Raisin Bank \ Withdrawing Early

S

Superman8

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It seems Raisin Bank have the best fixed term deposit rates available to us Irish.

Does anyone know what ramifications are if you sign up for one of the fixed term offers but then for some reason need access to the cash before term is complete?

Is it just not possible to access early?

Or, can you do some and lose all interest or partial interest earned.
 
From what I've seen it varies depending on the actual bank with which you go with on the raisin platform.

In some cases I think it is possible to withdraw money early, and give up any interest. In other cases it is not possible to withdraw early.

All of the details are given in an overview and comprehensive way before you commit to anything
 
Thanks, I see a lot of them seem to have a "withholding tax" of about 20 percent.
Does this mean 20 percent of interest earned is lost, along with 33 percent dirt taken by Irish government?.
 
Superman8 said:
Thanks, I see a lot of them seem to have a "withholding tax" of about 20 percent.
Does this mean 20 percent of interest earned is lost, along with 33 percent dirt taken by Irish government?.
Click to expand...
This is covered already in many other threads about these online banks as far as I know.
 
You either submit a revenue tax form to the foreign bank(tax residency form I think but covered off in other threads) and therefore only pay DIRT in Ireland or you do nothing and only pay DIRT in Ireland minus what you already paid to foreign bank. So you still pay 33% tax on interest either way.
 
Thanks
 
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