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UK or Irish Savings account

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  • 01-08-2014 7:40pm
    #1
    swallace001
    Registered Users Posts: 10 ✭


    Hi,

    Just wondering if anyone could give me some advice about savings accounts in Irish and UK banks. I'm working abroad and am going to be sending money back home every month or so. I've got an account in Ireland with AIB and in the UK with Barclays, but obviously I'm not tied to either of those. Anyway just wondering if anyone has any thoughts on whether it'd be better to keep the money in Ireland or the UK, and with which banks?

    Thanks
    Tagged:


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    #2
    fits
    Registered Users Posts: 13,271 ✭✭✭✭fits


    Wherever you get the best interest and lowest charges. Kbc are doing a regular savings account offering 4.5%at the moment if you open a current account before September.


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    #3
    swallace001
    Registered Users Posts: 10 ✭swallace001


    Hi,

    Thanks for that. Just checked online and I think there's a maximum lodgement of €1,000 a month on the regular saver account, which doesn't suit as I'd be sending back a a bit more than that each month. Hopefully...


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    #4
    TopTec
    Registered Users Posts: 1,167 ✭✭✭TopTec


    And don't forget that the Irish tax rate on interest is almost double that of the basic rate in the UK.

    TT


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    #5
    JTMan
    Registered Users Posts: 5,538 ✭✭✭JTMan


    swallace001 wrote: »
    Hi,

    Just wondering if anyone could give me some advice about savings accounts in Irish and UK banks. I'm working abroad and am going to be sending money back home every month or so. I've got an account in Ireland with AIB and in the UK with Barclays, but obviously I'm not tied to either of those. Anyway just wondering if anyone has any thoughts on whether it'd be better to keep the money in Ireland or the UK, and with which banks?

    Thanks

    The first consideration has to be if you want your deposits in GBP or EUR? What are you saving for? Will you be coming back to Ireland? If so, save in EUR.

    The second decision, is will the bank allow you open a non-resident account. Many Irish banks won't allow you open an account if you are non-resident. Some will. How long have you been abroad?


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    #6
    JTMan
    Registered Users Posts: 5,538 ✭✭✭JTMan


    fits wrote: »
    Wherever you get the best interest and lowest charges. Kbc are doing a regular savings account offering 4.5%at the moment if you open a current account before September.

    This is a contingent product where are are forced to have a KBC current account. A KBC current account is subject to fees.

    This is also a promotional product where the bonus rate ends on 30 June 2015. You will only get the bonus rate on small sums.

    It is not worth choosing this over a PTSB current account.
    TopTec wrote: »
    And don't forget that the Irish tax rate on interest is almost double that of the basic rate in the UK.

    TT

    Irrelevant. The decision is not optional.

    The OP can only be subject to tax in one jurisdiction. If the OP is UK resident, then the OP pays UK deposit interest tax. If the OP is Irish resident, he pays Irish deposit interest tax. The decision is not optional.


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    #7
    swallace001
    Registered Users Posts: 10 ✭swallace001


    I already have an account with Barclays as I used to live over there. I haven't lived there since this time last year, but have kept my account open and have transferred money into that account over the last year.

    At the moment I'll probably stay with barclays and open an ISA, in which it's possible to save up to £15,000 each year tax free, but only at a rate of around 1.3%


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