Higher EU savings rates. A quick tax return that pays you back.

For standard PAYE employees, you do not need to hire an accountant or become a self-assessed tax filer.

If you are a standard PAYE employee and your additional income outside your main job (such as foreign savings interest, dividends, or rental income) is under €5,000 net per year (and under €30,000 gross), you remain a standard PAYE taxpayer. You do not become self-assessed, and you do not need an accountant. You simply enter your total interest once a year via Revenue’s online myAccount portal.

If your additional income exceeds €5,000 net, or if you are already registered as self-assessed, you declare your foreign interest on your regular annual Form 11 tax return.

• 1 year fixed term accounts (Niamh vs. Jack): Locking money into a European fixed term yields €603.00 net compared to €301.50 net at a domestic bank. Niamh earns €301.50 more in net interest.
• Flexible demand accounts (Liam vs. Louisa): Keeping money accessible in a European demand account yields €425.44 net compared to €20.10 net domestically. Liam earns €405.34 more in net interest.

While the thought of filing an annual return on Revenue myAccount is off-putting to some, it’s actually a fairly routine task completed by hundreds of thousands of PAYE workers every year.

• Myth: "Tax returns are only for self-employed people or accountants."
  Reality: PAYE employees use myAccount routinely to claim healthcare or remote work credits. Declaring foreign deposit interest uses the same simple portal.
• Myth: "Filing requires complex manual calculations."
  Reality: Raisin sends you a single Annual Tax Certificate at the start of each year with the exact euro figure to input directly into Revenue's step-by-step form.
• Myth: "Filing a return is risky and leads to surprise tax bills."
  Reality: Submitting a return frequently uncovers unclaimed tax refunds. Declaring foreign interest simply settles your standard 33% DIRT on the interest you earned.

Because DIRT is not deducted at source by our partner banks, you declare it yourself.

When you receive deposit interest from a partner bank, it is classified as foreign deposit income on myAccount. As an Irish resident, you declare this on your annual tax return:

1. Log into Revenue myAccount and open your PAYE Income Tax Return. 

2. Navigate to Foreign Income and select EU Deposit Interest (excluding UK interest).

3. Enter your gross interest figure, which is provided on your Raisin Annual Tax Certificate at the start of each year.

4. Revenue calculates the 33% DIRT owed on the income and updates your tax balance automatically.

Some foreign governments apply a local withholding tax to interest earned by non-residents, while others do not. Here is how different partner bank options work.

No withholding tax banks

Partner banks in countries such as Germany, France, Sweden and the Netherlands do not levy local withholding tax on non-resident account holders.

• What this means for you: You receive 100% of your gross interest, declare it on Revenue myAccount, and pay standard Irish DIRT. There is no additional foreign paperwork required.

Banks in countries with local withholding tax

Some EU countries apply a local tax by default. However, under Double Taxation Agreements with Ireland, Irish residents can reduce this tax rate to 0% or a reduced rate.

• What this means for you: Raisin notifies you during account setup if a simple Tax Residency Certificate (requested online via Revenue) is required to exempt you from local withholding tax.

Open a free Raisin Account today to access high-interest European savings accounts with clear, structured annual tax reporting.

All partner banks on our platform protect deposits up to €100,000 per person, per bank under EU-harmonised Deposit Guarantee Schemes. This protection applies equally to Irish savers, even when saving with banks in other EU countries.