Dáil Éireann Debate, Tuesday - 29 September 2026
185. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance if he intends to ensure equity of treatment and provide options for people that choose to keep their savings in cash accounts in the savings and investment scheme. [68623/26]
Amharc ar fhreagraIreland still does not have a sufficiently diversified savings and investment culture. Too much of people’s hard-earned savings remains in low-yield deposits, where inflation can erode value over time. Deposit accounts are right for many people and for many needs. But they should not be the only practical option.
Ireland has one of the highest rates of savings in the EU, but when this money is held in deposit accounts it is eroded by inflation. The goal of the investment account is to encourage and support participants to invest in a manner that is simple to administer, as opposed to leave money on deposit.
Encouraging investment has been a long-standing Government position. Budget 2026 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38% which took effect from 1 January 2026.
Department officials have continued to engage with experts design an account that best fits the Irish economy and Irish households and reflects international best practices.
Budget 2026 also included a commitment to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment. This roadmap was published on 31 August 2026. The roadmap also set out the key parameters of the proposed new investment account, to facilitate the design and introduction of the necessary operational systems by providers in order to allow accounts to be available in 2027.
Further detail on the investment account will be announced as part of Budget 2027 on 6th October.
