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Ireland to Launch New Savings Accounts Soon
20 Feb
Summary
- Finance Minister plans to introduce savings accounts within weeks.
- The scheme is a key priority for the next two budgets.
- Ireland lags behind other countries in supporting retail investment.
Finance Minister Simon Harris announced that initial steps towards establishing a Savings and Investment Account (SIA) scheme will be taken within weeks. This initiative is designated as a key priority for the upcoming two budgets.
A strategy outlining the principles and framework for these accounts will be presented to the government shortly. The Banking & Payments Federation Ireland has also urged the government to implement such a domestic account.
This type of account offers a tax-efficient, long-term savings method, investing deposits in shares, bonds, or funds. The European Commission encourages member states to adopt SIAs, which are already operational in several EU nations.
Minister Harris acknowledged that Ireland is behind other countries in supporting retail investment and long-term savings. He noted that approximately 170 billion euros currently sit idle in Irish bank accounts, generating minimal returns for savers.
