Compare savings accounts for Irish savers

  • <span style='font-size: 11pt;'>Rates up to 3.05% AER (08/2025)</span>
  • <span style='font-size: 11pt;'>Savings accounts from across Europe with deposit protection</span>
  • <span style='font-size: 11pt;'>No fees, endless logins or paper application forms</span>
Compare savings accounts for Irish savers

An offer from Raisin Bank AG trading as Raisin.

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"Best Savings Provider" 2025

"Best Savings Provider" 2025

Member of the CCMA

Member of the CCMA


Featured in the CCPC Money Tools

Featured in the CCPC Money Tools

Featured in the Irish Independent

Featured in the Irish Independent

With so many different ways to save money in Ireland, it can be difficult to know which savings account is best for you. Consumers in Ireland can also save with regulated banks across Europe. Whether you’re saving a lump sum or putting money aside regularly, on this page, you can see how different savings accounts compare and find one to suit your needs.

Key takeaways

  • Savings accounts are a great way to improve your finances

  • Find an account: Compare some of the best savings accounts available on our marketplace, benefit from competitive interest rates, and grow your money

  • Save with Raisin: All savings accounts at Raisin are protected up to €100,000 per depositor and bank, under national deposit guarantee schemes

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

Top savings accounts at Raisin

Wondering which savings account might work best for your situation? Discover the options available through Raisin’s partner banks and explore which type of account may be a good match for your savings needs.

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Deposit accounts

You’re likely to earn the most interest with a deposit account. In return, however, your money is locked away for a set term, so you won’t be able to make withdrawals.

Fixed term deposits, as they are also called, offer fixed interest over a set term, typically ranging from three months to seven years. Longer terms often mean higher interest rates.

At Raisin, you can currently earn up to 2.69% AER on a 1 year deposit account, 2.75% AER for a 2 year deposit, and 2.81% AER for 3 years. Check Raisin’s full list of partner banks to compare offers.

Deposit accounts may be suitable if you have a lump sum of money you want to grow, perhaps for a longer-term savings goal.

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Demand deposit accounts

One of the most flexible types of savings accounts in Ireland, demand deposit accounts let you withdraw or top up your money whenever you want.

These accounts usually offer variable interest rates which can increase or decrease while the account is open.

At Raisin, you can earn up to 2.12% AER on a demand deposit account. Find a complete list of top offers from our partner banks.

A demand deposit account could be ideal if you prefer flexibility and easy access to your savings. It may be a good option for short-term savings goals, or if you want to put money away regularly and grow your funds.

The highest fixed term savings account interest rate on the Raisin platform is currently 3.05% AER for fixed term savings, and 2.12% AER for demand deposit accounts.

How to open a savings account with Raisin

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Register for free and verify your identity

Apply to open your savings account quickly and easily using the secure VideoIdent process. Once your identity is confirmed, you’ll have access to all our savings accounts.

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Choose an offer

Browse and select the right savings account for you.

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Transfer your funds

Transfer your chosen deposit amount to your savings account with a standard bank transfer. Our secure online banking platform gives you full control at all times.

Should you compare savings account interest rates?

It’s important to do a savings account comparison to make sure you get the right type of account and the right interest rate for you. You can compare savings account rates on fixed term deposits using the table above.

So, why compare savings accounts? Well, Irish savers with money in low interest accounts are missing out on €3.5bn. By shopping around online and comparing savings accounts from across Europe, you can often find higher rates than on the high street.

If you're wondering how to find the best savings account for you, this will depend on how much you have to deposit, whether you have a lump sum or want to save a smaller amount each month, how long you’re prepared to leave a lump sum untouched for, and how you want your interest to be paid. You can also choose to split your money by opening more than one type of savings account, to get a mix of the benefits they provide.

What are savings accounts for in Ireland?

A savings account is not only a place to stow your money; it can also help you elevate your finances. Your money will grow based on the account’s interest rate and how much you deposit. And if your chosen provider offers savings account protection, eligible funds of up to €100,000 per bank and saver are protected if the bank collapses.

As for what you save for, that can be absolutely anything. You might be thinking about saving for a house deposit, your wedding, retirement, or even a once-in-a-lifetime holiday.

