Avoid DIRT Increase with an Interest Up-Front Account

I opened a PTSB interest first account today.

I had the necessary documents however was surprised that only certain people in the branch could open the 1 year or 18 month account.

I would advise if you wish to open one of these accounts you make an appointment with the saving advisor otherwise you may have to wait or come back to open the account.
 
Yeah, a 'trained advisor' has to ask you questions. One can be lucky and they will open the account in the branch if they have time.
 
Above 100k, I would have concerns.

It seems that many people expect the PTSB survival plan to be approved by the EC.
 
LDFerguson said:
[*]4th December if they want to have their interest before the end of the year and thus DIRT taxed at 33%
Click to expand...

Reminder time. One needs to act very fast to still get this offer.

Tomorrow is the last day to open a PTSB Interest First product that pays 2.5% with a 33% DIRT rate. KBC apparently have a similar deadline.

Also, I think there is a good chance that PTSB and KBC will reduce rates later this week or early next week.
 
Ciaran,

As I live abroad the DIRT tax does not concern me. This month (or January(?)) I would like to deposit between 10 000 - 30 000 for a period of 1-5 years which I will not have to touch during this period. As I already have a Term Deposit Account with PTSB I will probably make the new deposit with them. I see their rates today are as follows (below). What would you advise? Many thanks in advance.
Interest First (26 Months)
e5,000 - e9,999.99 4.38 - 4.38 - 2.08
e10,000 + 5.28 - 5.28 - 2.50

Fixed Access (5 Year)
e5,000+ 11.75 11.75 2.25
 
Curious said:
Ciaran,

As I live abroad the DIRT tax does not concern me. This month (or January(?)) I would like to deposit between 10 000 - 30 000 for a period of 1-5 years which I will not have to touch during this period.
Click to expand...

Will PTSB allow non-residents open term deposit accounts at the above rates?

I would think that your first step would be to ring around and see which products are open to non-residents. A lot of deposit products are not available to non-residents.
 
Yes. As a non-resident, I have a 21 day reg saver, Interest First, and Fixed Term Dep. accounts with PTSB.
 
Curious said:
Yes. As a non-resident, I have a 21 day reg saver, Interest First, and Fixed Term Dep. accounts with PTSB.
Click to expand...

Do PTSB know you are a non-resident? Acording to their site you must be a resident for all of the above account types.
 
Yes, non-resident from the start. As the interest rates, generally, in Europe are almost non-existent, I wondered why the "Irish banks" did not make these rates more commonly known outside of Ireland in order to bring in some investment(?).
 
Very surprising that PTSB let you open an account when the T&C's do not allow non-residents.

Yeah, when the Irish banks were desperate for deposits, and they all still need more deposits, it was surprising that they did not open more deposit products to non-residents.
 
PTSB return(100000*0.025)*(1-0.33))*(26/12) = 3,629.17 EUR.
State Savings return: ((100000*0.0132)*(1))*(26/12) = 2,860 EUR.

THANK YOU CiaranT,

Went with the PTSB account.

What is the current calculation (for the two year product - as 2year2months product discontinued - considering the higher rates of DIRT, and also now PRSI ?).

Thanks Again.
 
Glad it was of help.

Are you eligible to pay PRSI? You will only pay PRSI if you have unearned income over 3,174 EUR per year.

The calculation is the following if you pay PRSI:
(DEPOSIT*0.024)*(1-0.45))*(24/12) = PTSB Interest.
 
You must log in or register to reply here.
Back
Top