Deposit accounts to suit you
Compare deposit account interest rates online in just a few clicks
Compare interest rates
Up to 4.25% AER on your fixed term deposit
Free account with no hidden costs
Keep track of your savings online at any time
Compare zero-fee deposit accounts
About Raisin Bank
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 48 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.
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”.