Lightyear Paying 3.00% Instant Access, No Fees & 20k Protection

ECB are increasing tomorrow for sure so Euro should be 3% next week. Not bad but of course still quite a bit below inflation after DIRT.
 
Yeah, the Lightyear rate should change to 3.00% on Wednesday 2 August which is the applicable date for the ECB deposit rate change, assuming Lightyear continue to track the ECB deposit rate less 0.75%.
 
I opened a savings account with Lightyear and invested 20K. I recently got an email from them requesting information on the source of my funds. I explained to them that most of my savings came from employment but I also got redundancy and an inheritance from a late Aunt. Now they want to know from which source the money deposited in Lightyear came from and bank statements reflecting the transactions. I have nothing to hide but I don't like sending them my bank statements. Anyone else have a similar experience? If I refuse to send them the statements I assume I will need to withdraw the money and close my account?
Same here, they are looking for bank statements. Some of my funds came from a KBC account that is now closed. Will see what they say.
 
Hi there. I'm new to this.
Just wondering those that have deposited 20k, do you leave the interest to accumulate in your lightyear account or do you transfer to a different account each month?
 
Hi there. I'm new to this.
Just wondering those that have deposited 20k, do you leave the interest to accumulate in your lightyear account or do you transfer to a different account each month?

You're choice. You can do either.
 
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I opened a savings account with Lightyear and invested 20K. I recently got an email from them requesting information on the source of my funds. I explained to them that most of my savings came from employment but I also got redundancy and an inheritance from a late Aunt. Now they want to know from which source the money deposited in Lightyear came from and bank statements reflecting the transactions. I have nothing to hide but I don't like sending them my bank statements. Anyone else have a similar experience? If I refuse to send them the statements I assume I will need to withdraw the money and close my account?

How did this play out?

I would have thought they wouldn't let you withdraw any funds until you provide the statements.
 
How did this play out?

I would have thought they wouldn't let you withdraw any funds until you provide the statements.
I sent them the statements and their were no more requests. For me it was a bit annoying to lodge money and then be asked to explain where I got it.
 
Speaking of which, the FED just hiked their base rate to 5.25%-5.50% ... so the Lightyear USD rate, which tracks the FED lower bound less 0.75% should increase to 4.50% over the coming days.
It sure has. Is it worth holding/converting deposit money in USD or GBP for the extra 1.5% over the euro?
 
When doing the tax return, is Lightyear interest taxed at 33% or at my marginal income tax rate? I see a post in another thread about Interactive Brokers interest being subject to the marginal rate rather than DIRT.
 
When doing the tax return, is Lightyear interest taxed at 33% or at my marginal income tax rate? I see a post in another thread about Interactive Brokers interest being subject to the marginal rate rather than DIRT.

33%. It's a savings product.
 
curious about Lightyear, seems it is recommended here quite a lot, but it is only Investor protection scheme, do you how long would it take to return your money in case of something bad happen to them?
AFAIK, DGS is 7 working days or so
 
curious about Lightyear, seems it is recommended here quite a lot, but it is only Investor protection scheme, do you how long would it take to return your money in case of something bad happen to them?
AFAIK, DGS is 7 working days or so

See here, seems to be 1 month under normal circumstances. "Compensation shall be paid to an investor not later then within one month after determination of the value of the investment subject to compensation by the Estonian Guarantee Fund. The Estonian Guarantee Fund may extend the term under extraordinary circumstances and with good reason. A term may be extended by up to three months at a time, but not for more than a total of twelve months."

The primary protection method is segregation - Client Money is held in segregated accounts in highly rated banks/money market funds.
 
"Compensation shall be paid to an investor not later then within one month after determination of the value of the investment subject to compensation by the Estonian Guarantee Fund. The Estonian Guarantee Fund may extend the term under extraordinary circumstances and with good reason. A term may be extended by up to three months at a time, but not for more than a total of twelve months."

The primary protection method is segregation - Client Money is held in segregated accounts in highly rated banks/money market funds.
thanks for this, so seems like worst case up to 12 months, but interesting part when “determination” starts and ends.
but I guess, they are still a good bet for now
 
sorry for separate message,
so Lightyear, seems to be safe and your funds are protected?

FCA regulated, Client Money held in segregated accounts and 20k protected. Low risk under 20k I would think.
 
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