Apart of EBS saving accounts with better AER, where would you put your money right now?
I wanna know also as I am w tsb and there’s no interest.
Nowhere is matching inflation but State Savings offer the best rates tax free for savings.
Is it reliable to invest on the state?
Very
Absolutely.
Ireland State Savings - State Savings Products | State Savings
You not investing in anything, you are lending money to the state. As a lender what you are most concerned about is the ability to recover the money plus interest and in Europe Switzerland, Germany and Ireland are considered the safest bets. All through the last recession we continued to advise Swiss private clients to buy Irish government bonds for one simple reason: Ireland is a massive net exporter and has been for decades and if you are continually selling more that you are buying you'll eventually work yourself out of any financial difficulty you find yourself in. And we were correct.
I have no hesitation about participating in Irish government savings schemes.
As mentioned State Savings. The longer you invest the better your returns although inflation will eat into it.
Exactly. Inflation eventually will eat it. However better than nothing.
So what’s the best state saving scheme out there?
Say I had 10k cash that I can afford to have tied up for a good while- 10years or so- what sorta money would that look like in 10 years time?
10%
? There’s a state saving scheme offering 10% a year? Can ya link it
Wow 10% yearly return or?
can someone pls share a link?
I am very interested
10% over 10 years! sorry!
Ok I saw the link and went through
looks like 10% is for 10 years.
that’s way too long.
minimum is only 1%.
means if you put in 10k you will get 100 cash in 3 years! That’s way too low.
I’d rather leave it there.
https://www.statesavings.ie/our-products/10-year-national-solidarity-bond
Someone posted a link on another thread to an online service called Raisin Bank that gives you access to banks across the EU. I know nothing about them other than I looked at their website.
Anyone used them before? It seems that all their banks are covered under the EU mandated minimum 100k guarantees (Although that would depend on the country having the funds to cover it after what they have set aside was exhausted)
The rates available were a few percent. I presume that you would just have to pay DIRT yourself in the annual returns and fill out some forms not to have some money withheld from the country the account was in
Jesus that's nothing over ten years, I wouldn't bother.
You simply won't find any savings product that will produce a decent return in this environment.
I'd be wary of using Raisin to be honest. They're a middleman so if they went bust or stopped trading for any reason themselves, you'd have to deal directly with a Slovakian or Croatian bank yourself. Not worth the risk for the fairly meagre returns IMHO. Plus the added hassle of doing your own DIRT returns etc.
For a potentially better return you'll have to take some risk. As it is leaving inflation eat away at it is a risk in and of itself.
Be careful of this. Don’t invest in things you are not familiar with.
Same!!
might be better just spend it or buy SPY ETF when it’s dropped under 300.
They are only a middleman. Banking-as-a-service. Your money is on deposit in a foreign bank.
Well one other advantage of using them, would be that you are spreading your risk across multiple banks in multiple countries. If you have five hundred k sitting in Bank of Ireland, then the bank guarantee here will not cover anything above 100k so you might lose that. (Obviously the guarantee is only as good as the ability of the State backing it but ignore that for now). You could instead have 100k in a bank in each of Ireland, France, Spain, Italy, Germany etc.
DIRT returns are fairly handy. They are only a single line item on Form 11 (I think that is the number/name).
If you have 500k would be better invest in a house and rent? Why bother put in bank w so little interest.
Well perhaps you already have a few houses and that is just your cash. Or maybe you received a lump sum (inheritance or even sold an investment property) and don't want to do anything with it at the minute but want it reasonably liquid for a point in time in the future.
Having 500k in cash to some people might be like other people having 50k in cash. It's all relative. A sole trader could easily have to have over 100k kept relatively liquid in cash too.
Wonder how many people in Ireland have 500k in cash. That’s insane money to me.
It is. But there would be a lot of people who have it. Anyway, the point is still the same as regards having more than 100k.
To respond to another poster regarding State savings, you could put 100k in a 10-year Irish State Savings bond and have 110k in 10 years time, or you could put it in a French guaranteed bank called "Younited" via that raisins yoke and get back 118,482 in 5 years. If DIRT is still 33% then you'd be talking about 112,383 net. (Technically over the guarantee but scale it down if you want). Nothing to shout home about, but you're getting more in half the time commitment.
Or pay off any debt you may have such as a mortgage. T
Can you do additional voluntary contributions to a pension?
You need to appreciate the risk profiles, neither equities nor property meets the requirements of people needing deposit or on call services.
That does not meet the needs of people needing deposit or on call services....
