Blog – McCarthy & Associates – Galway Talks, 18/06/2015

Question: I am looking to save on a regular basis and am wondering which bank has the most attractive rates?
Answer: The most attractive rate at the moment is from KBC Bank who pay 3.5% gross on amounts ranging from €100 – €1000 per month. It is important to remember that this is only for regular savings amounts and does not apply to lump sums.

Question: I have an expensive Whole of Life Policy which I do not need. Would it be a good idea to cancel this and move pay premiums into an AVC?
Answer: Whole of Life policies as the name suggests cover you for your entire lifetime and become more expensive as you get older. If you do not require the life cover on this policy you could cancel it and move the premiums into an Additional Voluntary Contribution (AVC), where you will also receive tax relief on the premiums.

Question: I am Self Employed and 60 next year. I understand that I can access my pension at that time. Do you think this is a good idea?
Answer: Yes, you can access a personal pension plan once you are over 60. I think it would be a good idea for you to get access to the 25% tax free lump sum and utilize the balance in an Approved Retirement Fund. Alternatively you can allow your PPP to continue and drawdown your benefits in the future, however remember values will fluctuate.

Question: I recently discovered that my credit record was incorrect. What should I do about this?
Answer: The credit bureau is essentially a data house compiling the credit records from various lenders. If there is an error with the repayment record on any loan that you have, then you should revert to that lender straight away and have it rectified. I would also recommend, for anyone who has never checked their credit record, to do so to ensure that it is up-to-date and this can be done through the website at