What to do with a cheque for £25k

:open_mouth: I know I should be jumping about the place…and I am! But I have the headache as to where to put my money, I have a BOI account and a PTSB account, both have overdrafts I want to pay off and of course I have the obligatory VISA to pay off. I was going to then open a savings a/c with PTSB, just asking the Pins does anybody know a better place to stash my cash (a sofa, bed and soft furnishing fund for when I buy my pad…)for now? Just not somebody who knows a lot about banking and know I am going to take a knock on exchange rates, just wondering where is best and safest place to put say £20k once in euros? :confused:

The first thing to do is to cash it asap.
There are alot of cheques bouncing around the place at the moment.
Then you pay off your highest interest debts.

How about an instant access account with Halifax (called flexisaver a/c) - 5.15% interest on first E10,000 for 1 year, balance at 4%. Good branch network.

Has that merger gone through yet?

I`ll take it

:smiley: Battoneffect you got me all wrong! Want the money ta very much…also the banks I owe money to wld like us to be friends again… :angry: Just really want my few little bob to work for me in the right high interest account that’s all :stuck_out_tongue:

First of all if you have overdrafts and credit card bills then pay those as soon as possible. I don’t know how much of your 25K will be left after that, but whatever it is just stick it in the bank that makes most sense for you, and forget about it.

I like online banking and as little hassle as possible, and a decent interest rate, so I use Rabo. I don’t switch money around constantly trying to find
some bank paying one tenth of a percent more.

I don’t think AT ALL about whether I’ll get my money back. I don’t know of anyone who has failed to get money back. Remember nobody in Northern Rock lost even a penny.

Personally I think if someone is paranoid about the security of your money then they shouldnt’ have it in a bank at all, turn it into cash and keep it in a safe.

I wouldn’t do it, and I think it would actually be a lot less safe than it would be in a bank, (not to mention the lost €1000 in interest) but hey! if you’re paranoid then logic doesn’t really matter.

Just put your money in the bank and forget about it. How much time and energy are you going to spend worrying about this stuff? It’s not worth it.

-Rd

How about 2 apartments in the lovely Cape Verde?
daft.ie/searchinternational_ … 1&search=1

You too could be [*confident in Cape Verde * (https://www.thepropertypin.com/viewtopic.php?f=11&t=14922&start=0&st=0&sk=t&sd=a)!

If it were me I would put it in the Northern Rock:
northernrock-ireland.ie/acco … nd-online/
but if you’re feeling confident in the government guarantee then Anglo Irish:
angloirishbank.ie/Personal_S … m_Account/

Halifax webiste have a savings rate of 5.1% on deposit and 7% on monthly saver.

The 7% is:
halifax.ie/index.jsp?1nID=94&pID=107&nID=122

firstactive.ie/savings/fixed_term/index.aspx

I think this is the best offer on the market for the sum you have mentioned.

First Active is part of the RBS group which is partly owned by the British government so your savings should be very secure also.

8DD Thanks Pins! I am going to pay off debts which are tiny really, about €5k and then get a bit of liquidity in a/c for a few frivolous purchases then put the rest away and forget about it.

FIRST ACTIVE looks v good…

Oh hang on!!! My cheque is not euros its sterling…will this make much diff :blush: forgot that bit!!!

Buy a 3 bed apartment from a Canny McSavy when the market bottoms out.

I’m no expert in trend analysis but looking at the month on month increases in pumpkin futures from January till last month I reckon that’s where the real money is.

Have Irish Permanent still got the 10:10:20 offer going? 10% interest if you deposit a lump sum of over €10,000 for 20 months.

well thats fair enough I wont take it all then, just what you dont want :smiley:
deal?

Would you need it within the next 6 months? if not then First active have a good rate on their 6 month term deposit.

6.34% AER for amounts over 20K, (so half that for 6 months, circa 3.10%), with interest rates on the way down, by locking in a fixed rate now you will not be hit by the decreases.

firstactive.ie/savings/fixed_term/index.aspx

Think its the best on the market- its where I just put my savings. A lot of account are decreasing their rates, see AIB 7 day notice.

If you are willinng to lock it in for 6 months Firsrt Active is good.
If you want instant access I think 5.5% with Anglo (up to 100k) is the best.