the money for everyday life and want to make it grow in a risk-free consistent way.
    Thanks for reading.

    If you want risk free returns and long term, 10 year solidarity bond might be what you want - poor return though!

    If you are willing to risk losing some of the initial investment in the short to medium term you could look at equity ETFs.

    Must be some property if it's yielding 2500 a month after tax


  • #3
    Doodee
    Registered Users, Registered Users 2 Posts: 6,420 ✭✭✭Doodee


    Browney7 wrote: »
    Wexford96 wrote: »
    My loan on a property will be over soon. That will leave me with 2500 EU per month income from that property.
    I would like to save that income each month in some kind of interest account. I've always heard about the power of compounding. Is there some way I can make this money work for me. I don't intend to need the money for everyday life and want to make it grow in a risk-free consistent way.
    Thanks for reading.

    Must be some property if it's yielding 2500 a month after tax
    If not after tax then remember to keep 20 - 40% back for your annual tax bill depending on your level.

    With regards to investing maybe read through the prize bond thread for an idea of returns but it would be a safe place to store your money.


  • #4
    Wexford96
    Registered Users, Registered Users 2 Posts: 247 ✭✭Wexford96


    l'll read through the prize bond thread then. I'm not willing to risk any of the initial investment. I'm just looking for the absolute best place to get max return on the amount Ill be putting away monthly.
    Thanks for your advice.


  • #5
    phantom_lord
    Registered Users, Registered Users 2 Posts: 10,894 ✭✭✭✭phantom_lord


    https://www.bonkers.ie/compare-savings-accounts/


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