Safe Places To Save Cash In Ireland (With High Interest!)

[@malone_financial]

► Try out Trade Republic*: trade.re/Dan ► Try out Raisin Bank*: raisin-ie.pxf.io/75jyRV ► Try out Trading 212*: www.trading212.com/invite/11QS32TKvw ► Try out Lightyear*: lightyear.app.link/Y3zETUMKdDb ► Try out Bunq*: www.getbunq.app/3JH4H98/225JFQ/?uid=1840

[@johnmc3862]

Excellent advice and video my good friend.

[@mrseaweed1000]

Thanks Dan. Video suggestion if I may! Could you do a walk through on how to file a tax return in Ireland? I’m thinking it would be popular among new online savers/investors to ensure the correct tax is paid, and popular (or regularly shared with!) people who are clueless about taxes to ensure they are claiming all of the credits and reliefs they are entitled to. The Revenue website can be daunting for beginners, and a full walk-through would be incredibly helpful for people. What do you think? :)

[@MrBucko1990]

You are 100% correct. More people need to stop just complaining about Irish banks and hit them where they hurt by moving our billions in deposits to other providers. Surely Revolut should have a chapter in this video? Paying 2% after DIRT and paying the tax for you to Revenue. This simplicity is worth a trade off in rate being offered. Also guaranteed up to €100k. A dedicated chapter on tax return requirements if tax not taken at source by provider would also be prudent for this and all videos of this nature. Most people have no knowledge of this going into your videos so this would be important for them to know to be able to make informed decisions.

[@aineleddy383]

Thanks Dan, thanks to your videos I did sign up to Trade Republic and have had the 4% for over a year and also started investing.

[@jonnywalker5361]

Thanks for the video. Really appreciate your Irish specific financial advice.

[@beautifulcatastrophes463]

I kinda wish I had found your channel before because I had no idea I could safely put in savings anywhere else but thank you!

[@jaroslawmajkusiak629]

Hey lad. I discovered your channel lately and i learned so much. Many, many thanks!

[@TheSimArchitect]

N26 Metal is still paying 4% but you have to pay a monthly fee to keep the account open with that rate. Their terms say they have to warn us 2 months in advance.

[@davemcdermottt]

What about Revolut's new savings account?

[@Konkel529]

I moved from AIB to revolut savings, I feel its much better than AIB for sure.

[@ajarms86]

Was about to ask the same, they just started it and it seems really fair

[@eointhomas2914]

Great vid man, been following you past few weeks, it’s crazy how I still feel guilty for not storing all of my money in a BOI current account losing value !

[@epicswell]

Lol- I used to have that mindset. Maybe it's an Irish thing? Loyalty to an Irish bank that charges you €6 a month for your deposit whilst at the same time earning great interest on your money. Needless to say, I quit that mindset and have not looked back, TR and T212 is great from my experience

[@magicpants3822]

Hes bacccccccccccccccccccck!

[@Slanlus]

Really helpful thanks. Re Raisin accounts with withholding tax, the FAQ says “in most European countries, you will be able to claim back this withholding tax by sending us a certificate of tax residence in Ireland. For countries where the withholding tax cannot be claimed back, you will be able to compensate for the amount when filing your annual tax return in Ireland. You will therefore never be taxed twice on the interest earned…” Doesn’t this mean that, all else being equal, you should go with the best rate, regardless of withholding tax (if you don’t mind a little extra paperwork)? Or am I missing something?

[@karlfoley5221]

Will ireland ever get a stocks and shares isa like england?

[@Docko100]

Grwt video Dan. For Trading 212 you say you are luabable to tax at 41% because it is a mmf. My question is that it looks like Trading 212 invests a percentage of your money with actual banks and a percentage with a mmf. Does this mean the percentage in the banks is taxed at 33% and the percentage in the mmf at 41%?. You can see this percentage at the bottom.

[@mixerD1-]

Good man Malone... thanks again buddy.👍🏼

[@SG.123]

A question on trade republic is the dirt tax applied by them or is it up to the consumer to sort the tax after the fact?

[@Daniele_Irish]

Welcome back Dan!

[@tonybarrett8543]

What about the 1% deposit and withdrawal fee with Trade Republic, no mention of any cons, I was thinking of using Trade Republic, anyone any information on that issue?

[@malone_financial]

That fee is avoided entirely when using bank transfer which you should have no reason not to do! Feel free to let me know of any cons you find that I didn’t mention

[@kamilszos4860]

Can i use my cgt personal exemption from savings account?

[@Anton33175]

Thank you, Dan. I have a question: after that the EU Central Bank lowered the interest rate to 3.75%...how can some EU banks offer more than that? I don't know if this ECB directive is just a guideline but then banks can still decide to give higher interest rates on savings and deposit accounts.

[@reeawn]

Great video 👍 keep them coming

[@paulclarkson5850]

Malone, could you do a video about the dividend tax situation for Irish investors in euro listed shares (ie Germany, Amsterdam)? The US is clear at 15% It makes sense to buy shares in euros, but are we leaving ourselves open to tax headache?

