Best savings accounts in Ireland — 2024 edition
How to · 28 June 2024Team Revolut
Inflation, financial instability, economic uncertainty — these seem to be the buzz words on everyone’s lips nowadays. While today's financial scene does pose some challenges, let's flip them and turn them into opportunities. What better reason to get creative and find ways to put your money to work for you?
Finding the best savings account for you can help you get the most out of your money and keep your investments safe. But with so many options out there, finding the right one for you can feel like an uphill battle.
Not to worry — let's explore some of the best savings accounts in Ireland so you can make an informed choice. In this guide, you'll learn what to look for in a savings account, the various types of options available to you, and some popular banks you can consider. Whether you want a savings account you can get to right away or one with a fixed term and a higher interest rate, we've got you covered.
Why open a savings account?
First things first — let's first dig deeper into what a savings account is and why having one is beneficial.
A savings account is a type of deposit account that allows you to earn interest on the money you deposit. Unlike a current account, which is meant for everyday transactions, a savings account is designed for long-term saving.
Whether you’re saving up to buy a house or building an emergency backup fund, a savings account can help you achieve your goals. Here are some reasons why you should consider opening a savings account.
- You earn interest: one of the main benefits of having a savings account is that you can earn interest on your money. The interest rate is the percentage of your balance that the bank pays you for keeping your money in the account. The higher the interest rate, the more money you'll earn. While interest rates vary depending on the bank and the type of savings account, even modest rates can result in meaningful growth over time.
- Your money's safe: most savings accounts in Europe are insured by the Deposit Guarantee Scheme, which means your money is protected up to €100,000. This makes it a lower-risk investment than stocks or crypto, for example.
- You have access to your money: while savings accounts are designed to encourage long-term saving, they also offer the flexibility to access your money when necessary. This means you can withdraw your funds whenever you need them. Some accounts even allow you to access your money through online banking or ATM withdrawals.
Which type of savings account is best for you?
So, there's no doubt about it — you know having a savings account can help you grow your money. But how do you go about choosing the best one for you? Before you start comparing banks, it's important to understand the types of savings accounts out there. The right one for you depends entirely on your goals and preferences.
Regular savings accounts
If you’re looking to deposit a set amount of money on a recurring basis, regular savings accounts are for you. This type of account encourages a habit of regular saving, making it easier to accumulate your savings over time. Regular savings accounts can offer competitive interest rates, especially when you commit to a minimum balance or maintain a certain level of activity within your account.
Instant-access savings accounts
Instant-access savings accounts give you the flexibility to withdraw money without any penalties, making them a great option if you need flexible access to your savings. While these accounts offer lower interest rates compared to fixed-term savings accounts, for example, they come in handy for managing short-term needs or unforeseen expenses.
Lump-sum savings accounts
If you want to deposit a large amount of money all at once, lump-sum savings accounts are your go-to choice. These accounts are perfect for one-off savings goals, such as a home deposit, wedding, or an emergency fund. Lump-sum accounts can offer higher interest rates than regular savings accounts because they’re typically held for a longer period.
Fixed-term savings accounts
Fixed-term savings accounts require you to commit your money for a specific period, ranging from a few months to several years. In return, you earn a higher interest rate than what you'd get with a regular or instant-access savings account. These accounts are ideal for long-term savings goals, such as retirement or home purchases, where a guaranteed return is more important than immediate access to money.
High-yield savings accounts
High-yield savings accounts are designed to offer the highest possible interest rates, making them a great choice if you’re looking to maximise your savings growth. These accounts typically have high minimum deposit requirements and may offer benefits such as additional rewards or bonuses for maintaining a certain balance.
Fixed-rate savings accounts
Fixed-rate savings accounts offer a guaranteed interest rate for a specified period. This type of account is a wonderful option if you prefer stability and predictability in your savings growth. The interest rate is set at the beginning of the term and remains constant, which makes it easier to plan your savings strategy.
