Approved Retirement Funds ARFs deposit options

[Eager Learner]

Do any Irish banks offer interest earning deposit accounts to ARFs at present ?

Can an ARF open a deposit account abroad under Revenue Rules ?

If so, do any Eurozone or UK banks currently offer interest earning deposit accounts to ARFs ?

 

[Fortune]

The QFMs often offer deposit accounts through their ARFs. The interest rates often aren't as good as the banks would offer to retail deposits.

 

[Gordon Gekko]

Why would you want your ARF on deposit?

 

[Sarenco]

Most ARF providers offer a cash fund, which have deposits with multiple institutions and other short-term instruments.

Aviva’s cash fund, to take one example, currently yields 3.11%.

 

[ClubMan]

I cashed in a small chunk of my PRSA this year and moved it to cash because I was drawing down the balance after the tax free lump sum this year and early next year and I didn't want any fluctuations in the meantime. If it was a longer term ARF/vested PRSA I wouldn't be moving it to cash though.

Fund Name: Standard Life Euro Global Liquidity
Year to date: 2.69%
1 Year: 2.92%
3 Year: 3.85%
5 Year: 0.77%
10 Year: -5.76%
Last updated: 05/12/2024

 

[Eager Learner]

Why would you want your ARF on deposit?

Self administered ARFs are required to hold cash to cover the distributions and fees (usually 3years worth). So it can be a sizeable sum sitting in a current account earning nothing.

 

[GSheehy]

Remember that time that the Society of Actuaries in Ireland did a report on the ARF market in 2015 and stated that 44% of reported AUM were in Cash/Protected Funds, and that wasn't that just shocking.

Totally oblivious to the fact that Fixed Term Deposit Rates were so good in 2011/2012 that they were demanded by ARF holders and that's what probably influenced the finding. Along with a very poor return of information by some of its members who ran the provider companies.