Sunday 11 December 2016

Lump-sum saving

Published 27/03/2011 | 05:00

If you have a lump sum that you want to put somewhere safe for a couple of years and accrue some interest, there aren't many options.

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The banks generally don't give you much for your savings these days -- in fact, given the bank bailout, we're giving them lots of money instead.

But it's certainly worth checking out Bank of Ireland's new savings product, the Double Your Interest Deposit Account.

Deposit any lump sum between €20,000 and €1m and you'll get a respectable 3 per cent interest in year one. Leave it there for another 12 months and you'll get interest of 6 per cent for your second year.

Best Bank of Ireland: (€20,000 over 24 months) €1,836

Avoid Rabodirect: (€20,000 over 24 months) €503

Saving: €1,333

Contact: bankofireland.ie

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