is this a good plan for my Deposits?

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ft5j60j

Registered User
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€140,000 to invest , I dont want my money at risk so was thinking of this

€70k Anglo @ 4.9 % €3430 per year
€70k Irish Nationwide @ 4.65% €3255 per year

€6685 interest for the year. is there any better place to put my cash

Thanks
 
You have selected the best 2 one year term deposits product rates on the market. There is no better place in terms of getting the best return for your money.

Act fast as Anglo and Irish Nationwide are likely to review their rates in the coming weeks in response to the latest ECB cut.
 
You are only guaranteed €50 grand max, no? So I would look at having a third deposit account.
 
You are only guaranteed €50 grand max, no? So I would look at having a third deposit account.
 
is there issues moving 70k into each bank, Will this alert Revenue? All the money is legit hard work and sweat over the years but dont want any extra hassle

Do I have to inform revenue of the interest I earn per year on this money, even tough I have have paid tax on it before it goes to bank and then DIRT on the interest ?
 
Are you thinking of this?

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Under recently introduced regulations financial institutions are required to make returns to Revenue where interest, on DIRT liable accounts, in excess of €635 is paid to depositors for any year...
 
Revenue will know if you make 635e a year in interest.
You will have to pay dirt which will be at the prevailing rate at the time interest is due.
You are right to be worried as our gov. are desperate for cash.
 
its crazy YUou pay tax on your earns then you pay tax on your savings ( DIRT) then they want MORE??
 
ft5j60j said:
its crazy YUou pay tax on your earns then you pay tax on your savings ( DIRT) then they want MORE??
Click to expand...

What more do they want? You pay tax on your earnings (income tax) and then you pay DIRT on your deposit interest. Unless you are self employed, that's all the liability you have.
 
Health levy @ whatever is relevant now. Even though you say this only applies to self-employed I think if you were to send in a Form 12 to try to get tax relief for medical expenses or similar, the health levy would be charged for PAYE workers.
 
AFAIK you are supposed to declare all income including interest on savings that have already been subject to DIRT. This does not matter for small amounts but according as the figure gets larger the revenue become more interested. Anyone getting over 635€ in interest should probably be making a tax return.

It used to be that this type of income was considered for the health levy and PRSI. I do not know what the situation is with the new income levy - but I fear the worst.
 
ft5 will have to pay DIRT tax on the interest at 25% which comes to €1671, which will go straight into the govt. coffers, why should he make a declaration to revenue if the money will be goin to them anyway?
 
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