Robinhood Europe Paying 5%

Correct. But MMF funds are rated as the lowest possible risk funds (as per the regulated Key Investor Document). The NAV is constant and should, in theory, not drop nor increase in value.
 
If everyone else just selling the crypto as soon as they get it? Does this need to be declared at 33% cgt? even though freebie
 
In between getting it and selling ( a few hours) I lactually lost a few euro on these bizarre " currencies"
 
The tax treatment for this is unfortunate. I'm trying to advise a person that's over 65 where to deposit cash. They're probably better off with a lower gross but standard interest product.
 
The tax rate is likely 38%. How would someone be better off on a 33% taxed product with a lower gross given that there is nothing else close to this gross rate? Unless they are DIRT exempt?
 
With Trade Republic, you are sold a savings product.

With Robinhood, you are sold a MMF product.

That's the difference that effects the tax rate.
 
Not sure it's as simple as comparing it to a direct investment in the JPM MMF given the yield on that is a lot less than 5%. As usual it's a grey area that I expect no guidance from Revenue on.
 
I am using my passport for the ID verification but each time, a day later I log in and it's telling me I need to resubmit. Anyone else having this issue?
 
tommyryan55 said:
have the same issue with a driver's license, I tried the chat bot to help but that didn't go well!!!
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Tried the driving Licence also. Although it doesn't explicitly state what ID it requires it worked eventually when I used my passport.

Critical to photograph with a decent camera in good sunlight. Try and pick up the hologram also.
 
For people having difficulty verifying, you need to use a passport (not driving license or passport card etc) and a good quality well lit selfie photo so the software can verify it automatically.

If you still have difficulty despite that, ask the AI to speak to an agent. In my experience once you are speaking to a human, they are very good at sorting you out and dealing with any issues encountered.
 
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There's a thread on reddit where people aren't too hot on using Robin Hood, in terms of risk and poor customer service. I don't have a huge amount with them in there at the moment so fairly low risk but anyone else have concerns? I am under the 22k anyway.
 
Guest2022 said:
There's a thread on reddit where people aren't too hot on using Robin Hood, in terms of risk and poor customer service. I don't have a huge amount with them in there at the moment so fairly low risk but anyone else have concerns? I am under the 22k anyway.
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Robinhood is a platform through which you can invest in pretty much anything so the risk is different for everyone. The 5% is paid on cash which is invested in the JP Morgan money market fund which is about as low risk as it gets from an investment point of view. The risk of Robinhood themselves going bust is another thing but up to €22k not really an issue. Personally I find the platform horrendous and wouldn't recommend it to anyone I know who wants to get into investing as it's constantly trying to get you to trade crypto, derivatives, meme stocks etc to drive revenue and no regular investor should be going near that stuff. But I'll gladly take their 5% interest on cash!
 
Had the same issues as everyone else with the drivers license. Eventually got sorted with the passport but BOI shut down my app when I tried to transfer money to the account saying they believe a fraudulent payment was attempted and blocked my device for banking.
 
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