Deposits
Deposits are investments which pay an interest rate and provide capital security. They are the foundation of many personal investment portfolios.
Deposit accounts vary according to a number of characteristics:
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Access
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Interest rate tiered or not
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Fixed or variable rate
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How frequently interest is added to the account
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Whether an account is income or growth oriented
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Minimum initial investment
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Minimum remaining balance
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Nature of deposit taker
Taxation
Deposit Interest Retention Tax (D.I.R.T.), at the rate of 33% (from the 1st January 2013) is deducted at source by deposit takers (e.g. banks, building societies, Credit Unions, Post Office Savings Bank, etc.) from interest paid or credited on deposits of Irish residents.
D.I.R.T. does not apply to:
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Interest on deposits beneficially owned by non-residents,
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Deposits of Companies within the charge to Corporation Tax,
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Deposits of Revenue approved Pension Schemes, and
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Deposits of persons who are entitled to charitable exemption from tax.
