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.
- 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.
Raisin Bank allows you to order deposit accounts with banks located all over Europe, completely online, free of charge, and without the hassle of opening current accounts with multiple banks.
We make it easy for you. Compare the more than 51 deposit accounts on offer, with terms ranging from 3 months to 5 years, and choose the products that best suit your needs. We will make sure you receive all the required information, documentation and attention in English.
At Raisin Bank, we offer products exclusively from banks in the European Union. As a result, your savings are protected by the Deposit Guarantee Scheme of the country in which you are ordering the product, up to a maximum of €100,000 per depositor and bank.
It’s very easy, here’s how:
- Open your Raisin Account. Register online from your device and access your online banking to verify your identity and address. Once verified, we will open your Raisin Account at Raisin Bank, free of charge. Your Raisin Account will allow you to order and manage all the products you want.
- Choose a product. Choose the products that best suit your plans, set the amount you wish to invest and submit your application, all completely online.
- Transfer funds. Transfer the funds you want to invest to your Raisin Account and we will take care of the rest.
At Raisin Bank, 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 by the Deposit Guarantee Scheme of the country in which you are contracting the product, up to a maximum amount of €100,000 per depositor and bank.
Following European regulations, the Deposit Guarantee Schemes have been harmonised in order to offer the same standards within the EU in the event of a bank’s insolvency.
The main advantage is that you can access deposit accounts with a wider range of returns without having to change banks or open multiple current accounts, and thus benefit from more competitive rates offered by European banks. This is a common practice for savers from other European countries, who are used to investing outside their own country to get more out of their savings.
Not all EU countries and not all banks are in the same situation, so there are several reasons why a bank may offer higher rates. For example, the bank may be in a period of expansion and need to raise liquidity to finance this growth, or it may have an interest in diversifying the sources of its liquidity. On the other hand, competition is not equal in all countries – as a general rule, the more banks in a country, the higher the interest rates they have to pay to be competitive.
As a resident of Ireland, you will have to declare the interest earned on the deposit accounts you order through Raisin Bank when filing your income tax return.
Depending on the product’s country of origin, it is possible this country will apply a withholding tax to the interest generated. However, in most European countries, you will be able to claim back this withholding tax by sending us a certificate of tax residence in Ireland. For countries where the withholding tax cannot be claimed back, you will be able to compensate for the amount when filing your annual tax return in Ireland. You will therefore never be taxed twice on the interest earned through Raisin Bank’s products.
To find out more about how the products you take out with Raisin Bank are taxed, consult our tax guide.
No, the services offered by Raisin Bank are free of charge. This includes opening and maintaining your Raisin Account, managing your international bank transfers (in euros), confirming your balance, sending statements, as well as our Customer Service in English. The opening and maintenance of term deposits with our partner banks are also free of charge.
Raisin Bank receives a commission from its partner banks for the savings intermediated. This income enables Raisin Bank to offer you their services completely free of charge.