Savings beyond Ireland

Ireland's pillar banks have continued to reduce their interest rates on fixed term deposits in 2025*, with analysts predicting that there will be more cuts to come. If you’re looking for better returns, now could be a good time to consider a European savings account.

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.

In short, yes. If you are a legal resident in an EU country, you are entitled to open a basic payment account in other EU countries, although this right does not always apply to other types of bank account, such as savings accounts**.

With Raisin, you can open savings accounts with rates up to 3.00% AER from banks located all over Europe. Our marketplace is free, easy-to-use, and you can manage everything under one roof!

Yes, the European Union’s Deposit Guarantee Scheme protects customers’ deposits up to €100,000 per person, per bank. This gives customers the guarantee that, if the bank fails, they will get their money back (up to the given limit). Before saving with a European bank, you should ensure that they are members of the relevant guarantee scheme in their country.

At Raisin, we work with banks located exclusively in the European Union, which means that they are members of their respective national Deposit Guarantee Schemes. As a result, your savings are protected.

The main advantage for Irish savers is that you can access deposit accounts typically offering higher returns, without having to change banks or open multiple current accounts. This is more commonplace for savers in other European countries, who are used to investing outside their own country to get more out of their savings.

Many people in Ireland already take advantage of low-cost international money transfers and everyday services such as SEPA Direct Debits that simplify money management across borders. The flexibility of this interconnected financial system can extend to savings, too. Growing your money in a savings account isn’t limited to Ireland and Irish banks; you can often secure better options elsewhere. And, of course, everything is in euros, so there’s no need for costly currency conversions.

If you live in Ireland, you need to declare any interest you earn from savings accounts with European banks – just as you would with a savings account from an Irish bank.

Raisin provides all the paperwork you need to simplify filing your tax return. Also, many banks on Raisin’s marketplace don’t automatically deduct withholding tax on your interest, or you may be able to reduce any foreign tax by submitting proof of Irish residency. You can check the details of each account in the offers table.

It’s also worth noting that Raisin complies with the Common Reporting Standard (CRS), which means your account information will be securely shared with Revenue when required.

If you’re unsure about your tax situation, it can be a good idea to get in touch with a tax professional.

It’s simple: with Raisin, you can invest your savings in banks all across Europe. Getting started looks like this:

1. Open a free Raisin Account.
   
   After a simple video identification process, you will receive your login details. The Raisin Account enables you to quickly and easily apply for, fund, and manage deposit accounts through our marketplace.
   
2. Find a savings account that is right for you.
   
   Browse our high-yield savings accounts, compare interest rates and terms, then choose the best account that suits your needs and goals.
   
3. Transfer your funds.
   
   After deciding how much you want to deposit, simply transfer your money from your reference bank account into your Raisin Account. Your reference account can be a current account held with a bank within the European Union.
   
4. Start saving!
   
   As soon as you have deposited enough to cover the amount that you pledged, we’ll automatically open and fund your chosen savings account for you.
   

That’s it! Through your Raisin Account, you have quick and easy access to a wide range of features. You’ll be able to check everything from how much interest you’ve earned to when your term ends. 

Following European regulations, all of Raisin’s partner banks participate in their respective national Deposit Guarantee Scheme, so your savings are protected up to a maximum amount of €100,000 per customer and bank.

For a more detailed overview of the process, visit our How it works page. Raisin offers excellent customer support, with real people on hand to help you at every step.

Exploring European banks can provide Irish savers a solution to the low interest rate environment at home by offering the potential for higher savings rates. As always, savers should ensure they carry out thorough research, weigh the associated risks, and make informed decisions to ensure the safety of their savings. But by looking beyond Ireland's borders, savers can make the most of an increasingly interconnected global economy to grow their money.

*https://www.irishtimes.com/business/2025/06/03/bank-of-ireland-cuts-interest-rates-on-savings-accounts/

**https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm#inline-nav-1