Dublin (PRWEB) October 30, 2009
In a continuing effort to help you make more of your money, Derek Keogh, Head of Personal Savings at Anglo Irish Bank, outlines the basics you need to know to help you decide which savings account is best for your needs. 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 Derek's tips on comparing the best savings rates:
- Interest frequency - check if the interest is paid monthly, quarterly or annually. Always ask for the annual equivalent rate to allow you to compare the overall return.
- Tax - Deposit tax is deducted from interest at source from your account when the interest is paid in, but you may be able to reclaim it back from your local tax authority, so check that out as reclaiming this tax may result in you getting a higher return on your investment.
- Aim to beat inflation - "Real" interest rate is the rate you earn less inflation - so if inflation is higher than the interest rate you are earning, then you are actually getting a negative return in real terms.
- Watch for penalties - these will reduce the effective return you get on your savings account. Some penalties can be imposed when you break the terms of your savings contract, for example withdrawing your funds early or giving insufficient notice when you withdraw your funds.
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.
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Anglo Irish Bank Corporation Limited
18/21 St. Stephens Green
+ 353 1 6162000