V
Vodka_girl
Guest
Hi Just wondering what the pros and cons are to a savings account abroad, like somewhere where there is a higher interest rate.
Thanks
Thanks
You can get more than 6% on regular savings and nearly 5% gross CAR on lump sums here in Ireland! See .Thanks everyone, I was considering openine a UK savings account as you can get 6% over there now.
EU rules are that institutions in EU have to deduct 15% tax on all interest earned or deduct no tax but report the interest earned to the owner's tax authority. The owner of the account has to choose which option he wants.
Because the holder is obliged to declare them. If they don't and are found out then the reprecussions will generally be serious/onerous as we all know from recent high profile backdated investigations.So, if one opts for 15% deductions at source abroad , how will Irish Revenue ever know about the foreign saving accounts?