NIB to launch 5% Term Deposit A/C

I heard today that Irish Nationwide are paying 7.25% on deposits in the Isle of Man. Obviously it's Sterling so you're into currency speculation as well but given the level the currency is at right now it mightn't be a bad bet. Does anyone know if this would fall under Irish or UK deposit protection systems? Perhaps it's neither.
 
John Rambo said:
I heard today that Irish Nationwide are paying 7.25% on deposits in the Isle of Man. Obviously it's Sterling so you're into currency speculation as well but given the level the currency is at right now it mightn't be a bad bet. Does anyone know if this would fall under Irish or UK deposit protection systems? Perhaps it's neither.
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What about the costs of converting € to GBP£ and back? Also I believe that deposit interest on non resident accounts such as this would be assessable for income tax at your marginal rate (and perhaps also PRSI depending on the level of interest earned) and not just DIRT at 20%. Either way not such a no brainer as far as I can see.
 
ClubMan said:
What about the costs of converting € to GBP£ and back? Also I believe that deposit interest on non resident accounts such as this would be assessable for income tax at your marginal rate (and perhaps also PRSI depending on the level of interest earned) and not just DIRT at 20%. Either way not such a no brainer as far as I can see.
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Yes, you're right. I have a connection who converts money for me at virtually no cost so that doesn't worry me but the 47% tax muddies the waters. You'd have to wonder whether this DIRT tax anomaly is anti-EU competitiveness policy. Thanks.
 
Cannot find anything on their website but advertisements in Sunday papers announce 5.1% term deposit account for a fixed period of 4 months. ''Minimum balance is €5,000. Maximum balance is €64,999. On maturity, unless otherwise advised, the account defaults into an Instant Savings Account which currently has rates up to 2.25% AER. Investment period from 05/05/08 to 27/06/08. All returns subject to DIRT. Only one account per customer and open to personal customers only. Danske Bank A/S (trading as National Irish Bank) is athorised by the Danish FSA in Denmark. Call into any of our branches to open an account today.''
 
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