Comparing savings accounts — what to look for
Now that you're aware of the different account types available and have hopefully narrowed down your choices, let's go over a few things to keep an eye out for when looking for a savings account.
Interest rates
This one's obvious — one of the most important factors to consider when comparing savings accounts is the interest rate. Look for accounts with competitive rates that'll help your money grow faster over time.
Keep in mind that some accounts may offer higher rates but require you to meet certain criteria, such as maintaining a minimum balance or making regular deposits. Get some clarity on what's important to you, and don't be swayed exclusively by high interest rates if the terms and conditions don't align with your needs.
Fees
Another factor to consider is the fees associated with the account. Look for accounts with low or no fees so you can keep more of your savings working for you. Common fees to watch out for include monthly maintenance fees, ATM fees, and overdraft fees.
Accessibility
Consider how easy it is to access your savings with each account. Look for accounts that offer online and mobile banking options, so you can manage your money conveniently from anywhere. Also, consider whether the account offers features such as mobile check deposit, bill pay, and person-to-person transfers.
Customer service
Good customer service can make a big difference in your banking experience and offer peace of mind. Look for banks with responsive customer support teams that are available to help you with any questions or concerns you may have. Reading customers' reviews can sometimes allow you to gauge the quality of a banks' support team, although experiences vary from person to person.
Additional features
Finally, consider any additional features or perks that the bank offers along with the savings account. Some accounts may provide bonus interest rates for meeting certain criteria, such as maintaining a minimum balance or making regular deposits. Others may offer rewards programmes, cashback incentives, or discounts on other products and services. While these features shouldn't be the primary factor in your decision, they can add value and enhance your overall banking experience.
Top banks for savings accounts in Ireland
Now let's explore some popular banks that offer savings accounts in Ireland. This list is by no means exhaustive, so use it as a springboard to discover the endless options out there. The best way to find the right savings account for you is to stay on top of market trends and keep researching new opportunities that may come up.
Also, keep in mind that every type of savings account is different when it comes to interest rates, flexibility, and additional features. Comparing fixed-term savings accounts to instant-access savings accounts, for example, is like comparing apples to oranges, so explore your options thoroughly before making a decision. A certain account type may not match your needs or expectations, but the same bank may offer another account type that's just the right fit.
Revolut
If you haven't already heard of Revolut, you need to check it out. It's a well-known app-based bank that's quickly skyrocked to fame, with a whopping 2.7 million customers in Ireland alone — and their savings options are just what you'd expect from this fintech powerhouse.
Revolut recently launched an ultra-competitive savings option that's giving high-street banks a run for their money: Instant Access Savings. You get variable interest rates starting from 2% AER¹ on the Standard plan, which has no monthly fees, up to 3.49% AER on paid plans. Interest is paid daily — that means no waiting for payments to land. You can also withdraw money at any time, and there's no minimum balance requirement.
Instant Access Savings also comes with tonnes of additional features. With spare change round-ups, you can automatically round up your everyday payments and send the difference to your savings. Plus, you can set up recurring transfers, allocate funds for different goals to organise your money, and save in multiple currencies.
Revolut's Instant Access Savings is seamlessly integrated into the app alongside other features such as car insurance, personal loans, credit cards, and even investments like cryptocurrency trading. This lets you manage your money all in one app, 24/7.
Revolut Bank UAB is authorised and regulated by the Bank of Lithuania in the Republic of Lithuania and by the European Central Bank. It's also regulated by the Central Bank of Ireland for conduct of business rules. Since it's a fully licensed EU bank, your eligible deposits are insured by the Lithuanian Deposit Insurance scheme (Public Institution "Deposit and Investment Insurance"). Learn more here.
Bunq
Bunq is a digital bank that offers a savings account with a competitive interest rate of 2.46%. One of its standout features is that it allows you to open multiple savings accounts, which you can name and customise according to your financial goals. This feature makes it easy to save for different purposes, such as a holiday or a down payment on a house.
Additionally, Bunq has an AutoSave option, which automatically rounds up your payments and sends the difference to your savings account. This helps you save without even thinking about it.
