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Raisin Bank

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  • Registered Users Posts: 1,448 ✭✭✭Asus X540L


    Do you just declare the Interest on a tax return or do you have to complete a CGT return?



  • Registered Users Posts: 5,853 ✭✭✭daheff


    Form 11. there is a section for interest income.


    sorry for your troubles. Form 11 is the bain of my life every year.



  • Registered Users Posts: 12,282 ✭✭✭✭blade1


    You could also ring the tax office and declare it over the phone.

    They are only too happy to take money by any means possible.



  • Registered Users Posts: 11,117 ✭✭✭✭the_amazing_raisin


    I think that's for paying it but you still have to put it in your form 11 at the end of the year

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • Registered Users Posts: 12,282 ✭✭✭✭blade1


    They will amend your tax return.

    Well they have for me in the past but possibly because I'm registered for ros online.

    Either way a quick call and they will advise.



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  • Registered Users Posts: 13,281 ✭✭✭✭Geuze


    I'm sure Form 12 has space for interest income, surely?

    Rather than having to do a Form 11 just for interest income?



  • Registered Users Posts: 4 Werdna87


    It depends on the amount of gain or additional income. Anything below 5k additional income source as a PAYE worker can be done on the form 12 which is a handy click through online form on paye online but if your additional income or gain is greater than 5k in a tax year you are considered self assessed and need to do a Form 11 tax return and is typically done by an accountant.



  • Registered Users Posts: 569 ✭✭✭Long Sean Silver




  • Registered Users Posts: 569 ✭✭✭Long Sean Silver


    interesting and informative. i have just opened my RAISIN account, ID & Proof of Address were acceptable. now i want to transfer some dosh to open an account.

    they've given me their BIC but have not got their IBAN yet.

    anybody know how long it takes to get your RAISIN IBAN?



  • Registered Users Posts: 569 ✭✭✭Long Sean Silver


    just an update for anybody wondering. looks like Raisin are a bit behind due to volume of applications,

    "Thank you very much for your message to the Raisin Bank Customer Service Team!

    We will get back to you as soon as possible.

    If your query is regarding the status of your registration, we would like to inform you that due to the high volume of registrations on our platform, we are experiencing a delay in the processing of the documentation for the opening of your Raisin Account. We are actively working to be able to offer you our usual availability again soon.

    Thank you for your patience and understanding."



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  • Registered Users Posts: 1,612 ✭✭✭Sugar_Rush


    In physics we trust....... (as insanely difficult to decipher as it may be)



  • Registered Users Posts: 1,612 ✭✭✭Sugar_Rush


    I've mistakenly already registered.

    Can I still avail of a referral? (probably not)

    In physics we trust....... (as insanely difficult to decipher as it may be)



  • Registered Users Posts: 1,612 ✭✭✭Sugar_Rush


    Anyone consider "Lightyear"?

    They're a stock market broker that pay 2.75% interest on any non-invested funds.

    As I understand, you just transfer your money into your account, let it sit there and don't invest it (all run through an app) and it accrues 2.75% invest each day, paid monthly.

    So, instant access, no fixed term........ but the temptation to purchase stocks being ever present.

    I never purchased stocks, but I've seen Tesla has risen 0.5% and the temptation is real.

    It's listed on moneyguideireland dot com currently.

    In physics we trust....... (as insanely difficult to decipher as it may be)



  • Registered Users Posts: 1,612 ✭✭✭Sugar_Rush


    I think filling out a "withholding fees" form is an obligation when opening an account.

    Anyone confirm?

    In physics we trust....... (as insanely difficult to decipher as it may be)



  • Registered Users Posts: 1,612 ✭✭✭Sugar_Rush


    Is this the first deposit account you have with them?

    I would be keen to hear experience accounts from depositors that made it to account maturity and possibly reinvested?

    There is some solid interest to be made for sure.

    In physics we trust....... (as insanely difficult to decipher as it may be)



  • Registered Users Posts: 12,282 ✭✭✭✭blade1


    First time. I'll update when the year is up.

    2 months down, 10 to go.



  • Registered Users Posts: 2,954 ✭✭✭downtheroad


    If the interest income is less than €5k then a form12 will do the job. Very easy to complete



  • Registered Users Posts: 113 ✭✭Patches oHoulihan


    Still nobody has said if they got their money + interest back at the end of a term.



