Before choosing a savings account, there are a number of questions that you should ask to ensure that the account suits your needs. It is important to read the 'small print' associated with each account to familiarise yourself with the various terms and conditions. Common queries that arise include the following:

Interest Rate
Check how long the advertised interest rate is valid for i.e. will you only benefit from this interest rate for a certain period of time (1 month, 3 months etc) and then be downgraded to a lower rate?

Minimum Balance
Establish whether or not an account has a minimum balance restriction. Some accounts have a minimum balance associated with them and if your account goes below this minimum balance you then receive a much lower interest rate.

Maximum Balance
Most savings accounts will have a maximum balance restriction either by limiting the amount that you can lodge to the account each month or by putting a ceiling on the total amount of funds that can be in your account at any one time. In some cases, if you exceed the maximum balance, the interest rate you receive on these additional funds will be lower.

Withdrawals
It is very common for savings accounts to have restrictions regarding the amounts and frequencies of withdrawals. In general, the small print will specify how often and how much you can withdraw from an account and still attract the same interest rate. If you exceed the stated amount of withdrawals allowed your account then attracts a much lower interest rate. It is very important that you familiarise yourself with these restrictions so that you can choose an account that suits your needs with regards to accessing your funds.

Monthly lodgements
Some savings accounts will require that you make monthly lodgements to them and will specify a minimum and maximum amount that you can lodge. There may be penalties should you fail to lodge the minimum amount in any given month such as a lower interest rate or a loss of interest already earned so it is important that you establish whether or not these restrictions apply.

Contact IrishSavings and we will guide you through the 'small print' and ensure that you choose an account that best suits your needs.