How do savings accounts work?

Once you have deposited money into a savings account, the bank earns interest on it, and then pays you some of that interest each year. The bank uses your money to provide loans to other people, on which they charge interest.

You are, however, always able to access your money. If the savings account is fixed term, you may have to wait a certain amount of time. With the Deposit Guarantee Scheme (DGS), your money is protected up to an equivalent of €100,000 per depositor and bank.

Who can open a savings account?

Each savings account will have its own terms and conditions regarding who can open an account and with what amount, but you will usually have to be aged 18 or over to open a savings account on your own.

If you’re under 18, there are some accounts available to you, including children’s savings accounts.

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What are the pros and cons of savings accounts in Ireland?

Savings account advantagesSavings account disadvantages

Most savings accounts are easy to open, and you can deposit money (within certain limits) by using online transfers.

Inflation could mean that your money ends up having less buying power if interest rates remain low.

You can grow your money with savings accounts by choosing one that offers a competitive rate of interest.

Some regular savings accounts have a minimum balance requirement, meaning you will need to deposit a given amount regularly (Raisin does not offer regular savings accounts).

Demand deposit accounts let you withdraw your money at any time, while fixed term deposits lock away funds for a set period of time in exchange for higher interest.

While easy access can be seen as a major plus, it also means that saving could be difficult if you give in to temptation.

Up to €100,000 of your cash is protected per person per bank in the unlikely event that your institution fails.

Some savings accounts, including fixed term deposits, have restrictions in terms of withdrawal limits and access. Be sure to check the terms and conditions before you commit.

Interest earned on savings accounts in Ireland is subject to Deposit Interest Retention Tax (DIRT), currently 33%.

What are the most common types of savings accounts in Ireland?

There are several different types of savings accounts, all offering different benefits. These are the most common types of savings accounts:

  • Fixed term deposit accounts: Fixed term deposits require you to lock away your money for a set period of time. Interest rates are typically competitive, especially over the longer term.
  • Demand deposit accounts: The most straightforward savings account type, a demand deposit account, is very flexible and allows you to deposit and withdraw money at any time.
  • Regular savings accounts: Most banks offer regular savings accounts, which are sometimes tailored towards a savings goal - mortgage savings accounts, for example. They typically require you to save a set amount each month, which is ideal for those who are starting with a small amount rather than a lump sum. They don’t tend to offer very competitive interest rates, but are a better alternative than leaving your money in your current account.

How to calculate interest on a savings account in Ireland

If you’re comparing savings accounts in Ireland, it can help to know what type of interest they offer. Some accounts have simple interest, which is calculated only on the money you deposit. Others earn compound interest, which means interest grows on both your deposit and the interest it has already earned (making it grow more quickly).

Here’s how this might look with a €10,000 deposit at a rate of 4.00% AER:

 

Simple interest

To calculate “simple” interest on a savings account, multiply your account balance by the interest rate by the time period you plan to have the money in the account.

The equation looks like this:

Interest = P x R x T.

P = Principal amount (the beginning balance).

R = Interest rate.

T = Time period.

Let’s say you deposit €10,000 into a savings account that earns 4% interest per year. Expressed as a decimal, the interest rate is 0.04, so the formula would be:

Interest = €10,000 x 0.04 x 1 = €400.

Compound interest

With compound interest, it is slightly different. In this example, you invest €1000 with your bank at a rate of 4% each year, compounded every 6 months. For the first 6 months, the interest of 4% on €1000 gives €40. This interest is then added to the initial amount to give a running total of €1040. The interest for the second 6 months of the year is 4% of €1040 = €41.60. Added to the €40 for the first 6 months, this means you earn €81.60 for the year.

How is interest paid on savings accounts in Ireland?

How interest is paid depends on your savings account, so it’s best to check the details to make sure you’re getting an account that’s right for you. It’s common to receive interest payments once a year, either on a predetermined date or on your account opening anniversary. Some accounts pay out interest monthly, and some may pay quarterly. In the case of fixed term deposits, you may only receive an interest payment when your account matures, which could be up to five years.