[@BlondePoisonn]

Hello , I’m 16 and wondering so me and my brother said we will save money up together and after 5 years buy a house and flip it , then repeat then buy a more expensive property after then we eventually start fazing into the rental side to keep a passive income . I am confused on legal bills and the process

[@michealhennessy1696]

Its hard to do with capital gains tax etc in the republic. You could do this in northern Ireland or the UK.

[@serdotsenko]

Hi, I heard that BoI started to pay interests

[@joanebf]

Welcome back Malone! Do you know how long it takes to transfer money from TR to a Irish account (Since it's an international transfer)? I put half of my emergency fund on TR but left the other half in AIB just in case I need it immediately.

[@111Lemmings]

It’s in next working day for me

[@alizahoorbhatti]

Hi Dan, can you please explain the Interest calculation methodologies offered by banks as it is important to note if it is compounded interest or annual interest. And compare savings accounts offered by different banks. To simply put, what will i earn in interest if i put 100€ in a savings account every month vs 100€ for a year from different banks after tax.

[@barbarar5869]

Do we only have to deduct DIRT at 33%?

[@SnippetsCutTheBull]

Yes I believe so

[@scotmeaney5013]

With Trade Republic it's 33%, trading212 is 41% because it's technically an investment rather than a deposit

[@MrBucko1990]

Depends on the product (33% or 41%) and the provider as some will pay it to Revenue and pay you the after tax interest while some will pay you the before tax interest and leave you to submit your own Revenue return.

[@barbarar5869]

@@MrBucko1990 My understanding if that none of the products in the video give anything to the Revenue (I could be wrong). But I thought I saw somewhere that there is an extra tax because they are foreign banks. I could have misunderstood this though

[@MrBucko1990]

@@barbarar5869 it is not due to being a foreign bank it’s down to the type of product. Investment accounts are 41% and deposit accounts are 33%. I believe Revolut are the only ones paying Revenue your DIRT and giving you the after tax amount.

[@diarmaidoreilly9587]

Another great video, worth noting n26 offers 2.8% savings account for free- compared to 2% on revolution free account. I know the paid accounts get higher interest

[@garycroft8213]

Interesting, looking at moving to Ireland in the next few years and this just reconfirmed my suspicions that keeping more than just an emergency fund in € cash in Ireland I would barely be able to match inflation after tax. By my calculations if I had €100k in a 3 or 4% account, I would pay 33% DIRT or 41% if in investment account, which would leave between €2-3k after taxes which is just about covering the 2% inflation target to preserve value of the money itself, therevis no surplus to live on at all. I find it somewhat surprising that other earnings or lack of aren't factored in by the Revenue, like a savings allowance or not saving if under the personal allowance, its 33% DIRT even if you have no other income? To me this isn't very progressive or fair, but that is probably a different debate!

[@Daniele_Irish]

Definitely Trade Republic. Good content Dan!

[@Wisdom122]

Great advice. Thanks a mill.

[@reillywayway]

Great work again malone

[@SnippetsCutTheBull]

Eligible vs. Illegible seems to be a source of confusion in this video

[@jonnywalker5361]

You’re right. I think he means to say eligible every time. I think he just needs to work on pronunciation. Good video though.

[@ciarandineen4802]

Managed to get 3.45% TFT Bank with Raisin with no withholding tax....which, i will pay...of course....

[@paldavi2876]

Remember folks .savings is simple intrest learn this well say a 4%on savings is not the same as 4 % on a mortgage totally different

[@farangfangsae447]

In Australia they have offset mortgage accounts. So your exrea funds reduce your interest payments on your mortgage. I don't know why Ire can't do the same.

[@jonno777]

Great info. Bit fast 🌝😁

[@jacklevins9416]

Realistically you're getting max 30 quid for every grand saved, which most people won't have many, much better to use ETFs or trade

[@George-of6rl]

The best place to save your money is your home, without worrying about these crushing taxes and if you want to earn a good interest on your saving just save an additional 3 months, plain and simple

[@floweringcherry5952]

Ми так думали в Україні і втратили можливість там жити.

[@joshwinters1409]

Saving money in your home is a terrible idea, it loses value with inflation making the buying power decrease over time. And its subject to theft. Don't save money -invest money. Put your money to work for you making more money.

[@Pete_YT]

€100k in 2024 only has about €70k of buying power compared to 2019. Even if you invested in the best savings account back in 2019 you would not be keeping up with the reality of price increases. Not smart to put money into savings accounts, you must own shares in high growth companies to keep up.

[@johnmc3862]

It's all relative. Still better than the main banks, little risk and no one wants to pay 41%.

[@WhatAFinance]

can't believe people are accepting 3 something or 4 when US is paying double.

[@leprechaun7667]

When will people wake up and understand Banks are designed to stripe money from a person 🤦🏻‍♂️

[@billyflanagan9657]

Whats your net worth are you really credible?

[@finsterb1]

The way these videos are edited is annoying