Saving in other EU countries
As a European Union (EU) resident, you can shop around for banks/financial providers in other EU countries. There are a number of different websites and platforms available that allow you to compare the interest rates and terms of savings accounts available.
However, as appealing as some interest rates may seem, it is important to find out some key information before you decide to save your money in another European country:
- Ensure that the bank or financial provider is regulated and supervised by a public body, similar to how Irish banks are supervised by the Central Bank of Ireland.
- Ensure that the bank or financial provider is covered by a national Deposit Guarantee Scheme (DGS). This means that the money you deposit will be guaranteed up to €100,000 per person, per bank or financial provider if they are unable to repay your deposit.
- Remember, if you run into problems with your financial provider you may need to use another EU country’s complaints process.
- Always watch out for scams. Do not give away any personal information or money until you are sure that a bank or financial provider is genuine.
Paying Interest on EU savings accounts
If you receive interest from a savings account in another EU Member State, you must declare this to Revenue in your annual tax return. You will need to declare how much interest you have received, and any tax that you have already paid on it. You then must pay the 33% Irish DIRT rate (Deposit Interest Retention Tax) on the interest you have earned on your savings.
The type of return you must complete will depend on how you are registered with Revenue.
PAYE workers
Self-assessed workers
More information on DIRT can be found on the Revenue website.
How to complain when your saving account is in another EU country
If you have an issue with a savings account in another EU country, how you complain will depend on whether you signed up through a platform, or directly to the provider yourself.
