New Investec 6 month Term Deposit Rate - 5.58%

Lorcan02 said:
What does the rate go to after the 6 months ?
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Your term deposit expires after 6 months and you get the principal and the interest back.

You could then choose to open a new term deposit at a new not yet known rate.
 
Hi,
If you had €30K to invest would you put it in that Investec 6 month account?? How much would you end up with after the 6 months? I'm a total investment virgin so excuse dumbo questions!
 
If you can afford to leave the 30K in the account for the 6 month term it is the best available at the moment. Remember the interest of 5.58% is liable for DIRT at 23%, so effectively the interest into your pocket is 4.30% AER. Your sum of 30K left for the full term of 6 months would see you with around €645 extra in your pocket.
 
Why would you pay an income levy on deposit interest?
 
Gautama said:
Dunno, does it, I'm asking. Interest is income? How blue is Stilton?
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I don't know but blue cheese tastes like crap!

No it doesn't apply to deposit interest, DIRT as the name implies is specifically for that, the income levy is applied to your direct income only, as far as I know.
 
FLANDERS` said:
I don't know but blue cheese tastes like crap!

No it doesn't apply to deposit interest, DIRT as the name implies is specifically for that, the income levy is applied to your direct income only, as far as I know.
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Just checked it out. If there's been DIRT applied then it is exempt from the income levy. This was not the case with previous income levies.
 
There should be no risk in investing in Anglo Irish Bank and availing of the very good 1 year rate since deposits of up to 100k are guranteed by the government. Am I right?
 
ssiaman said:
There should be no risk in investing in Anglo Irish Bank and availing of the very good 1 year rate since deposits of up to 100k are guranteed by the government. Am I right?
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Until September 2010 100% of deposits are state guaranteed.
 
Today's Investec advert in the Sunday Business Post says that this market leading 6 month term deposit rate of 5.58% expires on March 31st 2009.
 
Gautama said:
Just checked it out. If there's been DIRT applied then it is exempt from the income levy. This was not the case with previous income levies.
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You may also be liable for 2% PRSI on deposit interest (in general - not just here) but most people don't declare/pay it, PAYE is not really geared up to chase it and it's probably just mugs like me who are forced to do a Form 11 self assessed return who get stung for it...
 
I rang Investec today and this product is still available until 31/03/09. The rate is guaranteed for the 6 month period & your money is safe under the UK Bank Guarantee Scheme up to £50k or £100k for a joint account. Doubt this product can be beaten at the moment elsewhere !!
 

Yeah, there is no close competitor in the market with a comparable 6 month term deposit rate.

It cannot be stressed enough that this offer ends on March 31st 2009 and is unlikely to be repeated by any bank in the short to medium term with the ongoing ECB rate reductions. Savers should take advantage of this rate urgently while it lasts.
 
I'm looking for a good rate for a 6 month deposit but have no idea about these things. Who are Investec? How safe is your money with them? Stupid questions I know but humour me
 
Thanks for that. I appreciate you getting back to me.
 
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