Trade Republic offering 4% savings account (previously 2%)

bugsyb4

https://www.boards.ie/discussion/comment/120488688#Comment_120488688

Yeah each trade I placed last month cost me €2 so yeah all in was €10 in total.

@sfatih check your PM I sent you a message for your contact details so I can Revolut your share.

If anyone else wants to use my link I will split it 50/50 as above, thanks.

https://ref.trade.re/8hv5kd15

ggmad

https://www.boards.ie/discussion/comment/120489048#Comment_120489048

All in cost for me was €6

Make 5 individual buy trades of the same stock and sell them all in the one sell trade

If anyone wants to use my link I’d really appreciate it, I’ll split the bonus 50/50 with you: https://ref.trade.re/7qfft5bb

If any has any questions on the platform feel free to reach out!

Firbolg

Why are some folk continuing to spam this thread with referral links when it's made abundantly clear that referral links/codes of any sort are not permitted here..?

Muahahaha

Anyone know is 50k the max limit to hold in these accounts or just the limit that they will pay 2% interest and anything over 50k gets 0%?

AlmightyCushion

https://www.boards.ie/discussion/comment/120515156#Comment_120515156

From what I remember, 50k is just the max you will receive interest on. If you have more than 50k, you get 2% on the 50k and nothing on the rest. If you have more than 100k, then only 100k will be covered by the deposit guarantee scheme.

Muahahaha

https://www.boards.ie/discussion/comment/120515185#Comment_120515185

Thanks AC thats what I thought the position is too but just wanted to clarify before setting up an account. It suits me well as I want to park some money before deciding what to do with it later this year and 2% interest is as good as things get right now, at least it is some hedge against inflation

Muahahaha

Tried setting up an account but at the selfie stage after taking 3 selfies all Im getting is 'Processing' and the circle of death spinning around forever. Back on the website clicking 'Try Again' leads to nothing. Ive tried it 4 times now but cant get beyond that processing stage, anyone else have this problem and how did you get beyond it

JTMan

https://www.boards.ie/discussion/comment/120515513#Comment_120515513

It took a few goes for the selfie to process for me but it worked in the end.

It could be light in the room or multiple other things. Keep trying.

Muahahaha

https://www.boards.ie/discussion/comment/120525208#Comment_120525208

yeah I just couldnt get it to work, I had about 5 or 6 attempts but kept getting the circle of death after Id taken the selfies. Tried taking them up against a white wall and then outside in the sunshine and that didnt do it either. I'll give it another go over the weekend but am not hopeful about it working for me which is a shame as I dont think anywhere in the Irish market is offering 2% on savings

ForzaForward1

Interest was paid today. It's very satisfying having the message on the phone on the first of every month to tell you it's been credited to your account

doc22

I'd prefer if the interest was paid net. This monthly gross interest leaves a tax bill to be sorted

optiplexgx270

How do you go about declaring the interest in ROS. I've logged in but cannot see any place to enter information for foreign interest earned. I would be a PAYE normally and would not have a need to enter anything else other than the odd health expense. I dont see an option that makes sense to me.

I see mentionof on Google of a form 11 all over the place but that seems like a lot of work figuring out everything just for interest from raisin and TR.

Anyone know the procedure? Thanks

sonyvision

Do you submit any return to revenue every year?

Open up revenue and login, manage your taxes for last year. Under the 3 step I would declare it under EU other forgiven interest received. The money is held in Germany and you receive 2% interest.

optiplexgx270

https://www.boards.ie/discussion/comment/120544086#Comment_120544086

No not sure I ever have.

So towards the end of this year I file a tax return for 2023 is that it? Or do I do it in early 2024? I don't see an option to enter foreign interest into the current year. When I look at 2022 I can see on step 3 what you are taking about but how do I do that for the current year?

From reading more, as i opened my TR account in April 2023 I can file a 2023 tax return in 2024 up to the 31st of October with all the interest earned in 2023 which will be charged at 40% as I am on higher income tax range and the non paye income is under €5k, going over this would then include an additional 4% PRSI.

Is that the situation?

Thanks for the info so far.

sonyvision

You do it in early 2024 for 2023 tax year, there is no need to declare it during the tax year the money is to small its not sole trader its passive income and is a small portion of your overall PAYE income.

If you really want to be square with revenue, go into manage payments and pay that tax liability for 2023 for whatever you think the extra income will be.

The income is deposit income and should be taxed at DIRT level so 33% (or whatever the rate is now) if its other item such as COMMISSIONS or a BONUS you pay USC and TAX but don't worry revenue will calculate all that for you and deduct it from tax credits if you didn't make a future credit.

If your anyway unsure just give revenue a call they will be more then happy to talk you through the steps etc at the end of the day its in there interest you pay the correct tax

mydiscworld

Wasn't aware the interest paid is the gross amount and not net of DIRT.

Never had that issue before with other banks/credit unions operating in Ireland, very annoying to have to declare it yourself.

optiplexgx270

https://www.boards.ie/discussion/comment/120549456#Comment_120549456

TR is not operating in Ireland. Also no bank in ireland is giving you 2% with no term. You just have to do some work for your money :)

doc22

https://www.boards.ie/discussion/comment/120549456#Comment_120549456

FYI under CRS all interest paid, account balances and transactions into account will be reported to Revenue. If you had money in an irish account Revenue would know nothing and I believe banks only report interest if it breached a certain amount as DIRT already paid.

GasSnake

Anyone having the same problem when requesting a withdrawal to Revolut? Made a request on 31/03 and was told there's a technical problem and keep being told to be patient, still haven't gotten the money today...

theglobe

Please PM me a referral code.

DopeTech

https://www.boards.ie/discussion/comment/120594757#Comment_120594757

Pm sent

theglobe

When does the interest actually get paid?

DopeTech

Before the end of today.

Cape Clear

In my account a few hours ago. Usually before dawn.

otterj

Anyone ever request a bank statement from TR? I requested one over two weeks ago and they still havent sent it, this is despite the fact that i have to pay €25 for the privilege of doing so.

Cape Clear

https://www.boards.ie/discussion/comment/120666632#Comment_120666632

They provide a quarterly statement on the app, would this be sufficient?

otterj

https://www.boards.ie/discussion/comment/120666725#Comment_120666725

No, need an up to date for a mortgage application. Really poor customer service especially when your paying €25 for a pdf document.

wassie

Besides the eye watering cost for the statement, its actually pathetic that a tech platform won't allow you to generate a PDF instantly for what is essentially an automated function.

Maybe make a few noises on social media and call them out and you might get a response.

Cape Clear

Unfortunately this isn't unusual for the fin techs. There's plenty of stories on this forum documenting people's experiences of dealing with robots trying to get issues sorted.

Social media might be the way to go. I remember a few years ago three mobile getting very responsive to a colleagues negative tweet. Previously they had ignored emails and calls about the issue.

Mantis Toboggan

Any referral links lads? PM.