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

BrokeBroker said:
Say you lost your phone.

As I understand, activity is primarily mediated through the app.

Would you not be concerned money in Lightyear would be quite accessible if the thief was able to unlock your phone?

Certainly more accessible than money in other locations such as your current account, etc.
I do know on my phone I have subsequent fingerprint access to lightyear but even then.
Say they gained access to the app on your phone, could a thief not just take the money, transfer it readily to another account?

And lastly, you don't feel the temptation to purchase stock - cause that seems so easy to do once there's money lodged?
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Who ever found it, would have to have the pin for my phone and for lightyear (they are different pins. Then they can still only withdraw it to an account that I have already used to send money to it. I don't see it as a problem.
 
Connard said:
Who ever found it, would have to have the pin for my phone and for lightyear (they are different pins. Then they can still only withdraw it to an account that I have already used to send money to it. I don't see it as a problem.
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Plus, with most mobile devices these days you can configure things to allow the possibility of remote wiping in case the device is mislaid or stolen.

Find, secure, or erase a lost Android device - Google Account Help

If you lose an Android device or Wear OS watch, you can find, secure, or erase it remotely. You can also help a friend find, secure, or erase their lost device with the Find My Device app. If you've
support.google.com

Erase a device in Find Devices on iCloud.com

In Find Devices on iCloud.com, remotely erase your iPhone, iPad, iPod touch, Mac or Apple Watch.
support.apple.com
 
Fisoon said:
Lightyear now to pay 3.25% interest rate on uninvested cash effective from next Wednesday.
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Appreciate that the Lightyear product is an ECB tracker deposit rate product so it should go up next week provided Lightyear contribute to honour the tracker.

But have Lightyear officially confirmed the rate increase next week? I have not received an email yet on this.
 
Lightning said:
Appreciate that the Lightyear product is an ECB tracker deposit rate product so it should go up next week provided Lightyear contribute to honour the tracker.

But have Lightyear officially confirmed the rate increase next week? I have not received an email yet on this.
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I got a notification from the app about it. I didn't see a date for it though.
 
Connard said:
I got a notification from the app about it. I didn't see a date for it though.
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Thanks. I have those notifications turned off.

The effective date for the ECB rate change, that was announced today, is Wednesday 20 September 2023. Hence, the Lightyear tracker should change on this date.
 
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Lightning said:
You must declare deposit interest to the Revenue and pay DIRT regardless of how long you have had the deposit for.
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Does everyone routinely do this?

You're probably obliged to say yes, as not paying ones taxes is a serious no no.

But I was just told by revenue recently they can't acknowledge me as a tax residence (or haven't yet), and they haven't got back to me as to how to rectify this yet (I'm recently'ish back from overseas and currently studying).
 
BrokeBroker said:
Does everyone routinely do this?

You're probably obliged to say yes, as not paying ones taxes is a serious no no.
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Yes....
All deposit taking credit institutions are required to automatically share information with the Tax authorities in the country in which the depositor is resident. It's the OECD Common Reporting Standard is you fancy researching it.
 
BrokeBroker said:
But I was just told by revenue recently they can't acknowledge me as a tax residence (or haven't yet), and they haven't got back to me as to how to rectify this yet
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I already gave you the necessary info about this!

Refused letter of tax residence as they have no record of my paying taxes. What do?

I was trying to get a letter of tax residence to avail of the double tax agreement between Ireland and Latvia, therefore open a deposit interest account through Raisin.ie However, contacting revenue they claim they have no record of my paying taxes. See I have worked in Ireland, but only part...
www.askaboutmoney.com
Once again...
You must inform Revenue in writing if you choose to be tax resident in Ireland in a tax year.
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Was it discussed on this thread already how reliably their deposit protection is on Lightyear?

This came up in the TradeRepublic thread and cast significant doubts over reliability (should the worst occur).
 
Everyone taking their money out of lightyear at the end of the month and transferring into Trade Republic ?
 
r1chd0g said:
Everyone taking their money out of lightyear at the end of the month and transferring into Trade Republic ?
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it is up to you to decide.
Personally, I’ll keep a month expenses there due to an instant access (instant transfer to Revolut)
 
Came here after seeing lightyear mentioned in the above article in the Irish Times. Thinking of depositing the 20K but quick question regarding lightyear vs trade republic. I see some chat on the TR thread that the protection may not be as robust. Is there a general feeling that lightyear might be a slightly safer route in spite of the lower interest being offered? Or is there a general preference for one over the other? Cheers.
 
boofsteino said:
Came here after seeing lightyear mentioned in the above article in the Irish Times. Thinking of depositing the 20K but quick question regarding lightyear vs trade republic. I see some chat on the TR thread that the protection may not be as robust. Is there a general feeling that lightyear might be a slightly safer route in spite of the lower interest being offered? Or is there a general preference for one over the other? Cheers.
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I’d recommend doing your own research and decision. Personally, I’ll keep some money in Lightyear just because of instant withdrawal.
 
noelÓm said:
Pick a stock at random. Sell it immediately (it might take a few hours for your order to go through if the relevant market isn't open yet). That will generate €10 minus a small fee (maybe 10-15 cents) and you can leave the proceeds in your cash account. There should be no tax issue, as you'll have made no gain as the stock price didn't change (no CGT due) and you haven't received any dividends (no income tax due). Even if you treat the €10 itself as a gain for CGT purposes, it is far below the €1,270 annual exemption threshold. You would be purchasing a single stock, so ETFs and deemed disposal rules are not relevant here.
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Just make sure to buy/sell a stock with a low spread (diff between bid and ask), I bought and sold Scottish Mortgage Investment Trust (2 €1 transactions) with Trade Republic to get their free €25 stock and it cost be €3.
 
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