Savings Schemes

Question 1

Demand Deposit Accounts

Answer 1

Banks
Low interest
Not recommended for long-term savings
Easy access through ATMs

Question 2

Savings accounts

Answer 2

Banks
Regular amounts paid in each month
Capitak is secure
Interest is subject to DIRT

Question 3

Deposit Account

Answer 3

An Post
Money can be deposited at any time
Deposit book is issued which records all transactions
Interest is low and subject to DIRT
Funds can be withdrawn at any post office with ID and deposit book

Question 4

Instalment savings scheme

Answer 4

Fixed amount saved monthly for 12 months
Remains on deposit for 5 years
Interest rate is 11%
Interest is earned tax free