New BEST Savings Account Ireland 2024?

In this video, we're talking about the newest high interest savings account option in Ireland for 2024. This latest offering comes from Trading 212 who are enabling 4% interest on Euro cash balances via qualifying money market funds (QMMFs). Is Trading 212 the best option for Irish savers or is Trade Republic still the best savings account in Ireland for 2024? Let's find out!

Intro 0:00
New Savings Account Option 0:33
Is It Safe? 4:57
Taxation 6:52
What It Means For You 8:38
Foreign Rates 9:48
Closing Words 10:37

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*Malone Financial is affiliated with the aforementioned companies. Malone Financial receives a commission for any customer conversions realized via the affiliate links. This video includes my own opinions (which do not reflect the opinions of said companies). When investing, your capital is at risk and you may get back less than invested. Past performance is not indicative of future results. Nothing mentioned in this video should be construed as financial advice.

^Sponsored link. To get free fractional shares worth up to 100 EUR/GBP, you can open an account with Trading 212 through the above link. Terms apply. If you enable interest, Trading 212 will hold your cash in qualifying money market funds and banks. Otherwise, your cash will be held only in banks. Interest applies on cash in an investment account. Terms apply. References to "no fees and charges" relate solely to commission-free investing. Other fees may apply, please see Trading 212 terms and fees for more information.

[Dewey-uwec]

Great video Dan. It'd be great If you make a video showing us how to fill the tax form 11. For people using this saving account and ETFs investors. Cheers

[TomInmalaga]

Beginners question ... if you take your money out at any time you get the 4% pro rata ... do you have to declare to revenue or is it taken automatically

[mrseaweed]

Dan, I signed up with T212 using your link, hopefully you got the reward too! Just wanted to say thanks not just for this video, but all of them. So hard to find good advice that’s applicable to Irish people, but you nail it on this channel. I appreciate it 🤝

[paulclarkson]

Another good video. By far best you tuber for Irish investors

[cathalnewman]

Loving the content Dan, appreciate the work. I wonder could you do a video on the new Trade Republic Visa card? Specifically the 1% Save back feature. Happy new year.

[CMac]

Thanks Dan, I told my wife about this T212 interest and she had a bunch of questions about it. This video answers everything. Much appreciate it. I’d love to know how much the daily compounding interest and the new 4.2% interest for T212 now compares to Trade republic calculation and if the 1270 Capital gains exemption comes into play for T212.

[jimbobarooney]

Constantly hearing how folk in the US can roll over short duration Bonds, T-bills and earn 5% risk free, given the ECB rate is at a similar level, what can folk in Europe do?

[GustavoHenriqueAlmeida]

Thanks for the info! Really interesting video. Do you have any opinions on revolut savings accounts? They use a money market fund behind the scenes, and offer a quite good interest rate

[maestrouy]

Dan is there anything in Ireland comparable to the Vanguard junior ISA? Our government dont seem to want us investing.

[PrithivRaj]

Thanks Dan. Top quality video.

I was on trading 212 so far and just realized there's a better deal, will open a trade republic account with your link now.

One other question - for super long term investment, would you recommend picking s&p 500 ETF despite the high exit tax and deemed disposal or making a pie with individual stocks assigning weights that match the ETF roughly so that we can get away with 33% tax and no deemed disposal?

The one thing I'm concerned about is constantly having to adjust weights based on market cap but I don't know if the difference in taxation is worth that hassle. Please let me know your thoughts.

[Dewey-uwec]

Massive thanks to you. Your videos always answer all my questions and more. Awesome. Ill be using your link

[marktyrrell]

Thank you so much for your insight. I'm on Trade Republic right now but I think I might tap into Trading 212. Big big issue in Ireland re: taxation policy of government in relation to deposit and investment savings. Rates of tax are crazy but I'm aware gov are looking at the policies currently.

[MarkMcGuiganable]

I love your videos. Discovered them this week and glued. Finally dipping into the world of economics. What do you think of Revolut as a saver instead of Trade Rep and 212?

[RIRL]

Hi Dan. It would be great to see a video on the savings/investment account options available to an Irish Limited Company with surplus cash.

[FrediMorillas-pneb]

anyone knows where to declare this on my account form12 ? assuming I'm getting less than 5k

[ruanocionnaoith]

do you pay the 41% tax for this the same way you pay 33% for a deposit interest through my account on revenue online yearly or is it a different procedure

[amolon]

What gives you some hope that the Deemed Disposal may be changed in the next budget? Is there something tangible going on or just hot air as far as you have seeen.
I hope it will be changed.
Great video again!

[firstsecond]

Do these account providers give any guarantee of how long this interest rate will be available? I don't want to sign up and money my funds if they are just going to drop the interest rate in 6 months if ECB rates come down.

[markdwyer]

Malone Please explain further with Trading 212. I Understand its an investment fund. That's fine but how much is my unvested cash safe. 20, 000 or 1 million? Thanks

[stephenduff]

Do all the accounts compound at same rate? What is the added risk of MMF failing vs Lightyear do you think?