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  • 06-03-2015 5:37pm
    #1
    Oasis1974
    Closed Accounts Posts: 1,077 ✭✭✭


    Any maths students help if i did a 18 month Fixed Term Account at 2.41% (1.6aer) gross amount 90000 whats my return after dirt? I'm seeing 850ish return am i correct surely not?


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    I'm useless at maths but good with money :)

    I get it gross €2,169 (I presume you mean the interest rate is fixed for the 18mths)

    Is DIRT still 41%? If it is then your net return is €1,279 with DIRT of €889


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    #3
    Oasis1974
    Closed Accounts Posts: 1,077 ✭✭✭Oasis1974


    phormium wrote: »
    I'm useless at maths but good with money :)

    I get it gross €2,169 (I presume you mean the interest rate is fixed for the 18mths)

    Is DIRT still 41%? If it is then your net return is €1,279 with DIRT of €889
    41% since start of 2014 thanks i just put 90k in a Ptsb Fixed Account for 18 months that's pretty poor.Kinda scratching my head that a just matured BOI 1 year fixed that had 2.20% gross for a 70k amount yields only €50 less interest after same dirt?


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    #4
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    How do you work that out?

    70k @ 2.2% is €1,540 gross which is €908 after DIRT, that is more than 50 in the difference?

    Your return in 18mths is going to be €1,279 on the 90k

    Or are you comparing the 1yr BoI with what the return on the 90k would be over 1yr?


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    #5
    Oasis1974
    Closed Accounts Posts: 1,077 ✭✭✭Oasis1974


    phormium wrote: »
    How do you work that out?

    70k @ 2.2% is €1,540 gross which is €908 after DIRT, that is more than 50 in the difference?

    Your return in 18mths is going to be €1,279 on the 90k

    Or are you comparing the 1yr BoI with what the return on the 90k would be over 1yr?
    Sorry thanks i actually got this cleared up it was 2.00% gross from BOI actually which yielded €823 my new 18 month with Permanent will give €1917 after dirt staying the same. Sorry I'm dense took a real life accountant to explain it :D


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    #6
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Now I'm puzzled, how are you getting a return of €1,917 after DIRT, I am getting the after DIRT figure to be €1,279 on 90k for 18mths @2.41%

    That's a big difference????

    Actually I think I have figured it out, the higher figure is using the 2.41% as an annual interest rate but I don't think it is one, it is surely a fixed term fixed rate so the 2.41% is for 18 months and not 12 months plus another 6 especially as you have quoted an annual equivalent rate of 1.6%


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    #7
    Oasis1974
    Closed Accounts Posts: 1,077 ✭✭✭Oasis1974


    phormium wrote: »
    Now I'm puzzled, how are you getting a return of €1,917 after DIRT, I am getting the after DIRT figure to be €1,279 on 90k for 18mths @2.41%

    That's a big difference????

    Actually I think I have figured it out, the higher figure is using the 2.41% as an annual interest rate but I don't think it is one, it is surely a fixed term fixed rate so the 2.41% is for 18 months and not 12 months plus another 6 especially as you have quoted an annual equivalent rate of 1.6%
    Ya its 1.6 Aer fixed i got there before it dropped the following Tuesday even found this to verify it.
    http://www.irishdeposits.ie/deposit_rate_calculator/personal
    547 days / 90k / 2.41


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    #8
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Right, so it's sorted, you will be getting €1,279 assuming DIRT doesn't increase :)


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    #9
    Oasis1974
    Closed Accounts Posts: 1,077 ✭✭✭Oasis1974


    phormium wrote: »
    Right, so it's sorted, you will be getting €1,279 assuming DIRT doesn't increase :)
    According to the calculator its gross of 3.2k minus Dirt gives a Net Interest of €1917. Anyway PTSB will send a letter maybe Monday with what the 18 month will yield so i'll see.


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    #10
    28064212
    Registered Users Posts: 10,632 ✭✭✭✭28064212


    You're putting the 2.41% figure into an annual percentage field. That's the 18 month figure. You should be using the 1.6% AER figure in the calculator.

    The gross interest is very simple: 2.41% of 90k = 2,169.
    41% DIRT of 2,169 = 889.29.
    2,169 - 889.29 = 1279.71

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    #11
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Oasis1974 wrote: »
    Any maths students help if i did a 18 month Fixed Term Account at 2.41% (1.6aer) gross amount 90000 whats my return after dirt? I'm seeing 850ish return am i correct surely not?

    According to a post in a different thread here, PTSB will cut deposit rates this Tuesday 10 March. If you have not already opened / funded your fixed term deposit account, you might be best speedily doing it on Monday 9 March.


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    #12
    Oasis1974
    Closed Accounts Posts: 1,077 ✭✭✭Oasis1974


    JTMan wrote: »
    According to a post in a different thread here, PTSB will cut deposit rates this Tuesday 10 March. If you have not already opened / funded your fixed term deposit account, you might be best speedily doing it on Monday 9 March.
    I opened mine last Friday both people in my local PTSB never mentioned the cut it was a guy i was on to in customer care told me.


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