Lightyear Paying 1.25% Instant Access, No Fees & 20k Protection

Just received the below email from Lightyear:

Lightyear increasing to 4.00% for those who refer - at least until the ECB change rates.

Hi gort,

The European Central Bank held the deposit rate at 4% today. Meanwhile, the average rate on overnight (instant access) bank accounts in Ireland is still just 0.13% ... So, we’re launching a new reward scheme to help you and your friends really make the most of today’s rate hold decision, before Central Bank rates (likely) start dropping in June.

From now until the next ECB rate decision in 6 weeks, when you invite a friend to Lightyear, we'll waive the 0.75% Lightyear fee that normally applies to your EUR balance for 30 days, so you’ll get the full Central Bank rate.

How to get 4% interest on your €s for 30 days

  • Invite a friend, and as soon as they join and fund their account, you’ll both enjoy 30 days of Central Bank interest - currently 4% - on your uninvested euros.
  • The 30 day window restarts with every successful referral you make.
  • The higher rate applies to your whole EUR balance, with no minimum or maximum limits!

    We’ll run this offer until the next ECB rate decision, in 6 weeks time. So get referring now!
Click to expand...
 
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I guess Lightyear will decrease their EUR rate to 3.00% on 12 June 2024 (which is the effective date of the ECB rate change) if they maintain the same margin.
 
I just noticed that Lightyear have just introduced "Savings Vaults" in multiple EU countries. But not Ireland sadly.

It is a blackrock MMF bubble wrapped product.

3.79% AER (after fees) on EUR with instant access.

Details here: https://lightyear.com/eu/vaults

Pity that it is not on offer in Ireland. I asked Lightyear last year why they did not offer MMF products in Ireland (Lightyear have offered other Blackrock MMF products for a while) and I was told that it was due to the tax situation in Ireland. Perhaps that is the reason for this too but the awful deemed disposal tax situation here has not stopped other providers.
 
www.irishtimes.com

Deposits war heats up: Irish savers starting to see much higher rates offered

Looking outside the traditional banks will open the door to much more competitive interest on your savings
www.irishtimes.com www.irishtimes.com

Irish Times also imply that the reason that Lightyear are not offering the Blackrock MMF product in Ireland is our 41% deemed disposal tax.

Lightyear rate confirmed to be changing to 3%. The ECB rate becomes effective tomorrow.
 
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