Deposit accounts to suit you
Compare deposit account interest rates online in just a few clicks
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Compare interest rates
Up to 3.50% AER on your fixed term deposit
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Free account with no hidden costs
Keep track of your savings online at any time
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How it works: All about Raisin Bank
Yes. Please bear in mind that we do not send any information documents by post. All information is available at www.raisin.ie. Your product selections need to be made online. You will then receive the contractual documents to print out and sign – if required.
At Raisin.ie, you can choose attractive deposit offers from European banks – online and from the comfort of your home. This is how it works:
- Open a Raisin Account with Raisin Bank via www.raisin.ie. To successfully open the account please complete the registration process online. Additionally, we will ask you to provide a copy of your Passport and complete the Videoident process. You will then receive your personal login details by post and will be able to transfer funds to your Raisin Account.
- You will then be able to choose a deposit product from one of our partner banks in Raisin.ie’s Online Banking System and submit the required documents. The opening of the deposit account as well as the transfer of funds to the partner bank occurs automatically. All important documents will be posted to your electronic mailbox in the Online Banking System.
- At the end of the agreed term, the partner bank will transfer the funds including accrued interest (less withholding tax) back to your Raisin Account unless you choose to prolong your term deposit, which you can easily arrange in the Raisin.ie Online Banking System. Please note that you will only be able to prolong your term deposit.
Please note that it usually takes around 5 business days to open the term deposit account after we have received the necessary documents along with the funds.
The security of your data is of paramount importance to us. Therefore, we strive to use the latest security standards and technology to ensure you feel protected. Our firewall prevents unauthorized external access to your data in our system and our multi-step encryption and identification system ensures that unauthorized persons can neither intercept your data nor make it readable.
If you are a resident of Ireland and are at least 18 years of age and acting on your own behalf, we will be able to open a Raisin Account for you as a single account.
In addition, it is necessary that you accept the Terms & Conditions of Raisin Bank.
No. We would like to emphasize that at no point will Raisin.ie make recommendations concerning specific products or partner banks. We do not know your personal and individual asset position nor the investment goals you are pursuing, and therefore we are in no position to provide such advice. We appreciate your understanding in this regard.
Raisin Bank AG receives a commission from the partner banks. These commissions enable Raisin Bank to provide their services free of charge to you while continuously improving the quality of these services. We are not able to disclose details about these commissions.
The reference account, the bank account you specified during registration, is a normal current account (such as your salary account) held at a bank in your home country. This reference account is the only account to which you can transfer funds from your Raisin Account.
The Raisin Account is a current account accruing no interest at Raisin Bank, serving as your central online transaction account. When you select a deposit we will debit your Raisin Account and credit the respective amount to your Deposit Account.
Deposit Accounts are accounts which accrue interest held with one of our partner banks. For each deposit product you choose, a new Deposit Account is opened with the respective partner bank. After creating the Deposit Account, the amount you wish to deposit will automatically be transferred from your Raisin Account. At maturity, you then have three options: you may either prolong the deposit, select an alternative deposit product, or the money will be automatically transferred back to your Raisin Account. Please note, that if you take no action, upon maturity, the amount deposited including interest (less withholding taxes if applicable) will be returned to your Raisin Account. There is no automatic rollover.
Deposit accounts: all you need to know
What's on this page
What exactly is a deposit account?
“Deposit account” is a bit of an umbrella term, but the original definition of a deposit account is any kind of bank account where you can deposit and withdraw money. This can include both current accounts and savings accounts, but the term is most often associated with savings accounts. Easy access or overnight savings accounts offer savers quick access to their money. With a fixed term deposit account, savers deposit a lump sum into an account and leave it to sit there gathering interest. The interest rate varies from bank to bank, but it’s easy to get an overview of the top rates in our offer table above.
What timeline should I consider?
An Post Savings offer some longer term options with their top rate available on the 10 year National Solidarity Bond earning 0.59% AER. However, if you’re looking for more flexibility to manage your money and a shorter time frame, Raisin.Bank offer the most competitive rates in the market, with a market leading rate of 0.55% on 1 year fixed term deposits and 1.04% on 2 year products.
Know exactly what to expect: Fixed term deposit accounts
Banks will often offer a higher interest rate for a fixed term deposit than for an easy access savings account. So if you have a nest egg you can afford to stash away for a couple of years, you can expect a higher rate. Generally speaking, the longer the duration, the higher the rate. This is because banks know they are guaranteed to have your money for a set period of time.
While the interest rates for easy access accounts are variable, our fixed term deposit accounts guarantee you a fixed interest rate for the entire duration. Right from the outset, you know what return you can expect one, two, or even ten years down the line.
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Savings without borders: Broaden your banking horizons
More than half of Irish savers are now losing money on their regular savings accounts, as interest rates fail to match inflation. But we’re ready to fight back, and we’ve made it our mission to help you get the highest interest rates possible. By breaking down banking barriers between Ireland and mainland Europe – where interest rates are often significantly higher – we’re opening up a whole new playing field for Irish savers. By offering rates above 1 percent, with Raisin Bank you can beat inflation and avoid your savings losing value over time.
And it’s easy to do so. With Raisin Bank, you can manage your savings online, in your own language, and it’s completely free. We know that life can get busy, too, so you don’t need to worry about forgetting to cancel at the end of the term – we won’t automatically renew your term deposit. And unlike some banks, our offers are for everyone. You’ll never need to hold a particular current account with us to access the offers.
How do I find the best fixed term deposit account for me?
In the table above, we’ve made it easy to help you find the perfect balance between rate and duration. Based on your own needs, you can simply sort the table by top rate, duration, or even country rating to find the perfect term deposit for you.
When is the interest paid out?
Often, the interest is paid out upon maturity, meaning at the end of the fixed duration, but this can vary depending on the individual offer. You can check the terms of each individual offer by clicking “Product details” in the table above and looking at the details under “Interest payout”.
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