How much is the tax on savings interest?

33% of the interest, deducted by the bank before the interest reaches your account. For Irish accounts it is a final tax: there is nothing more to pay and no USC.

Who doesn't pay the tax on savings interest?

People 65 or over with income under €18,000 (single) or €36,000 (married). Also people with a lasting disability that stops them working. They fill in a form for their bank and get interest without tax.

What's the difference between the rate and the annual equivalent rate (AER)?

The rate is the yearly rate before interest is added. The annual equivalent rate (AER) shows what you'd earn in a year once interest earns interest: 3% paid monthly is 3.0416% AER.

Savings

Savings interest after DIRT

The interest your savings earn, the 33% tax the bank takes (DIRT), and what you'll have at the end, year by year.

Self-assessment tool. The figures come from your own answers. It isn't advice, and you're responsible for what you file or claim. heypenny.ie is a trading name of Kinch Press. Read the disclaimer.

Common questions

How much is the tax on savings interest?: 33% of the interest, deducted by the bank before the interest reaches your account. For Irish accounts it is a final tax: there is nothing more to pay and no USC.
Who doesn't pay the tax on savings interest?: People 65 or over with income under €18,000 (single) or €36,000 (married). Also people with a lasting disability that stops them working. They fill in a form for their bank and get interest without tax.
What's the difference between the rate and the annual equivalent rate (AER)?: The rate is the yearly rate before interest is added. The annual equivalent rate (AER) shows what you'd earn in a year once interest earns interest: 3% paid monthly is 3.0416% AER.

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