Best option for joint demand deposit a/c where one holder is non-resident?

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murphaph

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Hi all,
Myself (non-resident, living in Germany) and a family member in Ireland are trying to find the best demand deposit account for our circumstances (lodging approx. 3k per month to account, with 2 or 3 withdrawals per year probably) We'd like:

-Internet banking that allows BOTH parties to move money etc. (I believe this excludes the likes of Rabodirect because they only issue a single code generator/digipass to the "primary account holder"...clearly no use if one party has this thing in a different country)

-A half decent interest rate

I was looking at the Nationwide product but noticed it says "If you open an account with us and subsequently become a non-resident, you must close your account or it will be transferred to a Euro Easy Access Savings Account, with the interest rate set to 0%."

Is it a rule that non-residents can't earn interest on Irish accounts or is this just a Nationwide policy?

Any tips appreciated. I will be home in May for a week so I can open an account in a bricks and mortar place then if needs be, but internet/post preferred for obvious reasons,
 
Nationwide policy.

Tricky one. Might be best ringing each and every bank (the 10 or so that do deposit accounts) and finding out their respective policy and making a decision from there.
 
Yeah, I had a closer look at some of the T&Cs and so far it looks like only KBC Bank fit the bill. I've asked them to confirm by email. They DO issue a "digipass" to each account holder and they DO open non-resident accounts. The only remaining question is do they do both together lol.

I understand that their online banking is not feature rich (yet) and only allows read only access to the account, but that would be enough I suppose, given we don't want to be making regular withdrawals anyway.
 
murphaph -hi!

Based on the figures you give (start from zero, 3k per month , a few withdrawals a year)
and bearing in mind the forthcoming euro interest rate cut, I believe that in the first year you will be extremely lucky to earn gross the princely sum of €200.

And that's based on each withdrawal being no more than the monthly deposit.

And that's before any tax!

Maybe Ciaran will correct me ?
 
Hi oldnick, we have a lump sum in another existing current account. Just want to get at least something for the money as opposed to the big fat zero we're now getting. It still won't be huge money but rather 200 quid in our pocket as the bank's :)
 
Well, actually, it won't be 200 in your pocket -it'll be 200 gross before paying tax
( at least based on the Irish tax system -I don't know about your tax liabilities in Germany for deposit interest).

It would more if it was not for the fact you wish to make a few withdrawals a year.
 
Cheers. We may or may not make the withdrawals. We have a small project that will require funding but we could also just fund it straight from the current account and not deposit that first to avoid withdrawals..we'll have to see. I would be exempt from DIRT as a non-resident, but not sure how that works with joint accounts in Ireland. In Germany the equivalent of DIRT cannot be avoided in a joint account (normally a person gets a special DIRT relief of €801 per anum) unless the holders are married and jointly assessed for tax...presume same in Ireland...anyone know?
 
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