bfg69bug

I´ve seen that Cajasur do a savings account that seems like an ISA - are there any other options or is it best to keep to my own bank for this sort of thing ? I have seen adverts from "Bink bank" .. but as they are kinda new i dont know if i trust them. (ive always said that here in spain.. trust no-one)

missile

Not as far as I know.
(ive always said that here in spain.. trust no-one) that is a bit OTT.

bfg69bug

thanks for the reply missile I´ve been doing a bit of research and i haven´t found anything really, so i´d have to agree with you.

spainrico

No there is not a similar product except normally at the end of the year banks always seem to be promoting making contributions to pension plans but I have no idea what the T and Cs are as I don't need that type of product.

As an aside I believe there are also products for youngsters to save up for a house deposit but again not suitable for all persons.

Loafing Along

Pension plans are an effective savings tool as they are tax efficient , you can deduct your contributions from your annual declaration up to a certain limit. Of course it catches up to you when you retire as they are taxed as normal income unless you buy the equivalent of an annuity .

Similarly with the house purchase scheme you can contribute during a ceretain period and then provided you use the funds to buy a first property they are not taxed.

bfg69bug

interesting, a house savings plan? i might have to look into that one. We already have a private pension with the bank, but thinking about that one, i might "up" the contribution, if they dont have a "house" plan avaliable

Loafing Along

I was just checking up on what we had a "Cuenta Vivienda" which allowed us a 15% tax deduction up to €9.000,- a year. Apparently it was discontinued in 2013 the Spanish government came under pressure from the EU when they were negotiating a loan package . Sorry about that -

bfg69bug

oh well Loafing Along thanks for looking

Loafing Along

It was a good deal while it lasted ..

bfg69bug

it seems that cajasur / kuxtabank still does, its a 4 year scheme, you have to pay in 1000€ first and 100€ on the 1st of each month, but it pays 0.01%. and obviously the tax benifits associated.

* click here to have a look *


Which means, if you only pay in the minimum you´ll only save €5800 plus interest? thats not enough for a deposit at all.. you´d have to put at least 200 a month in for 11,600 (plus interest) to buy a 100k house?

++edit - the website works, but i dont know if the product is still avaliable++

Loafing Along

No fiscal incentive though..

bfg69bug

I´m not really looking for that - I work full time, all my income comes from one source, and its most definatly under €22,000. I do own half of my parents house. I haven´t made a declaration. ever.

The Agencia Tributaria themselves state that I dont have to. * see their website * Están obligados a declarar todos los contribuyentes personas físicas residentes en España, excepto los que hayan percibido, exclusivamente, rentas procedentes de:

1. Rendimientos del trabajo personal, iguales o inferiores a 22.000 euros anuales:
   • Siempre que procedan de un solo pagador.