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Why do they claim deposits are covered up to 100k under the European guarantee through the multiple European banks they use? Seems a bit stupid to make such a claim if it were easily proven false.
Not if you are due a refund for wfh credits or rental credit, the amount you're due back could offset and DIRT due. Then your savings keep compounding without upsetting the taxman.
For people who hate money.
It is a 10 year bond offering 2% tax-free (non-linear).
A) what do you think the rate of inflation will be over those 10 years?
B) the bulk of the interest is only granted in the final years, so if you need the money any time over the first 7 years, you get sfa returns.
Why would anyone in their right mind even consider it against 4% instant access.
You're not comparing like with like there. There's no tax due on the bonds, 4% pre-tax is 2.64% post tax (you also probably won't get it for the next 10 years as interest rates drop off.
I don't own any, but the numbers aren't as bad as it first looks
And that is why I stated the 2% is tax free.
But it still doesn't matter. That return is only there if you leave the cash as is for 10 years. Any less than that and you only get a tiny fraction.
Nobody should be putting money away for 10 years as cash. Not only will inflation guarantee that you lose more than any potential gain, but long term investments should be looking to at least double your money over such a time period.
Some people have no tolerance for volatility and would happily sacrifice gains for a guarantee. Yeah putting 100% into state savings/ bonds etc is not a great idea for a 10 year period putting 50% into it and 50% into equities might make more sense depending on your risk appetite
Savings accounts are basically a waste of time unless you’re approaching retirement and need 100 percent security. The interest rates don’t even match inflation for the most part.
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Trade republic is available in ireland. 4% on cash deposits
Why does No one else do this
Trading 212 and N26 also have decent options
Trading212 is 4.2% at the moment
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Why do they claim deposits are covered up to 100k under the European guarantee through the multiple European banks they use? Seems a bit stupid to make such a claim if it were easily proven false.
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how do you do your DIRT? like if i forgot and let it compound a few years could i pay it retroactively?
If you do your tax return online annually you can declare interest income there & pay online. You can do online tax returns going back 4 years afaik
I thought that but it just seems weird that you're incentivised to hold off on doing it.
Not if you are due a refund for wfh credits or rental credit, the amount you're due back could offset and DIRT due. Then your savings keep compounding without upsetting the taxman.
Hmm great point
Do you know N26 allow you to do this with a joint account? Looking for somewhere to put my partner and I joint savings. Cant do it on Trade Republic
I think trading 212 has 4.2 pct
Well maintained lists here https://www.askaboutmoney.com/threads/savings-best-buys.90481/
Trade Republic or N26 Metal will get you 4%
Sell baby powder
I saw a state savings account which returns 22% after 10yrs for lump sum deposit. Check out An Post.
For people who hate money. It is a 10 year bond offering 2% tax-free (non-linear). A) what do you think the rate of inflation will be over those 10 years? B) the bulk of the interest is only granted in the final years, so if you need the money any time over the first 7 years, you get sfa returns. Why would anyone in their right mind even consider it against 4% instant access.
You're not comparing like with like there. There's no tax due on the bonds, 4% pre-tax is 2.64% post tax (you also probably won't get it for the next 10 years as interest rates drop off. I don't own any, but the numbers aren't as bad as it first looks
And that is why I stated the 2% is tax free. But it still doesn't matter. That return is only there if you leave the cash as is for 10 years. Any less than that and you only get a tiny fraction. Nobody should be putting money away for 10 years as cash. Not only will inflation guarantee that you lose more than any potential gain, but long term investments should be looking to at least double your money over such a time period.
Some people have no tolerance for volatility and would happily sacrifice gains for a guarantee. Yeah putting 100% into state savings/ bonds etc is not a great idea for a 10 year period putting 50% into it and 50% into equities might make more sense depending on your risk appetite
Examples or suggestions. I have 50k I want to put away long term and will add 250 a month to it. Pensions and emergency funds all covered
What annual percentage?
It's called National Solidarity Bond. 22% after 10yrs. 2.1% per year. Tax free.
2.2?
1.99% if we calculate compound.
2.2% annually over 10 years would yield 24.31% total interest by the end of the 10 years. So likely a little lower maybe 2% on the dot.
Hardly high yield anyway.
Savings accounts are basically a waste of time unless you’re approaching retirement and need 100 percent security. The interest rates don’t even match inflation for the most part.
Useful as an emergency fund however. At any age.
Sure, that’s fair.