Saving in other EU countries
Can you save money in another EU country?
Yes. You can save with providers in other EU countries, which may offer different savings products and features. Before opening an account, make sure you understand the level of protection available, any fees that apply, how you can access your money and any Irish tax obligations.
What should you check before opening an EU savings account?
Before opening an EU savings account, you should check:
- Whether the provider is authorised and regulated
- What deposit protection scheme applies
- How and when you can access your money
- Any fees or charges
- How interest will be taxed in Ireland
- How complaints are handled
As with any financial offer, whether in Ireland or elsewhere in the EU, remain alert to financial scams. Do not provide personal information or transfer money until you have confirmed that the provider and account are genuine.
How are deposits in another EU country protected?
Deposits with a financial institution authorised in another EU country are covered by the deposit guarantee scheme in the country where it is authorised. Eligible deposits are generally protected up to €100,000 per depositor, per institution across the EU. Before opening an account, check which scheme applies to your provider.
How do you open a savings account in another EU country?
There are two main ways to open a savings account in another EU country, directly with a bank or through a savings platform. Savings platforms can make it easier to compare and access multiple providers, but it's important to understand the fees, service arrangements and complaint process before choosing.
What can a savings platform offer?
What can a savings platform offer?
- Access to accounts from several providers through one service
- Tools to compare rates, terms and deposit protection
- Support with account setup, transfers and customer service
What should you check about a savings platform?
- Which banks and products are available
- Whether the platform charges fees
- Who holds your money and provides the savings account
- How deposits, withdrawals and transfers work
- Who to contact if something goes wrong
- Whether complaints go to the platform, the bank or another body
How is interest from an EU savings account taxed in Ireland?
If you are Irish resident and domiciled in Ireland for tax purposes, any interest you earn from a savings account in another EU Member State is generally subject to Irish tax, at same rate as Deposit Interest Retention Tax (DIRT).
Unlike most Irish savings accounts, where tax is deducted automatically, interest earned on savings in another EU country is usually paid without tax being deducted. You are therefore responsible for declaring this interest to Revenue and paying any tax due.
How you declare the income depends on whether you are a PAYE taxpayer or registered for self-assessment. See Revenue's guidance on foreign deposit income and declaring deposit interest for more information.
Some EU countries may deduct withholding tax from the interest you earn. In many cases, any foreign tax paid can be credited against your Irish tax liability, helping to prevent the same income being taxed twice.
How do you complain about an EU savings account?
The complaints process may depend on how you opened the account. If you used a savings platform, you may need to complain to either the platform or the bank, depending on the nature of the problem. If you opened the account directly with a bank, you should complain to the bank first. In all cases, it is important to identify who is responsible before making a complaint.
If you used a savings platform
Complain to the platform if your issue relates to its service, such as account administration, access, transfers or fees. If the problem relates to the savings account itself, ask the platform to identify the bank or provider responsible and explain how to make a complaint.
If you opened the account directly
Complain directly to the bank or provider. If your complaint is not resolved, or you do not receive a response within the required timeframe, FIN-NET may be able to help. FIN-NET supports consumers who have a complaint about a financial services provider in another EEA country, but you must complain to the provider first.
Could the FSPO deal with the complaint?
The Financial Services and Pensions Ombudsman (FSPO) may be able to assist, depending on the provider's regulatory status and the law governing the contract. If the complaint falls outside its jurisdiction, the FSPO may direct you to the relevant dispute resolution body, regulator or court.
