Which Savings Account is Best for Me? Derek Keogh Offers His Savings Tips for Winter

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The Head of Personal Savings at Anglo Irish Bank outlines the basics needed when deciding which savings account is best for your needs.

In order to help savers make more money on their money, Derek Keogh, Head of Personal Savings at Anglo Irish Bank, has issued some basic tips you need to know to help you decide which account is best for your needs this winter. With a wide variety of savings accounts and bonds to choose from, coupled with a wide range of savings needs, the decision isn't always easy.

Here are his tips:

Check what rate you are currently earning on your money and aim to beat it. Despite interest rates being at low levels, you should always aim to beat inflation levels in the medium term.

Decide what level of access you want to your funds - if you are not sure, split your lump sum to give you some flexibility, you don't have to keep it in one account.

If you want to have immediate access to all your money, choose a "demand" account, if you can plan ahead choose a short term fixed or notice account, and if you can lock your money for a period of more than six months choose a fixed term savings account or bond.

Regular savings accounts offer higher rates of interest for small, regular savings amounts but be careful to read the small print to ensure that you don't have to contribute every month - just in case some bill comes unexpectedly.

Make the effort - shopping around for a better rate on say, 10,000 euros may give you an extra income of 2% after one year - that's two hundred euro for just filling in some forms, which might help you towards paying, for example, your house insurance costs.

Read the newspapers - most daily and weekend newspapers have personal finance articles, or better still, rate tables. Know what the market rate is and then compare this to what you are earning.

The material contained in this message is for general information purposes only and does not constitute an offer to buy or sell or a solicitation of any investment products or other financial product or service. You should not act or refrain from acting on the basis of any material contained in this message without seeking appropriate professional advice. All information is provided "as is" and without warranties express or implied and Anglo Irish Bank Corporation Limited accepts no liability whatsoever for any inaccuracies, errors, omissions, opinions or misleading information or for any action taken or not taken in reliance on the information in this message. Any expressions of opinion are current opinions as at the date of publication and are subject to change without notice.

Anglo Irish Bank Corporation Limited is regulated by the Financial Regulator in Ireland.

Anglo Irish Bank provides business lending, treasury, personal savings and private banking services to our customers across locations in Ireland, the UK, Germany, Austria, the Isle of Man, Jersey and the USA.

News update released by:

Group Marketing & Communications
Anglo Irish Bank Corporation Limited
Stephens Court
18/21 St. Stephens Green
Dublin 2
+ 353 1 6162000

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