Phone: ( 058 ) 86009 · info@moore.ie

Deposits & Savings

Deposits

Holding cash on Deposit is essential. Unless you monitor your deposit accounts and are constantly searching for the best rate then you are losing out. We understand that deposit accounts are necessary for every portfolio so we offer a facility to monitor your deposits. This is in conjunction with KBC Bank and Permanent TSB. With this service you can be assured you are always getting a competitive rate from the Bank. We also offer Regular Savings Accounts. Savings are simply income which is not spent. This increases your assets and net worth.

A Savings Plan

If you wish to save on a more regular basis, an alternative to the low interest rates offered by retail bank are Unit linked savings plans. Savings can be invested in a wide range of professionally managed investment funds, which accumulate tax free. A unit linked savings plan is a life assurance policy to which the policyholder pays a regular premium, usually monthly, which secure units in one or more unit investment funds operated by the life company, called unit funds. The value of the plan at any time is the encashment value of the units then allocated to the plan at that time.

The policyholder may encash the plan at any time for its then encashment cash value, to provide a capital sum to meet some financial need By investing a fixed amount on a regular monthly basis, the saver is less exposed to the timing risk of investment i.e. investing at just the wrong time before the markets crash, as the investment is spread out over a long period of time. The saver can usually reduce, suspend, recommence or terminate his or her savings at any time.

Unit linked savings plans are generally not suitable for very short term savings needs. Savings can be invested in a wide range of professionally managed investment funds, which accumulate tax free subject to exit tax being deducted from any gain paid out to the saver. The main risks associated with unit linked savings plans that the saver could get back less than the amount saved or the saver could get back less than the anticipated or targeted amount shown to the saver at the outset if the unit fund or funds to which the plan is linked produces a lower investment return than anticipated or assumed at the outset. The plan may produce a return less than inflation, and so the plan value fails to keep pace with inflation.