You’ll usually receive interest payments into a bank account you nominate, or the interest you earn can go straight back into your savings account. If you have a preference, make sure you check this when you're initially comparing savings accounts.

Are savings account interest rates worth it?

Savings accounts offer one of the most reliable and safest ways to grow your money. Currently, some of the best savings interest rates in Ireland are lump sum savings accounts that lock your money away to earn interest for a set period of time. You can view the top savings account rates in the table above. The most competitive lump sum account on our marketplace has an interest rate of 3.05% AER.

When will interest rates go up or be cut in Ireland?

This is dependent on the European Central Bank’s (ECB) monetary policy decisions. To find out more, read our page on what’s next for interest rates in Ireland.

Do I pay tax on money in a savings account in Ireland?

You will have to pay tax on the money you have saved, as the interest you earn on your savings is subject to Deposit Interest Retention Tax (DIRT). In 2025, DIRT is 33%, a reduction on previous years (it was 41% in 2014-2016, for example).

Any tax you need to pay on your interest is typically deducted by your bank before the interest is paid to you. If you’d like to know more about your deductions, you can request a statement of DIRT.

In the case of demand deposit accounts offered on Raisin, you’ll need to declare your own Deposit Interest Retention Tax (DIRT) as our partner banks are outside Ireland.

Deposit Interest Retention Tax does not apply to interest on demand deposit accounts that are owned by:

  • Revenue-approved pension schemes
  • Charities
  • Companies that pay corporation tax
  • People not resident for tax in Ireland

We've put together a handy guide if you'd like to find out more about how Raisin Bank savings accounts are taxed.

How to compare and choose the right savings account

Here are some questions you can ask yourself to help you decide what type of savings account is right for you and your savings goals.

What are you saving for?

Deciding what your savings goals are can help you decide which savings account would suit you best. For example, if you’re saving for something specific, such as a new car or a trip abroad, a demand deposit account may be ideal as you’ll be able to withdraw your cash as and when you need to without paying a penalty, as well as being able to top up your balance whenever you want. For long term savings, a fixed term deposit account may be a better option.

Do you need access to the money immediately?

Savings accounts have different rules as to when – and how often – you can withdraw your money. Demand deposit accounts usually allow you to withdraw your money whenever you like without incurring a penalty – but they do come with lower interest rates than fixed term deposit accounts, and the interest rate can go up and down at any point. Deposit accounts require you to lock your money away for a fixed period, with no access to your money within this time – but in return you’re likely to receive a higher interest rate.

How much would you like to save?

How much you’re looking to save will also inform your decision. Regular savings accounts typically require you to deposit a set amount of money every month. If you don’t make the minimum payment into your account, your account could be closed, or you may be given a lower interest rate.

What features are most important to you?

Savings accounts come with different features. If you want to be sure of how much interest you’ll earn, a fixed term deposit could be a good option over a variable savings account. Other features may also be important to you, such as having a Sharia-compliant savings account, or banking with a ‘Green’ bank or building society.

How many savings accounts can I have in Ireland?

You can open as many savings accounts in Ireland as you like, and it’s something worth considering. For example, you could open a fixed term deposit account for long-term savings, and have an emergency pot in a demand deposit account.

Protected savings accounts in Ireland will cover your money up to €100,000 per depositor and bank according to EU laws, so if you have more than this amount to deposit, it’s advisable to spread this money over more than one savings account to ensure you’re covered by the limit.

Is my money protected in a savings account?

Yes. The Deposit Guarantee Scheme protects your money in the event that your bank, building society or credit union authorised by the Central Bank of Ireland collapses. Deposits up to €100,000 per person, per financial institution are protected under the scheme, and the money is usually paid to you within 15 working days of your institution failing.

If you have a demand deposit account with a Raisin Bank partner bank outside of Ireland, your account will be protected by the Deposit Guarantee Scheme in the relevant bank’s country, in accordance with EU law.

More about deposit protection

Start saving with Raisin Bank

Compare and open savings accounts with interest rates up to 3.05% AER, from a range of European banks. It’s free to register, and once you’ve been approved, you just need to select the account that’s right for you, and watch your savings grow!

Register today