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Tax as the final filter
Taxation of bonds has become more complex after the abolition of many exemptions. Coupon income is subject to personal income tax, and you cannot simply compare deposit and bond yields without considering the tax agent.
On a deposit, the bank often acts as a tax agent, but the taxation conditions for interest income have changed, aligning them with bonds. However, in bonds, you pay tax not only on the coupon but sometimes on the exchange rate difference at maturity, which is a surprise to many.
Calculate the net cash flow after deducting 13% or 15% tax. Often, after this math, a "profitable" bond becomes weaker than a regular deposit.
#taxes #bonds