High yield savings accounts in Ireland

The interest you’ll earn from a high yield savings account is advertised as an annual equivalent rate (AER). This makes it easier to compare savings rates from a range of providers with different terms.

The simplest way to calculate interest on a high yield savings account is to multiply your account balance by the interest rate and then multiply this by the length of time the money is in the account. So: D (deposit) x R (rate) x T (time) = interest earned. 

The way in which the interest is earned on a particular product may also affect the amount you’ll receive.

If you’re thinking of opening a yield savings account in Ireland, it’s important to consider the advantages and potential disadvantages before you commit.

Here’s a summary of some of the pros and cons of high yield savings accounts, but it’s best to speak to a financial adviser for more personalised advice.

A high yield savings account may be a good option if you’re looking for the most competitive rate of return on your money. Anyone can open a high yield savings account, but fixed term deposits are best suited to long term savings goals, as you’ll need to leave your money untouched for a set amount of time.

If you’re saving for a deposit on a house, a wedding or even retirement, a high yield savings account can be a great way to grow your savings faster.

However, if there’s a chance you’ll need to access your money or you’re looking for more flexibility, a competitive demand deposit account may be more suitable. They’re ideal if you have a short-term savings goal, or you just want to put money away regularly while still earning a high street-beating rate of interest.

Before choosing a high yield savings account, it’s a good idea to ask yourself the following questions:

If a high yield savings account sounds like the right option for you, visit the Raisin Bank marketplace to browse and compare savings accounts from a range of European banks.

Yes. In line with EU-wide regulations, deposits are protected if an institution authorised by the Central Bank of Ireland collapses. The Deposit Guarantee Scheme protects savings of up to €100,000 per person, per financial institution.

Your money will usually be returned to you within 10 working days of your institution failing, although this time limit is due to be shortened to seven working days by 2024.

If you have a high yield savings account with a European bank outside of Ireland, your money will be protected by the scheme in your bank’s country.

To find the best high yield savings account for you, you’ll need to compare accounts from different providers. At Raisin Bank, we offer an effective, easy-to-use comparison table that lets you browse fixed term deposit and demand deposit accounts from a range of European banks.

Generally speaking, the best high yield savings account will be the one that suits your savings goals and offers the highest interest rate. However, it’s important to read the small print carefully and ensure you’re comfortable with the product’s terms and conditions.

Things to look for are restrictions, fees or penalties, and whether your savings will be protected. If you’re in any doubt, it’s best to speak to the provider or contact an independent financial adviser for advice tailored to your circumstances.

You can easily apply for a high yield savings account through the Raisin Bank marketplace. Simply register for a Raisin Bank Account (it’s free) and choose from a range of competitive high yield savings accounts from our European partner banks – all online and from the comfort of your own home.

Once your application has been approved, simply make your initial deposit and then sit back and watch your savings grow.