How to get that bigger deposit together for your dream home.
Sunday Independent 8 February 2015
"Rory Nelson, founder of the Galway Investment & Pension advisers Nelson Life, believes that house-hunters should stick with ordinary savings accounts and avoid any investment risk when saving up for a deposit.
At 4.5pc interest, KBC Bank's Bonus Regular Saver account pays the best interest rate on regular savings. However, you must open a current account with KBC to get the 4.5pc interest - otherwise, you'll earn 3.5pc."
"Are there assets you could sell to accumulate extra cash such as share schemes, shares, your car and so on," said Mr Nelson. You may be able to cash in some of your pension additional voluntary contributions (AVCs) - if you have them. "You have the option to access up to 30pc of your AVCs if you are a member of an occupational pension scheme," said Mr Nelson. "You will have to pay income tax at your higher rate. The deadline to take up this option is March 27, 2016."
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