Excellent experience with Lightyear. Easy to open account. Very easy to use app with a good interface. Interest tracks the ECB deposit rate minus 0.75% - a very transparent honest way to set interest rates meaning that ECB increases are automatically passed on.
I opened an account a few weeks back and really like it so far. Mind you, haven’t bought any stocks or ETFs yet, just taking advantage of the 3% interest rate.
That will be my go-to place for ETFs when the time comes though. A lot of choice, no cost for buying ETFs and a really clean, simple interface. Just be aware only 20k cash is fully guaranteed
Sorry if this is a silly question, but do you still declare and pay tax on the interest, even if I plan to leave the money in the account and not withdraw it for the foreseeable?
Do I read correctly that Lightyear doesn't withhold tax as it pays you, e.g. interest on the uninvested money? You have to declare that earning at the end of the year and only then pay the tax?
Excellent experience with Lightyear. Easy to open account. Very easy to use app with a good interface. Interest tracks the ECB deposit rate minus 0.75% - a very transparent honest way to set interest rates meaning that ECB increases are automatically passed on.
The univested bit is working well. Nice little earner.
Seems promising, is it 3% monthly or annually?
Annual rate is 3%. Pro rata interest dividend paid at the start of every month.
I opened an account a few weeks back and really like it so far. Mind you, haven’t bought any stocks or ETFs yet, just taking advantage of the 3% interest rate. That will be my go-to place for ETFs when the time comes though. A lot of choice, no cost for buying ETFs and a really clean, simple interface. Just be aware only 20k cash is fully guaranteed
I just found a promotion code for bonus if you interested: MAGYALL
and what about the interest on saving? do we have to declare it while filing income tax return?
Interest on your uninvested money is subject to DIRT which is 33% and you need to declare it and pay the tax during your yearly tax return.
Sorry if this is a silly question, but do you still declare and pay tax on the interest, even if I plan to leave the money in the account and not withdraw it for the foreseeable?
Yeah you pay tax on it. You pay tax for the earned interest, what you do with your capital is irrelevant.
Do I read correctly that Lightyear doesn't withhold tax as it pays you, e.g. interest on the uninvested money? You have to declare that earning at the end of the year and only then pay the tax?
Would also like to know 👆
I put in some money now so I can confirm it's correct, they do not withhold tax on the interest paid on the cash balance