You will have to pay tax on the money you have saved, as the interest you earn on your savings is subject to Deposit Interest Retention Tax (DIRT). In 2021, DIRT is 33%, a reduction on previous years (it was 41% in 2014-2016, for example).
Any tax you need to pay on your interest is typically deducted by your bank before the interest is paid to you. If you’d like to know more about your deductions, you can request a statement of DIRT.
In the case of demand deposit accounts offered on Raisin.ie, you’ll need to declare your own Deposit Interest Retention Tax (DIRT) as our partner banks are outside Ireland.
Deposit Interest Retention Tax does not apply to interest on demand deposit accounts that are owned by:
Revenue-approved pension schemes
Charities
Companies that pay corporation tax
People not resident for tax in Ireland