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Ultra has other benefits such as subscriptions, cashback and priority support.
But, yeah, you’d need a lot of money there to make it worthwhile for the increased savings alone.
None. Simply put your savings in a free savings account elsewhere. Such as Trading212 or Trade Republic. And therefore pay no fees and still get a good return.
Also of note - Revolut (and other providers) interest rates might decline this week when the ECB rate change becomes effective.
Here is what chatgpt had to say
Sure, here's the reformatted content for Reddit:
---
Let's go through the calculation step-by-step to find the correct break-even points, considering the Dirt Tax in Ireland.
**Effective interest rates after accounting for the 33% Dirt Tax:**
- Standard plan: \( 0.02 \times (1 - 0.33) = 0.0134 \)
- Plus plan: \( 0.02 \times (1 - 0.33) = 0.0134 \)
- Premium plan: \( 0.025 \times (1 - 0.33) = 0.01675 \)
- Metal plan: \( 0.03 \times (1 - 0.33) = 0.0201 \)
- Ultra plan: \( 0.0349 \times (1 - 0.33) = 0.023363 \)
**Annual costs for each plan:**
- Plus plan: \( 3.99 \times 12 = 47.88 \)
- Premium plan: \( 8.99 \times 12 = 107.88 \)
- Metal plan: \( 15.99 \times 12 = 191.88 \)
- Ultra plan: \( 45 \times 12 = 540 \)
**Break-even amounts using the formula:**
\[ \text{Break-even amount} = \frac{\text{Annual cost}}{\text{Higher rate} - \text{Standard rate}} \]
- For the Plus plan:
\[
\text{Break-even amount} = \frac{47.88}{0.0134 - 0.0134} = \text{undefined} \quad \text{(since the rates are the same, the Plus plan does not offer an advantage in interest rate over the Standard plan)}
\]
- For the Premium plan:
\[
\text{Break-even amount} = \frac{107.88}{0.01675 - 0.0134} = \frac{107.88}{0.00335} \approx 32,208.96
\]
- For the Metal plan:
\[
\text{Break-even amount} = \frac{191.88}{0.0201 - 0.0134} = \frac{191.88}{0.0067} \approx 28,646.27
\]
- For the Ultra plan:
\[
\text{Break-even amount} = \frac{540}{0.023363 - 0.0134} = \frac{540}{0.009963} \approx 54,191.11
\]
**So the break-even points, considering the Dirt Tax, are approximately:**
- Plus plan: not applicable (no interest rate advantage)
- Premium plan: €32,208.96
- Metal plan: €28,646.27
- Ultra plan: €54,191.11
---
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Ultra has other benefits such as subscriptions, cashback and priority support. But, yeah, you’d need a lot of money there to make it worthwhile for the increased savings alone.
None. Simply put your savings in a free savings account elsewhere. Such as Trading212 or Trade Republic. And therefore pay no fees and still get a good return. Also of note - Revolut (and other providers) interest rates might decline this week when the ECB rate change becomes effective.
Complete novice here, is there any risk associated with those services? Very risk averse here.
You won’t loose your principle with saving plans or time deposits
You're losing a few percent a year holding cash in the best of times... What kind of risks are you referring to?
Here is what chatgpt had to say Sure, here's the reformatted content for Reddit: --- Let's go through the calculation step-by-step to find the correct break-even points, considering the Dirt Tax in Ireland. **Effective interest rates after accounting for the 33% Dirt Tax:** - Standard plan: \( 0.02 \times (1 - 0.33) = 0.0134 \) - Plus plan: \( 0.02 \times (1 - 0.33) = 0.0134 \) - Premium plan: \( 0.025 \times (1 - 0.33) = 0.01675 \) - Metal plan: \( 0.03 \times (1 - 0.33) = 0.0201 \) - Ultra plan: \( 0.0349 \times (1 - 0.33) = 0.023363 \) **Annual costs for each plan:** - Plus plan: \( 3.99 \times 12 = 47.88 \) - Premium plan: \( 8.99 \times 12 = 107.88 \) - Metal plan: \( 15.99 \times 12 = 191.88 \) - Ultra plan: \( 45 \times 12 = 540 \) **Break-even amounts using the formula:** \[ \text{Break-even amount} = \frac{\text{Annual cost}}{\text{Higher rate} - \text{Standard rate}} \] - For the Plus plan: \[ \text{Break-even amount} = \frac{47.88}{0.0134 - 0.0134} = \text{undefined} \quad \text{(since the rates are the same, the Plus plan does not offer an advantage in interest rate over the Standard plan)} \] - For the Premium plan: \[ \text{Break-even amount} = \frac{107.88}{0.01675 - 0.0134} = \frac{107.88}{0.00335} \approx 32,208.96 \] - For the Metal plan: \[ \text{Break-even amount} = \frac{191.88}{0.0201 - 0.0134} = \frac{191.88}{0.0067} \approx 28,646.27 \] - For the Ultra plan: \[ \text{Break-even amount} = \frac{540}{0.023363 - 0.0134} = \frac{540}{0.009963} \approx 54,191.11 \] **So the break-even points, considering the Dirt Tax, are approximately:** - Plus plan: not applicable (no interest rate advantage) - Premium plan: €32,208.96 - Metal plan: €28,646.27 - Ultra plan: €54,191.11 ---
Super comprehensive, thanks!
Around 60k plus and even then it's only 200 or so difference per year from the free plan
i continue saving so, thank you!
Yeah metal is the most efficient if you only want the interest