In the Finance Bill, not yet law
Cash in a PIA: no interest, and the money market fund question
Cash in the account earns nothing, by law, and still counts towards the value the 1% charge is based on. Money market funds are the obvious alternative, but the Bill doesn't say whether they're allowed.
Updated 20 October 2026
What section 26 says
- No interest may be paid, credited or allowed to accrue on cash in the account (s.747L(2)(f)).
- Cash is only there until it is invested, or while the account moves provider (s.747L(2)(e)).
- Cash still counts towards the daily average value (s.747Q(5)).
Money market funds: not settled
The Bill allows units in UCITS funds, except personal portfolio and structured funds (s.747H(1)). Many money market funds are UCITS. But the Bill never mentions them, no guidance confirms they are allowed, and providers decide which funds they offer. We track this as an open question on the rules ledger (OQ-15).
A money market fund is not a deposit
Its value can fall, it is not covered by the deposit guarantee scheme, and it has fund charges.
What idle cash gives up
Interest forgone in a year, before tax, against an instant-access rate of 2.50%.
€1,000 idle
€25
€5,000 idle
€125
€12,000 idle
€300
Illustrative. 2.50% is Trading 212's standard variable rate on euro cash outside a PIA, October 2026.
Frequently asked
Does cash in a PIA earn interest?
No. Section 26 of the Finance (No. 2) Bill 2026 says no interest may be paid, credited or allowed to accrue on cash in the account (s.747L(2)(f)). Cash still counts towards the daily value used for the 1% charge.
Can I hold a money market fund in a PIA?
Not settled. The Bill doesn't mention money market funds. UCITS funds are eligible unless they are personal portfolio or structured funds, and many money market funds are UCITS, but nothing confirms they are allowed, and each provider decides what it offers.
What is a money market fund?
A fund that holds very short-term, high-quality debt such as government bills and bank deposits. It aims to track short-term interest rates. Its value can fall, and it is not covered by the deposit guarantee scheme.
Keep reading
Run your own numbers
Compare a Personal Investment Account against a deposit account and a standard fund over 10, 20 or 30 years — with real Irish rates.
Open the PIA calculatorInformation only, not financial or tax advice. PIA rules are as written in the Finance (No. 2) Bill 2026, published 19 October 2026, and are not law until the Bill is signed. Figures cited are from the Department of Finance roadmap, Revenue, Skatteverket, GOV.UK and the IRS.