Making the most out of funds to visit Cork
The Irish county of Cork, located in Ireland's south-west, is not only one of the biggest on the Emerald Isle, it is in many ways also the most varied. River valleys and rich farmland compete with wild sandstone hills and a most magnificent Atlantic coastline, dotted with stretches of soft golden sands and rocky headlands.
Spending some time in Cork means being able to take advantage of some of the most scenic walks or tours to places such as Carrigaline, Crowley Way and Glengarriff, or Mizen Head, Bantry and Sheeps Head Way, for instance. Then, of course, there is the Celtic monument tour, while a visit to Cork City is a must for every visit to Cork. Some of the many attractions the area has to offer include country parks, gardens, castles, forts and historic houses, as well as art galleries, cinemas and theme parks.
Naturally, all this costs money. Although the prices of accommodation in the area are typically affordable, there is the travel there in the first place - it will be necessary to have transport and of course a family will need some spending money to make the most out of their experience. For the average family, this will mean having to accumulate the funds before they can take off and enjoy one of Ireland’s most beautiful counties. Because current accounts typically offer dismal interest rates, the safest way to get these funds together comparatively quickly is to find a good, high interest savings account.
To start with, a family will have to determine whether they can actually afford to put money aside without the need to access it at any time. ISAs, for instance, offer a choice of two basic options. These options include the instant cash versions, where funds can be accessed at any time, or the fixed rate options, many of which either do not allow access at all during the term time, or will charge a penalty for withdrawals.
Minimum investments for the instant cash options tart at £1, whereas the fixed rate options typically begin with investments of between £100 and £1,000. Another good alternative are savings bonds. Here, money will definitely have to be locked away, as withdrawals are typically only possible under exceptional circumstances, and then only with significant penalties.
The individual savings account options are all subject to upper limits, as the funds accrued in these accounts are exempt from taxes. For a holiday fund, this is naturally an excellent opportunity to make the most out of the available budget. Both these fixed rate ISAs and bonds are typically available for terms of 12 to 18 months, 24 months or three years and above. For bonds, the minimum investments required can range from £1 to £50,000.
With regards to savings rates, instant cash ISA options are among the best on the market for instant access savings, while those of the fixed rates variations are only comparable to the excellent AERs offered by bonds. AERs on both of these choices can vary significantly, depending on the term, the bank offering the particular deal, etc. It is quite possible to get interest at a rate of between 3.55 and 4.8 per cent on some of the best options currently available.
Naturally, which will be the best possible choice will ultimately depend on how long a family wishes to lock away their funds, if at all, and how much they are able to invest. There is little point in going for an option requiring, say, a minimum investment of £50,000 if this is not going to be possible.
On the other hand, the ability to invest a little more over a longer period of time would miss out on potentially much higher earnings if the funds were invested in an instant cash option requiring only £1 as a minimum deposit.
It becomes clear that it is advisable to carefully consider one's available budget, decide on how long for it can be locked away, if at all, and then get as many details on the available choices as possible.
These details can then be thoroughly compared against each other. Taking such things as minimum deposits required, term times, potential penalties for withdrawals if the need should arise to access funds after all, as well as a range of other terms and conditions and obviously the applicable rate into account is important, as all of these factors will vary.
Only by considering all the factors involved in each of the possible options can an informed decision be made. Doing this may seem like a lot of effort, but it will avoid costly mistakes, make the most out of the invested capital and have the funds for a holiday in Cork saved up in no time.