Savings accounts up to 3.30% AER

By keeping savings in low-yielding accounts and accounts that pay no interest at all, savers in Ireland are losing billions of euro because inflation is eroding the value of their funds. If you shop around online and compare savings accounts from across Europe, you may be able to find higher rates than on the high street.

If you're wondering which savings account might work best for your situation, consider the following:

• Deposit amount – Are you saving a lump sum or smaller monthly amounts?
• Access to funds – How long are you prepared to lock your money away? Do you need instant access?
• Interest payments – How and when will interest be paid: monthly, quarterly, annually, or at the end of the term?
• Account type mix – Could splitting your money across different account types give you a better balance of flexible access and competitive rates?
• Tax – Understand DIRT and how it could impact your final earnings.
• Deposit protection – Ensure your chosen account is covered by the respective country's deposit guarantee scheme (up to €100,000 per person and bank).

When you deposit money into a savings account, the bank may lend your money to others or invest it, and, in return, pays you interest. 

Access to your funds depends on the account type: you can withdraw at any time with demand deposit accounts, but have to wait until the end of the term with fixed term deposits.

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.

Because Raisin partners with banks 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.

How interest is paid depends on your savings account. By checking the terms, you can make sure you’re getting an account that best suits your needs. It’s common to receive interest payments once a year, either on a predetermined date or on your account opening anniversary. With savings accounts that offer compounding, interest may be paid out monthly or even quarterly. In the case of fixed term deposits, you may only receive an interest payment when your account matures, which could be anything up to ten years.

Each savings account will have its own terms and conditions. You will usually have to be aged 18 or over to open a savings account on your own.

If you’re under 18, some providers offer children’s savings accounts. Raisin does not offer accounts for under 18s.

You can open as many savings accounts in Ireland as you like, and some people take a strategic approach. 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, you could spread this money over more than one savings account to ensure you’re covered by the limit.

Yes, interest earned on savings accounts in Ireland is subject to Deposit Interest Retention Tax (DIRT). In 2026, the standard DIRT rate is 33%.

In the case of savings accounts offered through Raisin, DIRT is not automatically deducted, and you’re responsible for declaring this interest on your Irish tax return. This is because our partner banks are based outside of Ireland.

Deposit Interest Retention Tax might not apply to interest on savings accounts that are owned by:

• People not resident for tax in Ireland
• Permanently incapacitated individuals
• People aged 65 or over with total income below a given exemption limit

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

While many of our European partner banks pay interest gross, some may deduct tax before making a payment. You are responsible for settling your Deposit Interest Retention Tax (DIRT) with Revenue annually. Under Irish tax rules, PAYE employees must submit a Form 11 return to declare foreign interest income.

To help with your declaration, we provide templates and yearly statements in your online dashboard. The statements list the exact figures you need, allowing you to copy and paste them directly into your Revenue online return. 

For more information on reporting foreign deposit interest in Ireland, visit this page.

No. Ireland has double-taxation agreements with these countries to ensure you are not taxed twice on the same income.

In the countries where a local withholding tax applies, we provide the necessary tax exemption templates in your online dashboard for you to fill out. You will need to obtain additional supporting documents directly from Revenue yourself to complete the application and secure your tax relief.

Find out more.

There are several different types of savings accounts, all offering different benefits. Let’s compare the savings accounts most commonly found in Ireland:

• 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: A demand deposit account is flexible in that it allows you to deposit and withdraw money at any time, but pays a variable interest rate.
• Regular savings accounts: Most banks offer regular savings accounts, sometimes tailored towards specific savings goals (mortgage savings accounts, for example). They typically require you to save a set amount each month, which may be useful for those who are starting with a small amount rather than a lump sum.

While Raisin offers individual savings accounts rather than joint accounts, you can still save together effectively. Opening two separate individual accounts allows you to spread your savings and increase your coverage under the Deposit Guarantee Scheme (DGS). Because the DGS protects up to €100,000 per person, per bank, holding two individual accounts gives you and your partner a combined total protection of up to €200,000. This ensures your money remains secure while allowing each of you to manage your own savings independently.

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.

Understanding interest rates.

Savings accounts can be one of the most reliable ways to grow your money. Currently, lump sum savings accounts, or fixed term deposits, have some of the most competitive interest rates on savings in Ireland. You can view the top savings account rates at Raisin in the table above. The top fixed rate on our marketplace is currently 3.30% AER.