The savings accounts below show the best fixed rate bonds available for those who are looking to lock a deposit away for a set period to gain a favourable interest rate. You can personalise the chart. You have to give notice to withdraw cash or you'll pay a penalty, but you'll get some of the best savings account interest rates out there. Regular savings accounts: These generally require you to pay into the account every month. Fixed rate bonds: You tie your savings up and can't access them until the end of the set term. Indeed, today the top saving rate is available on a five year fixed rate bond, but with saving rates across the charts at record lows, many savers are reluctant to lock into a long-term bond due to future uncertainty and concerns that a rise in inflation will erode their savings. Certificates of deposit: A fixed-APY CD gives you the same yield for the term of the CD. Most savings accounts have variable yields, so a CD is a way to earn a fixed APY during a term.
We regularly monitor and compare the Interest Rates onSavings Accounts in Ireland. We check the highest interest rates on instant access deposits as well as regular savings accounts and fixed-rate deposits.
The interest rates on Irish deposit accounts in 2021 are still very low. Many instant access accounts are only paying 0.01% interest. On a deposit of €50,000 you would only earn €5 in interest in a year at a rate of 0.01%. After tax this would be just €3.35.
As a general rule, you’ll usually get slightly better interest rates if you tie your money up for longer. You can get rates that are 80 times bigger than the tiny 0.01% offered by the main banks. Why accept €5 interest on €50,000 when you could get €350 or more ?
Note: DIRT (Deposit Interest Retention Tax) decreased from 35% to 33% from January 1st 2020 – so that will mean slightly more interest for savers. More details of DIRT here
Click on the links below to see the best savings rates on offer in Ireland in February 2021
Best Fixed Term Savings
- Best Instant Access Deposit Rates
- Regular Saver Accounts
- Best 1 Year Fixed Deposit Interest Rates
- Highest Interest Rates on Fixed Terms Up To Five Years
You could also earn higher interest with a regular savings account or a fixed-term deposit. But remember, with a fixed term account you may not be able to access your money immediately (or even not until the end of the term) – and there could be a withdrawal fee.
Best Fixed Rate Savings Accounts
If you are looking at alternative forms of investment – such as stocks and shares – you should take a look at these articles
Best Fixed Term Savings Bonds
Whilst we strive to maintain the rates and update them when changes occur – customers should double-check with the financial institutions for confirmation of current rates.