Lightyear Paying 3.25% Instant Access, No Fees & 20k Protection

Since joining Lightyear, I still haven't taken up my option of picking a stock and getting €10 worth of free fractional shares.
I was mainly uninterested because ETF investments in Ireland sounds like a bit of a headache in terms of extra admin and complicated taxation.
Would there be any point in just selecting one (e.g. Berkshire Hathaway), but then leaving it alone without buying any more?
 
PoundMan said:
Since joining Lightyear, I still haven't taken up my option of picking a stock and getting €10 worth of free fractional shares.
I was mainly uninterested because ETF investments in Ireland sounds like a bit of a headache in terms of extra admin and complicated taxation.
Would there be any point in just selecting one (e.g. Berkshire Hathaway), but then leaving it alone without buying any more?
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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.
 
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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AFAIK, it should be declared as an income but not CGT. So, like you get 10€ as additional income and according to your band tax is going to be charged
 
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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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I took the advice of @noelÓm by claiming the free stock and then immediately selling it, so I ended up with an extra €9.90 in my cash account.
 
Trying to register but no matter what I put in for postal code it won't accecpt it, including eircode...any advice?
 
So is anyone using Lightyear and gaining interest at 3%?

It's right there available, I've completed registration and verification.

But damn, I'm so hesitant to transfer any meaningful amount of funds to a what is essentially to me, a phone app.

What are others experiences?
 
I have an account and receive the appropriate interest in a timely manner with monthly prompt notifications. I find them easy to deal with, very very good app and the 1 issue I contacted Customer Services about (a withdrawal I couldn't process) I received a phone call not 5 minutes later and the issue was rectified immediately. I've lodged and withdrawn several times and amounts flawlessly. Raisin could learn a lot from how Lightyear run their business but as regards the security and safety issue I cant give any reassurances as I only know what has happened to date. So far I am 100% happy with their service.

I of course keep my deposit under the 20k limit.
 
BrokeBroker said:
So is anyone using Lightyear and gaining interest at 3%?

It's right there available, I've completed registration and verification.

But damn, I'm so hesitant to transfer any meaningful amount of funds to a what is essentially to me, a phone app.

What are others experiences?
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Very positive experience. Very easy to use app. Good customer service. Easy sign up. Very transparent deposit pricing (ECB deposit rate minus 0.75%). And obviously a good rate.
 
Lightning said:
Very positive experience. Very easy to use app. Good customer service. Easy sign up. Very transparent deposit pricing (ECB deposit rate minus 0.75%). And obviously a good rate.
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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?
 
PatMu said:
as regards the security and safety issue I cant give any reassurances as I only know what has happened to date
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Anything of consequence?

Have they been around for a while, and has anyone got stiffed, either through theft of their phone, or other fraud they might be vulnerable for?

You keep your deposit under 20 k?

Mind my asking, ballpark, your investment?

I'm so damn cautious with what I have cause the next three years of my life depends on it (college tuition).

Not to mention, I don't think anyone regards the loss of money something trivial.
 
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?
Click to expand...

One can access Lightyear via the web and via the app.

Money is not accessible by a thief. Money can only be withdrawn to your nominated own-name bank account.
 
Also curious about declaring DIRT on interest earned through this app?

As you don't have to leave money in for a fixed term or anything, say you just left an amount in for 3 months;

There's still the obligation to declare DIRT on that?

And is it done the conventional route? (through revenue.ie)
 
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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