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Savings on deposit: switcher options as Ulster and KBC leave the market

If you are a customer of Ulster Bank or KBC with savings on deposit, now is the time to consider where to move your money.

While both banks will continue to offer services for the foreseeable future and there is no immediate need to switch, taking action now to review your options will put you in the driver’s seat, rather than waiting for your money to be sold on to another provider without your input.

Now more than ever, the rising rate of inflation means proactive monitoring and management of your money is critical.

In June, the Central Statistics Office (CSO) reported inflation hit 7.8 per cent in May, rising to its highest peak in 38 years.

Inflation has a particularly negative impact on deposits, eroding the value of your money as inflation rates rise, making it worth less at the end of the term than when it was first lodged.   

That means traditional thinking that money is safe in a deposit account no longer applies.

So what alternatives are available that help protect the value of your money while inflation rages?

There are a range of investment options for regular savers, lump sums or both that help to grow your money over time.

For example, Zurich offers a regular savings plan for savers contributing as little as €100 a month. It’s ideal for people saving towards a particular goal and provides access to a range of investment funds with the option to tailor your investment to your preferred level of risk. Regular saving also helps to manage the impact of market highs and lows on your money.

Zurich’s Investment Bond is a good option for people with a lump sum to invest, such as a deposit that has become available, or an inheritance or redundancy package. This option offers access to equity funds, bond funds, cash funds, and funds with a combination of assets, and the flexibility to switch funds whenever you want. It’s also a great option for investors who want to take a regular income from their bond.

There are a range of other investment options on the market that are also worth considering, such as the Global 85% Progressive Protection Bond. This investment options aims to produce returns from a multi-asset portfolio while providing investors with 85% continuous capital protection of the highest Net Asset Value (NAV) ever reached. That means as the investment’s Net Asset Value (NAV) rises, the protected capital amount does too.

The Global 85% Progressive Protection Bond’s investment strategy is linked to the Fundsmith Global Equity and PIMCO Global Investment Grade Credit Bond Funds. It is an open-ended investment with daily liquidity and pricing, no fixed investment term, no early encashment penalties, and is considered a low-risk investment (SRI level 2 out of 7). It requires a minimum Investment: €25,000.

There are plenty of options available for switching your deposits before they get sold on to another bank.

Our financial advisors can provide you with expert advice about alternatives that suit your individual risk profile and help grow your savings in alignment with your long term financial strategy.

Give our team a call today on 091 670 123 to explore your options, we would be delighted to help!

 

 

 

 

 

 

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Hennelly Financial Services Ltd. t/a Hennelly Finance & Health Insurance Shop is regulated by the Central Bank of Ireland. Directors H. Hennelly, R. Hennelly. Registered in Ireland, Company Reg No: 32727.
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