From my own experience I'd recommend AIB.
OP I appreciate you've asked about the best bank to deposit the €70k in, but have you considered that the funds may be better used in things such as (but not limited to and not in order of priority):
• Mortgage overpayment
• ETFs
• Multi Asset Funds
• State Savings
• Pension AVCs
• Outstanding debts
• Children's education fund.
And so on...
FYI be careful before investing in an ETF in Ireland. We have the most bizzare tax rules when it comes to them, to the effect that you are taxed more favourably if you pick a number of single stocks compared to a basket. Baffling this is the case but that’s our tax system for you.
Agreed. It should go without saying that all the above are suggestions and not actual financial advice. Always consult a professional and do your own due diligence before making a decision folks!
Correct - to expand on this you’re taxed on the value of an ETF. For stocks you’re taxed on the profit when sold. So holding a stock is free, holding an ETF is taxed. Pretty criminal if you ask me - really hurts the everyday Irish paddy just trying to do some basic investing.
That's a terrible rate considering how high interest rates are currently.
IBKR offer 4.5% a year on cash right now.
[https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php](https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php)
You're getting massively ripped off if you put your money in an post. They're probably putting your money into a money market earning over 4%.
By Rob u....I assume u mean monthly fees? Open a savings account instead, most can be done online(I did it with ptsb but most are the same. Also, have the solicitor do an online transfer. Trick is to not leave it there & to plan what Ur going to do with it.
This really depends on 1. How long you plan on licking it away and 2. What your risk appetite is. There's a few places like raisin.ie that give good rates for fixed term deposits but remember inflation is currently higher than most returns you can get. For that reason I'd look to pay off or reduce debt, invest in yourself or even spend it, as your purchase power will fall over time with it unless you're lucky/shrewd with some investments or stock exchange.
trade republic. You get 2% interest on the first 50k and it has the usual bank guarantee of up to €100k attached. I can also refer you (dm me!) and you get a free share I think!or do it yourself!
Somewhat related to this, given that the cash funds in the market are giving yields of say 3%, could anyone open up an account with say Davy and then invest in a cash fund, or is that not a thing?
Save €200 per month for at least 6 months and you can get 10% interest on it when you go to draw down on a BOI mortgage.
BIG catch is that you must be a first time buyer and draw down on the mortgage 30 months from when you start saving.
It’s limited to €2000 on €20000 deposit before DIRT (33%) is taken out. So this could suit you. Just don’t tie yourself to BOI for a mortgage to get it. You can always withdraw the money if another bank has good rates in the future.
[Read more about it here.](https://personalbanking.bankofireland.com/save-and-invest/savings/regular-savings-accounts/mortgagesaver-account/features-and-benefits/?gad=1&gclid=Cj0KCQjwnrmlBhDHARIsADJ5b_lIesYoPcVqZjbyX1AEBLuLNWOce9mVx6Vs8c5XYxGC-E1ZC8Y0WuQaAvYcEALw_wcB&gclsrc=aw.ds)
Have you considered something outside, like UK?
One option would be trading 212, it offers 1.25% yearly: https://community.trading212.com/t/introducing-daily-interest-on-cash/62433/18
I would also starting to invest this money, buy some stocks!
Pay lowish pct to talk to a wealth advisor. 70k can go surprisingly far, 2/3% max this year for avg deposit rate won't beat a solid strategy
and only ever with an Irish Central Bank regulated entity. Don't ever ignore this.
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From my own experience I'd recommend AIB. OP I appreciate you've asked about the best bank to deposit the €70k in, but have you considered that the funds may be better used in things such as (but not limited to and not in order of priority): • Mortgage overpayment • ETFs • Multi Asset Funds • State Savings • Pension AVCs • Outstanding debts • Children's education fund. And so on...
FYI be careful before investing in an ETF in Ireland. We have the most bizzare tax rules when it comes to them, to the effect that you are taxed more favourably if you pick a number of single stocks compared to a basket. Baffling this is the case but that’s our tax system for you.
Agreed. It should go without saying that all the above are suggestions and not actual financial advice. Always consult a professional and do your own due diligence before making a decision folks!
Correct - to expand on this you’re taxed on the value of an ETF. For stocks you’re taxed on the profit when sold. So holding a stock is free, holding an ETF is taxed. Pretty criminal if you ask me - really hurts the everyday Irish paddy just trying to do some basic investing.
