skybluesam
New Member
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- 1
I have a Metal account and pay €162.20 every 12 months.Are the prices for the various accounts wrong in that article?
According to the app (at least for me) the prices per month are;
Smart €3.90
You €7.90
Metal €13.50
No deposit limit for people willing and able to risk having more than the DGS in one bank/fintech.
That doesn’t seem wise.
Stupid Q. I've seen reference to paying DIRT for non-Irish accounts but not PRSI. How does the PRSI obligation arise from interest from this account and not an Irish account.In my case, it's actually worth paying the €13.50 /month for the metal plan to get the 4% for my house deposit (house won't be ready till end of the year). So after 5 months, I will be up money by paying for the metal card, after DIRT and PRSI - for the entire year - so I can pull out my savings then and still be up.
Fair enough but just to point out if rates do drop then it will affect Bunq as well as N26. There may be a point where paying for the top tier isn’t worth it but with rate cuts affecting all banks I think they will have to drop a hell of a lot to not make it worth it if you have a big enough deposit.I've decided to stick with Bunq for the moment to see what, if anything, they do. Signing up for metal membership on N26 is an annual commitment, and I suspect all banks will drop their interest rates later in the year. So, it may not be worth the switch.
The extra metal benefits don't really make it worthwhile for me - the benefits of the travel insurance are much more limited than my annual travel policy - so I can't drop that.
If I may try to change your mind, 2.8% from N26 free plan is still better than 2.46% from Bunq.I've decided to stick with Bunq for the moment to see what, if anything, they do. Signing up for metal membership on N26 is an annual commitment, and I suspect all banks will drop their interest rates later in the year. So, it may not be worth the switch.
The extra metal benefits don't really make it worthwhile for me - the benefits of the travel insurance are much more limited than my annual travel policy - so I can't drop that.
Yes - but I think Bunq will respond with an increase in their rates. If they don't, then I will definitely move (I am just staying there "for the moment" to see what happens).If I may try to change your mind, 2.8% from N26 free plan is still better than 2.46% from Bunq.
Also any other free option is better (like trade republic...).
And moving your money helps (a little) to put more pressure on banks that are behind with interests rates.
What about USC?To pay PRSI you need to be a "chargeable" person, where you need to do a Form 11 for your taxes.
Sometimes described as someone who makes over 5k a year in non PAYE income - which isn't the complete picture.
has more details - according to that document, Deposit interest > 5000 but taxed at source is an exception (to becoming chargeable), N26 isn't taxing at source - though it seems it would be a good thing if they could.
I'm Form 11 but my understanding is it's relatively easy to pay on MyAccount/Form 12 - but Revenue are currently sometimes handing it incorrectly and charging too much tax. If it was me I'd try to hold off filling in that form for a few more months and hope they fix it - they are admitting it's an error it seems - which is good as admitting errors wouldn't be their strongest point.
With the lower rate for a free account and a higher rate for the metal account, how much would you need to have in the savings account for it to cover the cost of metal?
What about USC?
Everyone has to pay USC.
Yes sorry, that's right.Deposit income that was subject to DIRT is exempt from USC.
I would think that the same applies to EU deposit interest.
With SEPA Instant transfers between the two, I didn't see any reason not to move. It'd take seconds to reverse the move of the rates changed.Yes - but I think Bunq will respond with an increase in their rates. If they don't, then I will definitely move (I am just staying there "for the moment" to see what happens).
To follow up, it becomes profitable to have the metal plan if you have €22k or more (for an entire year - not accounting for compounding)
if you maintain a daily balance of €15,000 in your Instant Savings account for 12 months and you have Metal membership, you’ll earn a total gross interest of €600 before taxes.
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