Why Irish Banks Offer Sh*t Deposit Rates
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- เผยแพร่เมื่อ 21 ต.ค. 2024
- Irish banks offer bad deposit interest rates, here's why.
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There are better interest-bearing accounts available than what are on offer with the Irish banks. Some options include:
Earn up to 4.21% interest with Raisin Bank: raisin-ie.pxf.io/R5y4JR
Earn 2% interest on cash up to €50,000 with Trade Republic: trade.re/dama
But remember, if you're looking for long-term investment returns you need to start investing. Interest-bearing accounts will only take you so far!
Hi Dan have you looked at lightyear?
@@darrenmcinerney2212will be covering soon
Thanks for such great summary of all this complicated bureaucracy of Irish and EU banks and laws
No problem!
Good video, as a consumer I would love to see the likes of Sofi operate in Ireland but I guess they regulatory burden would be difficult for them
Spot on with this video Malone!
Cheers
Hey Dan. Great video love how educational they are. I was wondering wether you have any video plans lined up to discuss Irish credit cards and the best ones to get. I can’t seem to find much about them myself and I’m wondering wether there are Irish equivalents to the Amex gold and platinum cards.
Cheers
Thanks for the wonderful and important insights. Question, does it matter which EU Exchange I use to purchase my ETFs ( Xetra or Euronext Amsterdam for example ) ?
Provided the ETF shares are quoted in Euros and the exchange fees are identical then no it doesn’t
Dan, thanks for your advice
If using raisin bank etc could that effect a mortgage application in any way?
I don’t see why it would. Obviously if your cash is locked up in a parented Raisin bank then you’ll have less cash for a deposit at your disposal etc. But beyond that it shouldn’t affect your ability to prove repayment capacity
What's the best bank right now? I have my money in a credit union but it's about to hit full capacity. I'm looking at AIB at the moment, would love your input mate.
Depends on what you’re looking for
@@malone_financial I'm looking to hold up to 100k max in it. Rest is probably pension and investments and my rainy day is just the credit union I already have. I'm looking for good ui of course (web and app) and easy accessibility to my money (online, not in cash) without any hassle.
True ...People will go to other European Banks for better offer for Value
I buy US Treasury Bills paying north of 5% at the moment, I buy them through interactive brokers
Hi Malone - I’m curious why you haven’t mentioned Lightyear as a home for cash deposits - what do you think of this platform for savings and shares? Thanks, Eugene
Great question!
Just posted the same. 3%
Will cover this soon
Dan, could you do a video, if you haven't already, on money markets please?
Will add it to the list and cover at some point
@11:30 Exactly. If you don't need your cash for the next 5-10 years then have it in some other investment vehicle. I have some of my cash in a 12% 1 years REIT, but that's me. The rest is in S&P 500 and other places....including bitcoin....so I'll see how that's all going in 2030 or 2035....(if Bitcoin goes to 1M each, I may not be able to get good Internet in Tahiti....dem's the breaks...)
What do u think about lightyear? They provide 3% interest on euro and 20k guaranteed.
Will be covering soon
Can you perhaps share your insights on investing in hedged vs none hedged ETFs
Covered this in a previous ETF video!
Thank you Malone .
No problem at all!
There's not enough investment opportunity here in IE. Moved here in IE last year and I was looking for good financial returns/investment But there's sadly not enough. So I'm sticking on investing my money on Philippine equities and bonds which give higher yields than banks here in IE.
Would you be willing to cover standard fund thresholds in Ireland? I was looking into it but didnt really understand
Perhaps, what about it did you not understand?
@@malone_financial I might just be dumb but I was reading "Limit on Tax Relieved Pension Funds
Pensions Manual - Chapter 25" and it was complete Jargon.
- there were limits of 5m etc. On the document prior to 2010 which I don't understand.
- if the limit is 2m, is that the limit on contributions? Or the limit on the total value of the fund?
- SFT/PFT, ?????
Does that document, which I cannot link I don't think. Just make it seem more complex than it actually is (30 pages)
I could not agree more on this video.
Glad to hear it
In other countries is not difficult to make 8-12% with less then 17% tax on profit. Also is so easy to invest, you can do all of this in couple of seconds on the phone.
Savers are really lenders to the bank. In other words, they are investors and if the bank fails, they could lose money. So maybe savers are just bad business people for putting their money where it earns less interest than is eroded by inflation. If other EU banks offer less than inflation, then gold is an option as it cannot be printed and mining is hard work. Neither will it pay interest but interest that is less than inflation is a losing investment. Physical gold can go down but in this enviroment that doesn`t make sense.
Wow, Dan, I agree with your assessments, but please be careful not to sound like you're making excuses for the greed and avarice of Irish banks, OK? Also, more money for government means it would benefit society? You can't be THAT naïve right?
If you agreed with my assessments then you wouldn’t have left this comment. Labelling the commercial practises of banks as ‘greed’ and ‘avarice’ is naivety in and of itself. The banks are under no obligation to purposefully make themselves less profitable to keep you happy. Did you listen to the video and all of the rationale commercial reasons as to why deposit rates are low? As for the comment about me being ‘naive’, I’m not going to engage with this. If you can’t accept that the Government having more money at its disposal is net positive for society then I don’t know what to tell you.
Have you listened to David McWilliams podcast? There should be loads of news about this! This is not acceptable
maith thú! maith fhís!
Very mediocre channel with baby basic information.
Do you know of a better channel that is focused on the Irish financial system.?
I don’t agree.This man is very knowledgable.
Silly post. Lucky to have Irish content..and there is so much crap out there
Great channel with well thought out quality content from an Irish perspective tbf… I was delighted when I stumbled across this in recent times… keep it going Malone, it’s appreciated…
This is from the person who recently commented on another video "pensions are the biggest scams since the creation of the fiat system".
Yeh bro. Owning actual businesses who participate in the economy providing goods and services is a scam.
You got that high IQ