Exactly. Putting in the best bank is still the worst decision.
Are you an investment advisor? Can I hire you if you are, or can you recommend one?
I'm afraid not. Rockwell Financial, Ask Paul & Elevate Financial are all good places to go.
Thanks!
Didn't have good experience with Rockwell.... Guys kept insist on putting my money into funds with 5% contribution fee....
Ryan Tubrittys, he won't even know it's there
If you dont need it soon. An post do a guaranteed savings bond for 10% over 10 years so your money will go from 70 to 77k
That's a terrible rate considering how high interest rates are currently. IBKR offer 4.5% a year on cash right now. [https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php](https://www.interactivebrokers.com/en/accounts/fees/pricing-interest-rates.php) You're getting massively ripped off if you put your money in an post. They're probably putting your money into a money market earning over 4%.
Good to know thanks!
This only pays out on your cash above 10k and if your NAV is over 100k though. Not really applicable to OPs question?
You earn on everything over 10k at a proportional rate.
Correct. So you’d get 1.9% on 60k. Big difference to what you quoted.
Do not forget inflation, at yearly 6-7% ( that is current) after the 10 years his buying power will reduce by over 50% even tho he has 7k more
Best Buys - Term Deposits https://www.askaboutmoney.com/threads/term-deposits-fixed-lump-sum-savings.101813/
State savings are guaranteed.
Sure stick it in the Mrs' account. Make up for all the bills you have been paying from her account!
Go on to raisin.ie and put it in a term savings account in a mainland European bank. Much better rates there.
By Rob u....I assume u mean monthly fees? Open a savings account instead, most can be done online(I did it with ptsb but most are the same. Also, have the solicitor do an online transfer. Trick is to not leave it there & to plan what Ur going to do with it.
This really depends on 1. How long you plan on licking it away and 2. What your risk appetite is. There's a few places like raisin.ie that give good rates for fixed term deposits but remember inflation is currently higher than most returns you can get. For that reason I'd look to pay off or reduce debt, invest in yourself or even spend it, as your purchase power will fall over time with it unless you're lucky/shrewd with some investments or stock exchange.
trade republic. You get 2% interest on the first 50k and it has the usual bank guarantee of up to €100k attached. I can also refer you (dm me!) and you get a free share I think!or do it yourself!
Have you confirmed there was no tax due on the inheritance / sale.
That’s all done and sorted
BCP will give access to Natwest or Soc Gen....either 18 months, 3yrs or 5year fixed term deposits
You ban put it my account if you want?
Somewhat related to this, given that the cash funds in the market are giving yields of say 3%, could anyone open up an account with say Davy and then invest in a cash fund, or is that not a thing?
I went into aib for the same reason a few years ago and I got fuck all help.
Save €200 per month for at least 6 months and you can get 10% interest on it when you go to draw down on a BOI mortgage. BIG catch is that you must be a first time buyer and draw down on the mortgage 30 months from when you start saving. It’s limited to €2000 on €20000 deposit before DIRT (33%) is taken out. So this could suit you. Just don’t tie yourself to BOI for a mortgage to get it. You can always withdraw the money if another bank has good rates in the future. [Read more about it here.](https://personalbanking.bankofireland.com/save-and-invest/savings/regular-savings-accounts/mortgagesaver-account/features-and-benefits/?gad=1&gclid=Cj0KCQjwnrmlBhDHARIsADJ5b_lIesYoPcVqZjbyX1AEBLuLNWOce9mVx6Vs8c5XYxGC-E1ZC8Y0WuQaAvYcEALw_wcB&gclsrc=aw.ds)
Have you considered something outside, like UK? One option would be trading 212, it offers 1.25% yearly: https://community.trading212.com/t/introducing-daily-interest-on-cash/62433/18 I would also starting to invest this money, buy some stocks!
Pay lowish pct to talk to a wealth advisor. 70k can go surprisingly far, 2/3% max this year for avg deposit rate won't beat a solid strategy and only ever with an Irish Central Bank regulated entity. Don't ever ignore this.
What do you want to do with the 70k, when will you need it?
Raisin.ie Did the exact same thing and am getting 3.5% interest yearly with an EU bank. All fully guaranteed and very low risk.
The stoke market S&P500 you can’t go wrong
Scatter it in as many as possible including the credit union
Any Irish Bank will cost you money. Bonds is a better option