Apart of EBS saving accounts with better AER, where would you put your money right now?
Found this on their website:-
All interest rates displayed are Annual Equivalent Rates (AER), unless otherwise explicitly indicated. The AER illustrates what the interest rate would be if interest was paid and compounded once a year. This allows individuals to compare more easily what return they can expect from their savings over time. Raisin Bank, trading as Raisin.ie, is authorised/licensed or registered by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany and is regulated by the Central Bank of Ireland for conduct of business rules.
https://registers.centralbank.ie/FirmDataPage.aspx?firmReferenceNumber=C124939
Bunq offer 1.31% on their savings account for up to 100k.
Excellent bank (Dutch) and also own Capital Flow leasing in Dublin
Edit - I see it has been mentioned already. To add, it is extremely easy to set up the account (20 min) and reasonably good customer service
Bit of a broad question. Access, amount, risk as well as current pension have major implications on the answer.
trade Republic offering 2% on cash deposits payable monthly. You must self declare the DIRT.
What's the story with dirt tax if saving with bunq?
If you wanted to, you might be able to look at their website, see what banks are offering what products through them and see whether you can get the same directly if you don't want to use the middlesman
Edit. I googled their top hit for a one-year deposit and it appears to offer a lower rate for direct customers
DIRT is not deduced at source. No Dutch deposit interest taxes are deducted for Irish residents either.
Hence, you need to declare the interest earned to the Revenue as part of your tax return and pay 33%.
Thanks, no info on the bunq website.
https://www.bunq.com/plans/easy-savings
No mention of taxes there, that I can see.
Raisin Banks offer better rates but Bunq seems reliable.
Well according to all we have learned Raisin is not offering anything but facilitating your access to third party banks. So it is the individual third party bank you'd need to compare to.
Of course not, they may have it in 25 years depending on their jobs but even then it's something only the top 5% will ever have. I'm single and will certainly never see it unless I marry someone who has a good income and an inheritance due. However, I do work with people who earn 80-120K (software developers) they are married to another software developer and one or both of them comes from money, had their wedding paid for, their rent paid for, their deposit gifted and they will have an inheritance, a few even have a trust which covers their kid's education. Some of them would have that kind of money already in their 30s/40s but our personal finance forum at work shows that they have no clue what to do with it either. Most advice is US focused or UK-focused so these folks have cash sitting across banks and a few manage their own little portfolio on degiro or the like. Financial forums will always attract people with piles of money and people with massive debt. Neither group is reflective of the population at large.
It is definitely time to shop around for the best interest rate available given the fact that both interest rates and inflation are up Of course you are still likely to lose money as long as inflation is higher than the ECB rate. If someone offered you a very generous interest rate, there is of course the possibility is is to good to be true and hopefully you know what that means.
Still, you would at least be able to cut your losses by settling for the best savings/deposit rate on offer by the mainstream banks. There are only three of them so that makes it easier.
AIB in northern ireland
Fixed Rate Saver
Rates effective from 12/01/23. Interest is payable at maturity/annually.
Current Fixed Gross* p.a. /AER** Current Fixed Gross return
6 month term rate 1.40% 0.70%
12 month term rate 2.75% 2.75%
24 month term rate 3.00% 6.09%
Fixed Rate Saver is a fixed term deposit account (rate is fixed for the duration of the term).
about the same rates as raisin.ie pay
nice to see AIB looking after its Northern Ireland customers .
I wonder if you can transfer from an account in the republic and open one in the north?-with AIB that is.
whatevs
AIB NI rates are GBP deposit rates.
GBP deposit rates are not comparable to EUR deposit rates. Different currencies with different base rates.
You obviously take on FX risk by opening GBP deposit accounts.
You can't open an AIB NI account in any event.
Decent thread on best saving alternatives.
@GetYaFaceMelted on Twitter
Raisin, Trade Republic, Irish Whiskey, Property bridges P2P
This seems unusual/interesting - anyone investing ? What are they like to deal with ?
Thanks
There is a full thread on boards. Search for it.
Possibly this one:
https://www.boards.ie/discussion/2058278220/german-online-broker-trade-republic-offering-2-on-client-funds
BOI increased their deposit rates today.
PTSB deposit rates up today.
BFF increased their rates via Raisin Bank too. Now 3% AER for 3 months and 3.50% AER for 6 months.
I'm looking into opening a Raisin account but I'm curious if the relevant participating third-party bank provides you with your own personal IBAN and documentation.
Or any proof that a new account with the third-party bank has been opened strictly in your name.
My concern is if Raisin pooled everyone's deposits into one account per third-party bank, then the Deposit Guarantee Scheme protection would practically be worthless.
Ask them directly and save the response.
And yes if your funds are not clearly identifiable, then it could well be an issue at a later stage.
I'm opening an account with them just now, and received the attached file in the process. That may clarify some of your questions.
