Saving and investing

It’s always a good idea to plan for the future by saving or investing your money. Saving for something short term like a holiday or Christmas means you will have some money put aside when the time comes. It’s also important to have some money saved for a rainy day – just in case something unexpected happens and you suddenly need to pay for things.

If you are saving for the short term, you will want to get access to your money at short notice, earn some interest and keep your money safe. You’ll need to decide how much you can save, but it’s a good idea to pay off your outstanding debts if you can first.

Longer-term saving might also involve investing, so that you can grow your money and be able to afford something in the future, for example your retirement, or your children's education. Most investments involve an element of risk, but over the long term they may give you better growth than savings or deposit accounts. It’s important that you understand this risk and return on your investments.

The government has compensation and guarantee schemes in place to ensure savings and investments in Irish banks.

You might also want to get some financial advice on how best to save or invest your money, and to help you decide which savings and investment products suit you best.

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