  • Registered Users Posts: 12,282 ✭✭✭✭blade1


    Probably no one on here has their fixed term completed.

    Patience Grasshopper 😛



  • Registered Users Posts: 130 ✭✭dickface


    I have my first one ending in 2 days. I will be withdrawing when it happens.

    I will let you know if they have robbed me and don't let me withdraw 😁



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  • Registered Users Posts: 707 ✭✭✭cork_south


    I can't find an answer to this, can someone please explain like I am 5?


    I've 10K at 3÷ with BluOr Bank.

    I've submitted the forms to reduce the withholding tax on the interest from 20÷ to 10÷.

    How much DIRT tax will I owe the Irish government (via form12) when the deposit matures in 2024?I s it 23÷?



  • Registered Users Posts: 11,117 ✭✭✭✭the_amazing_raisin


    EDIT: I should probably have opened with the statement that I am not a qualified tax advisor or accountant, if in doubt please engage a professional to help you out

    So BluOr bank is based in Latvia (you already know this but bear with me)

    There is a double taxation treaty between Ireland and Latvia but from what I can see it doesn't cover DIRT, only income and capital gains taxes

    So the bad news is you'll have to pay tax in both Ireland and Latvia without any refund

    The Latvian side of the equation should be taken care of by the bank, you'll need to settle up the DIRT tax yourself by declaring it on your tax return, more info below

    The page says to enter the "total interest received" into your tax return. My understanding would be the total interest BEFORE withholding tax is deducted by the Latvian government

    To give a worked example:

    Say you earn €300 total interest

    10% (€30) is withheld by BluOr for tax in Latvia

    You enter €300 income from interest on deposit accounts into your tax return. Revenue then calculate your tax liability based on current rates (33%). You now owe €100 in additional tax

    You can either make a payment through the revenue website, or revenue may take some action to resolve this (usually by reducing your tax credits for a year or two)

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • Registered Users Posts: 707 ✭✭✭cork_south


    Thx.

    Oh man, so I must pay 43÷ tax (10÷ Latvian + 33÷ Irish) on the interest earned?

    If I had known that I really would not have bothered with all the hassle involved with setting up the Raisin account/engaging revenue for proof of address/manually posting revenue signed forms to Berlin 🙈



  • Registered Users Posts: 11,117 ✭✭✭✭the_amazing_raisin


    Yeah the Irish government really doesn't like people saving, they want you out spending. Between that and horribly low interest rates on savings accounts, there's really no reward for saving

    The joke is that lower DIRT tax might reduce inflation by encouraging people to save.

    But I guess with the amount on deposit in Ireland being so high there's no incentive to increase savings any more

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • Registered Users Posts: 130 ✭✭dickface


    (Yes i know i got that at just the wrong time and "only" got 1.5% :( )

    So the above screenshot is what happens when it matures.

    It is not immediately available to withdraw, it takes 1-2 days for that to happen.

    I have now requested withdrawal which i assume works !

    Also it is good to see they have added mTAN to the login/withdraw process for some extra security on the site.



  • Registered Users Posts: 1,808 ✭✭✭Patsy167


    Is it wise to lock into the 3yr fixed rate of 3.5% or is it better to wait and see if there are further rate rises in the coming months?



  • Registered Users Posts: 11,117 ✭✭✭✭the_amazing_raisin


    Bit of a dice roll tbh

    ECB are raising rates by 0.25% every month without no signs of stopping before 2024. So rates could in theory be up to 4.75% by year's end (although it's likely the rate of increases will slow before then)

    However the banks offering high savings rates are probably going to be slow to pass that on since they'll argue they had market leading rates already

    So maybe try plugging in an extra 1% to the savings calculator and see how much extra that gets you. If it's €50 then probably not worth waiting, if it's €500 then maybe it is worthwhile

    An alternative approach if you're saving a lump sum might be to invest half now and the other half in 6 months? Gives you a bit of flexibility if rates change

    "The internet never fails to misremember" - Sebastian Ruiz, aka Frost



  • Registered Users Posts: 130 ✭✭dickface


    And I got the withdrawal with 1-2 days. So everything went well.



  • Registered Users Posts: 12,282 ✭✭✭✭blade1


    Did you withdraw the interest and go another year with your original sum?



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  • Registered Users Posts: 130 ✭✭dickface


    I withdrew the interest + original deposit.

    I still have other deposits with them.

    I didn't prolongate because it was a bad interest rate compared to what you can get now.



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