The notional rate is set quarterly. But here's the key piece:
"Savings and similar investments of €36,000 for a single person and €72,000 for a couple are disregarded. A notional rate of interest is applied by the HSE to the balance. Alternatively, the HSE will apply the actual rate if you provide a certificate of interest paid on savings in the last full calendar year."
For equity investments, provide the full details of dividends, and they will use that.
So it is only the income from savings that are taken in to account, not the actual amount of savings?Got it - I can see us building a strong application by being really clear on “actual” income arising from portfolio. Thanks for that.
The means test is outlined here:So it is only the income from savings that are taken in to account, not the actual amount of savings?
The notional rate used is based on actual interest rates available from Irish banks. So its currently less than 1%. Just let them use their notional rate if you're currently applying.I have some money invested in Saving Certificates and Savings Bonds. The interest is paid at the end of the term. It is about 1% at best.
The money is invested for three years or five years. I do not get an annual interest income.
How is this interest received means tested as it is not an annual interest?
Sorry, I misread that the poster was receiving 1% per annum rather than over the term of the savings.rate so if you are borderline on the income level it's best to use the actual rate. Your savings Bonds will show the amount of Interest you
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