See the Revenue FAQ, a copy of which has already been posted here (at least twice). If funds going into it are not tax compliant, or income generated from it have not been declared, the answer is "yes", you do need to declare it. If everything is compliant, it depends on when it was opened. If it was opened before Revenue started asking whether you had opened an account in the last year, the answer is "no" (does anyone know when they started asking this?). If opened since they started asking the answer is "yes", and you are being given an opportunity to correct the form where you should have done so. Some people have raised doubts about what they mean by "account". Personally, if it fell into the "yes" category and I had any doubts I would declare it. That's the best summary I can give: if anyone thinks it is incorrect, please let us know (and why).