Compare savings accounts in Ireland

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With many different types of savings accounts available, all with different terms, interest rates, and benefits, it can be difficult to know what type of savings account will help you maximise your money. On this page, you’ll find out more about the features and benefits of different types of savings accounts, how to compare savings accounts and how tax on savings works, giving you the information you need to decide which savings account is right for you.

The rundown

Savings accounts are a great way to strengthen your finances and act as a rainy day fund or pension pot
Grow your savings more quickly by choosing an account with a competitive interest rate
All savings products on Raisin.ie are protected up to an equivalent of €100,000 per depositor and bank according to EU laws

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 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 choose the right savings account for you

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 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 ratesthan 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 affect what type of savings account suits you best. 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 may be closed or you may be given a lower interest rate.

What features are most important to you?

Savings accounts come with different features which may suit what you’re looking for. If you’re looking to get into the savings habit, a regular savings account requires you to deposit a set amount on a monthly basis. They also come with stricter rules than other savings accounts, like limited withdrawals across a period of time. 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.

Start saving with Raisin Bank

Quickly and easily compare, apply for and open savings accounts with competitive interest rates from a range of European banks by registering for a Raisin Bank Account. It’s free to open a Raisin Bank Account and savings accounts through our marketplace, and once you’ve been approved, you just need to transfer your deposit and watch your savings grow.