Doc67 wrote: ↑Fri Apr 15, 2022 2:42 pm

Clutch Cargo wrote: ↑Fri Apr 15, 2022 2:30 pm I have just savings accounts with ABA and Acleda. I haven't done any term deposits.

The ABA one pays me yearly interest and deducts 4% withholding tax.

The Acleda one pays me monthly interest and the last time I was charged withholding tax was in April 2021 where they charged me 4.5% on that particular month's interest. So that's a mystery as to how it works and I couldn't find info on their website.

I just checked my Prasac account, the basic instant access account, and that charge tax on the monthly interest is at 4%. But the TD's are charged at 6%. What's that all about?

Kenr wrote: ↑Fri Apr 15, 2022 3:00 pm

Doc67 wrote: ↑Fri Apr 15, 2022 2:42 pm

Clutch Cargo wrote: ↑Fri Apr 15, 2022 2:30 pm I have just savings accounts with ABA and Acleda. I haven't done any term deposits.

The ABA one pays me yearly interest and deducts 4% withholding tax.

The Acleda one pays me monthly interest and the last time I was charged withholding tax was in April 2021 where they charged me 4.5% on that particular month's interest. So that's a mystery as to how it works and I couldn't find info on their website.

I just checked my Prasac account, the basic instant access account, and that charge tax on the monthly interest is at 4%. But the TD's are charged at 6%. What's that all about?

They tax savings accounts and term deposit accounts at different rates. Don’t know why, that’s just their tax code.

truffledog wrote: ↑Fri Apr 15, 2022 4:07 pm

Kenr wrote: ↑Fri Apr 15, 2022 3:00 pm

Doc67 wrote: ↑Fri Apr 15, 2022 2:42 pm

Clutch Cargo wrote: ↑Fri Apr 15, 2022 2:30 pm I have just savings accounts with ABA and Acleda. I haven't done any term deposits.

The ABA one pays me yearly interest and deducts 4% withholding tax.

The Acleda one pays me monthly interest and the last time I was charged withholding tax was in April 2021 where they charged me 4.5% on that particular month's interest. So that's a mystery as to how it works and I couldn't find info on their website.

I just checked my Prasac account, the basic instant access account, and that charge tax on the monthly interest is at 4%. But the TD's are charged at 6%. What's that all about?

They tax savings accounts and term deposit accounts at different rates. Don’t know why, that’s just their tax code.

probably because you cant withdraw the TD until end of deposit term? While the tax savings can be withdrawn anytime?

Kenr wrote: ↑Fri Apr 15, 2022 12:18 am From what I just read interest paid on a savings account is taxed at 4% for a resident.

mannanman wrote: ↑Fri Apr 15, 2022 10:10 pm I’ve had deposits with ACLEDA, AMK and many others. Never had to prove my residency status apart from a long term visa or had a visit or got pestered by staff.

That’s all just weird and not the official way that you encountered.

Woody wrote: ↑Sun Apr 17, 2022 3:56 pm

Kenr wrote: ↑Fri Apr 15, 2022 12:18 am From what I just read interest paid on a savings account is taxed at 4% for a resident.

A resident of where?

Doc67 wrote: ↑Wed Apr 13, 2022 2:32 pm Anchor Protocol on the Terra crypto network pays 19.5%, and accumulates every few minutes. No tax either.
https://app.anchorprotocol.com/earn

Terra is ranked #2 DeFi after Ethereum. Luna, the Terra network Coin is ranked #9 with a market cap of $30 Billion. It is also loaded up with Bitcoin to the tune of $1.7Billion to support the UST stablecoin, with a target of $10Billion. It is basically buying Bitcoin as a 'gold standard' backing assuming you believe in the long term good future for Bitcoin.
https://coinmarketcap.com/
https://www.altrady.com/blog/terra-buys ... n-bitcoin/

You can insure your deposit too. You can't do that with Prasac.

***caution***
Do Your Own Research and only deposit what you can afford to lose. That includes Prasac as well!