Earning deposit interest in online savings accounts may require you to file a Form 11. Using platforms like Raisin is a great way to earn more interest on your hard earned savings. We’re here to make the tax part easy.
To find out more about online saving with Raisin, visit Raisin.ie today.
Yes. If you are an Irish tax resident, you must declare all foreign savings interest, including interest earned through Raisin or other online platforms, on your Irish tax return.
Even though your savings are held with EU banks, Revenue still treats the interest as taxable income in Ireland.
FastTax.ie makes this easy by guiding you through exactly what to declare.
Some countries deduct withholding tax before paying interest.
If this happens:
- You still declare the full interest earned
- Any foreign tax paid can usually be credited against your Irish tax bill
FastTax.ie helps ensure this is handled correctly.
Yes. There is no minimum amount below which foreign interest can be ignored.
All foreign deposit interest must be declared as part of your Form 11 tax return if you are required to file one (total non-PAYE income of over €5,000 net), or else via MyAccount for PAYE workers.
If foreign interest is not declared:
- Revenue will apply a higher tax rate to the interest earned
- Interest and penalties may also apply
Declaring your interest correctly protects you and ensures full compliance.
The FastTax.ie process helps you ensure that you remain compliant and avoid costly omissions.
Foreign deposit interest must be declared on your annual tax return:
- Usually on a Form 11
- Under the section “Foreign Income – EU Deposit Interest” or under “Other Deposit Interest” depending on the bank account.
- Irish tax resident individuals need to complete a Form 11 in the year they open a foreign bank account, regardless of their other income sources.
Thereafter, if non-PAYE income exceeds €5,000 NET or €30,000 gross in a year, an annual Form 11 is required.
FastTax.ie simplifies the Form 11 completing and filing process and ensures it’s done correctly.
In most cases, interest from EU deposit accounts is taxed at the same rate as Irish DIRT, which is currently 33%.
If any foreign tax has already deducted a credit for this can be claimed for in your Irish tax return.
FastTax.ie ensures the correct tax is applied and helps avoid overpaying.
Irish banks deduct DIRT automatically before paying you interest.
However, when your savings are held with banks outside Ireland, DIRT is usually not deducted at source, and the responsibility falls on you to declare and pay the tax yourself.
This is normal and one of the common areas FastTax.ie helps customers with.
Yes. Using Raisin and overseas savings accounts is completely legal and is a smart way to make your savings work harder for you.
You simply need to declare the interest correctly for Irish tax purposes.
Many Irish savers use Raisin to access higher interest rates while staying fully compliant with Revenue. FastTax.ie helps make that easy.
FastTax.ie makes declaring your foreign interest simple.
Our systems will then:
- Calculate the correct tax
- Generate a completed tax return form for online filing
- Tell you what tax payments are due
- Give you peace of mind it’s done properly
Without accountants’ fees or you having to deal with the Revenue yourself.
