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Savings house deposit

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  • 08-03-2021 6:52pm
    #1
    bridest
    Registered Users Posts: 247 ✭✭


    Hello

    I've my savings deposit sitting for my my first home purchase sitting in a deposit account in my bank. Is there anywhere else I could put it? Apart from under the mattress haha
    Could I invest it all in gold? Would the bank then accept the gold as my deposit?

    I'm getting no interest on it and I'm guessing soon it'll attract negative interest!


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    #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,988 Mod ✭✭✭✭Jim2007


    There is only one place for money you need within the next five years - a deposit account or similar type product.


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    #3
    bridest
    Registered Users Posts: 247 ✭✭bridest


    Jim2007 wrote: »
    There is only one place for money you need within the next five years - a deposit account or similar type product.

    Hmmm I've a friend warning me of possible bank bail-ins!


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    #4
    Locotastic
    Registered Users Posts: 754 ✭✭✭Locotastic


    bridest wrote: »
    Hello

    I've my savings deposit sitting for my my first home purchase sitting in a deposit account in my bank. Is there anywhere else I could put it? Apart from under the mattress haha
    Could I invest it all in gold? Would the bank then accept the gold as my deposit?

    I'm getting no interest on it and I'm guessing soon it'll attract negative interest!

    They won't take gold no. When will you need access to it?


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    #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,988 Mod ✭✭✭✭Jim2007


    bridest wrote: »
    Hmmm I've a friend warning me of possible bank bail-ins!

    In that case don’t take financial advice from your friend.


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    #6
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    bridest wrote: »
    Hmmm I've a friend warning me of possible bank bail-ins!

    ... Then you will own the bank. After which you can appoint a loan officer sympathetic to your cause... Sorted


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    #7
    bridest
    Registered Users Posts: 247 ✭✭bridest


    Q&A wrote: »
    ... Then you will own the bank. After which you can appoint a loan officer sympathetic to your cause... Sorted

    Haha sound, no but seriously are there any other options for storing the cash that ain't the good auld bank


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    #8
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,988 Mod ✭✭✭✭Jim2007


    bridest wrote: »
    Haha sound, no but seriously are there any other options for storing the cash that ain't the good auld bank

    Of course there are alternatives, it just depends on who badly you want to own your own home. If you are not too pushed, ask your friend what to do, if you actually want to be sure then keep the money it on deposit at a bank.

    You seriously need to understand the nature of financial risk. Irish Banks T1s are very healthy (ask your friend for an explanation, as a student of bail outs I’m sure they know all about it) and you’ve got 100k government guarantee, so unless you are saving the deposit for a palace, you have zero chance of loosing your money. Why exactly you would put your deposit at risk is beyond reason.

    Your question has been well and truly answered at this point and repeating it again serves no useful purpose.


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    #9
    thunderdog
    Registered Users Posts: 2,675 ✭✭✭thunderdog


    2k cashback (pre dirt) on boi mortgage saver account


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    #10
    FernandoTorres
    Registered Users Posts: 647 ✭✭✭FernandoTorres


    If it gets to the point of bank bail-ins then the good news is that house will be a hell of a lot cheaper! I think you're better off planning for the likely scenario rather than tiny chance of the catastrophic one.


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    #11
    Q&A
    Registered Users Posts: 554 ✭✭✭Q&A


    bridest wrote: »
    Haha sound, no but seriously are there any other options for storing the cash that ain't the good auld bank

    If you won't buy a bank how about a government... State savings products are another option


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    #12
    bridest
    Registered Users Posts: 247 ✭✭bridest


    Jim2007 wrote: »
    Of course there are alternatives, it just depends on who badly you want to own your own home. If you are not too pushed, ask your friend what to do, if you actually want to be sure then keep the money it on deposit at a bank.

    You seriously need to understand the nature of financial risk. Irish Banks T1s are very healthy (ask your friend for an explanation, as a student of bail outs I’m sure they know all about it) and you’ve got 100k government guarantee, so unless you are saving the deposit for a palace, you have zero chance of loosing your money. Why exactly you would put your deposit at risk is beyond reason.

    Your question has been well and truly answered at this point and repeating it again serves no useful purpose.

    Thank you kind sir, you are a gent and a scholar


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    #13
    Locotastic
    Registered Users Posts: 754 ✭✭✭Locotastic


    Couple of important things to consider, amount and frequency of savings, approximate period where you won't want to access funds and very importantly your attitude to risk.

    You'll see your available options quick enough if you can use those considerations to choose a savings or investment option.


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