Another unique feature is that you can choose to invest your money in sustainable projects, such as solar panels or reforestation. This means your money's not only growing, but it's also making a positive impact on the environment.
Raisin Bank
Another popular option for savings accounts in Ireland is Raisin Bank. This is an online platform that allows you to open savings accounts with different banks across Europe, making it a convenient option if you're looking to diversify your savings.
Raisin Bank's interest rates vary depending on the bank and the savings account. They partner with over 90 banks, including some of the top banks in Ireland. With Raisin Bank, you can open a savings account with a bank outside of Ireland, which may offer higher interest rates.
Trade Republic
Trade Republic is a mobile investment app that combines the benefits of traditional banking with opportunities for investment growth. Unlike conventional savings accounts that typically offer fixed interest rates, Trade Republic provides access to a range of investment options, making it possible for you to earn higher returns on your savings.
This platform allows you to save money and invest it in stocks, ETFs, and other assets, all in one place. With Trade Republic, you can earn up to 4% on your savings, paid monthly. This is an interesting option if you're looking for a more comprehensive investment platform.
N26
N26 is a digital bank that's gained lots of popularity in Ireland over the past few years. Their savings account, N26 Instant Savings, offers interest rates starting from 2.8%. Plus, you can deposit as much money as you like into your savings account — you'll earn interest on the total balance.
You can open and manage your account through the N26 app, making it convenient for you if you prefer to handle your banking from your phone. N26 also offers a feature called Spaces, which allows you to set aside money for specific goals or expenses.
Allied Irish Bank (AIB)
AIB is one of the largest banks in Ireland, with over 200 branches across the country. They have a variety of savings accounts to choose from, so make sure to check out all of their options.
One of their savings accounts, the Online Notice Deposit 7, offers a variable interest rate of around 0.75% on balances of up to €1,000,000. You can open and manage your account online, which is convenient if you're constantly on the go. The account's main feature is its flexibility — you can take money out with only 7 days' notice.
AIB also offers a fixed-term savings account with interest rates between 1.5% and 3%, depending on the term you choose. This account requires a minimum balance of €15,000, so keep that in mind.
Bank of Ireland (BOI)
Like AIB, BOI is one of the “big four” banks in Ireland. As you would expect from a large bank with a solid track record, it offers a range of savings accounts to suit different needs.
Their Instant Access Savings Account offers a variable interest rate that's currently around 0.10%. While the interest rate may not seem high, this account has a minimum balance of €1, making it accessible to anyone who wants to start saving.
BOI also offers fixed-term savings accounts such as the SuperSaver account, which offers 2.99% interest after a 12-month period.
An Post
An Post, the Irish postal service, also offers a regular savings account called 6 Year Instalment Savings. This account offers an interest rate of 1.75%. There's a minimum requirement of €25 per month and a maximum of €1,000 per month. You can open and manage your account online, and you can also access your savings through the An Post Money app.
They also have the Childcare Plus option, designed specifically to help you save for your children's future. Both of these accounts are tax-free, which is an added incentive.
Permanent TSB (PTSB)
As another major bank in Ireland, PTSB offers a range of savings accounts to help you reach a variety of financial goals. Their Online Instant Access account offers a variable interest rate of 0.01%. While the interest rate may seem low, you can access your money whenever you need to. This is a risk-free way of saving if you don't want to add money regularly every month or if you think you might need to take money out in the near future.
With their Regular Online Saver account, you get an interest rate of 2.50% on balances up to €50,000. If your balance exceeds this maximum, the interest rate drops to 0.01%, so this may be a good option for you if you don't plan to keep a balance above that amount.
Put your money to work for you with Revolut
Ready to start saving? Check out Revolut's Instant Access Savings. Up to 3.49% variable AER paid daily, ultimate flexibility, handy additional features, top security — it's hard to beat that.
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Sources last checked 29 May 2024.
¹Annual Equivalent Rate (AER)