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EUR denominated money market account as an EU resident

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blubb

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Feb 19, 2023
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#1
Hi,

I need to store some Euros for a while and therefore, as interest is a thing again, I'm looking for an EUR denominated money market account.

As a non-domiciled resident of Malta I'm looking for an account outside Malta for tax efficiency. As you most certainly know, most EU banks do however require residency in their respective country.

Already discovered Bunq (1.56% p.a., no withholding tax).

Besides that, any recommendations?

Thanks!
 
#5
I just noticed IBKR will not pay any interest at all in my case as my account is with their Hungarian subsidiary:
"IBCE will not pay interest on credit balances as Hungarian law that governs investment service companies prohibits the payment of interest."

Any other recommendations? :)

... OK, they actually are. They just call it "Cash Yield Enhancement Program" and the rate is ever so slightly lower, but whatever. Regulatory SNAFU I guess.
 
Last edited:
#6
Any further suggestions anyone?
IBKR is great, but apart from that it still seems the options are rather slim for Malta residents :-/

BTW, can a mod please move this thread to the Bank Accounts board? Sorry for the mistake.
 
#7
To sum it up, there is:

  1. IBKR (Hungary branch): 1.902% (BM - 0.5%), no withholding tax (calling it "Cash Yield Enhancement Program" rather than interest in their Hungary branch, probably due to regulatory constraints)
  2. Bunq: 1.56%, no withholding tax
  3. Wise: 0.784% (1.12% minus 30% withholding tax, calling it "balance cashback" rather than interest)
Is there really no other option outside Malta for EU citizens with Maltese residency? :eek:
 
#10
No we are around, thank you for making us aware of it, please use the REPORT button, that's even bigger help ;)
 
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#12
Let's keep this up to date, as of today:

  • IBKR (Hungary branch): 2.149% (BM - 0.5%) on funds above EUR 10000, no interest paid on the first EUR 10000. No withholding tax. Calling it "Cash Yield Enhancement Program" rather than interest in their Hungary branch, probably due to regulatory constraints.
  • Bunq: 1.56%, no withholding tax
  • Wise: Effectively 1.13% (1.59% minus 30% withholding tax). Calling it "balance cashback" rather than interest)
  • HSBC Expat: 2.71% on a one-month fixed term deposit
Any other options open to all EU residents?
 
#13
1) What EUR amounts you are talking about? (It's crucial.)
2) Have you checked another banks at Crown Dependencies (Jersey/Isle of Man/Guernsey)?
 
#17
blubb said:
To sum it up, there is:

  1. IBKR (Hungary branch): 1.902% (BM - 0.5%), no withholding tax (calling it "Cash Yield Enhancement Program" rather than interest in their Hungary branch, probably due to regulatory constraints)
  2. Bunq: 1.56%, no withholding tax
  3. Wise: 0.784% (1.12% minus 30% withholding tax, calling it "balance cashback" rather than interest)
Is there really no other option outside Malta for EU citizens with Maltese residency? :eek:
Click to expand...
Why not consider a money market mutual fund/ETF ? It's more flexible than a TD and should pay more than IBKR.
 
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