They say that money doesn’t grow on trees. It can, however, grow through smart investing, or by simply starting a savings account.
Opening a savings account is the easiest way to store or invest your hard-earned cash. Sure interest rates may not be as high, but they’re guaranteed to make your money grow risk-free.
Look no further, we’ve done all the research and rounded up the best savings accounts in Ireland here for you. We’ll also discuss some tips, along with answers to FAQs, to consider before opening an account.
Comparison of Interest Rates
One of the most important factors to consider before opening a savings account is its annual interest rate. Below you’ll see each account’s published rates from 2021 to 2022.
Take note that the interest you’ll receive from the bank is subject to a Deposit Interest Retention Tax, which is 33% of the interest earned.
|BANK/SAVINGS ACCOUNT||INTEREST RATES|
|Ulster Bank — Special Interest Deposit Account||0.85% AER|
|Ulster Bank — Home Saver||0.85% AER|
|Bank of Ireland — GoalSaver||0.25% AER|
|Ulster Bank — urFirst Account||0.95% AER|
|Ireland State Savings — Instalment Savings||3.5% AER total return|
The Best Savings Accounts in Ireland
In no particular order, take a look at our selection of the best savings accounts in Ireland!
1. Ulster Bank — Special Interest Deposit Account
Best Savings Account for Low-Income Earners
|INTEREST RATE||0.85% AER (paid annually in October)|
|INITIAL DEPOSIT/MAX. BALANCE||€1 to €15,000|
|MONTHLY DEPOSIT||€1,000 (max.)|
|WEBSITE||Ulster Bank SIDA|
If it’s your first time opening a savings account, Ulster Bank’s Special Interest Deposit Account (SIDA) is a great choice. You can open an account for as low as €1 from the comforts of your home or a branch nearest you.
Interest rates have hit rock bottom since the pandemic. Despite this, SIDA currently has one of the highest annual interest rates in the market at 0.85% AED.
While you may store up to €100,000 in your SIDA account, the maximum amount you may have in order to benefit from the interest rate is €15,000. Amounts higher than that would be subjected to lower interest rates.
Due to a standing order, this account may not be suitable for those who don’t have a steady monthly income. The good news is that you may only pay a minimum of €1 per month, which can be maxed out to €1,000.
2. Ulster Bank — Home Saver
Best Savings Account for First-time Home Buyers
|INTEREST RATE||0.85% AER variable (paid annually in October)|
|INITIAL DEPOSIT/MAX. BALANCE||€1 to €25,000|
|MONTHLY DEPOSIT||€2,500 (max.)|
|WEBSITE||Ulster Bank Home Saver|
Now, if you’re saving for a new home, you might want to check out Ulster Bank’s Home Saver account. Like our previous entry, it also boasts of a relatively high-interest rate of 0.85% AER.
First time home buyers may be eligible for a bonus interest of €2,000—a unique feature of this account. But before you get too excited, you might also want to check out their criteria on their website to see if you qualify.
The standing order also requires account holders to deposit anything from €1 to €2,500 monthly, which provides a bit of allowance for higher-income earners who wish to save more.
Comparing this to Ulster Bank’s SIDA, you have a slightly higher threshold of €25,000 in order to qualify for the higher interest rate. Any amount higher but not more than €100,000 is subject to a lower interest rate of 0.15% AED.
3. Bank of Ireland — GoalSaver
Best Savings Account for Personal Current Account Holders
|INTEREST RATE||0.25% AER variable (paid annually in March)|
|INITIAL DEPOSIT/MAX. BALANCE||€1 to €14,999|
|MONTHLY DEPOSIT||€20 (min.) to €2,000 (max.)|
|WEBSITE||Bank of Ireland GoalSaver|
Next on our list is the Bank of Ireland’s GoalSaver account—a versatile savings account you can use to save for a new car, a holiday, or simply for a rainy day.
This year’s interest rates may have decreased to 0.25% AER due to the pandemic, but it remains to be one of the most decent rates in the market today.
Take note that you must already have an existing personal current account in the Republic of Ireland to open a GoalSaver account. If not, you may choose to open one with the Bank of Ireland, which only takes a few minutes to complete online or in your nearest branch.
Through direct debits, holders need to have sufficient balance in their personal current account to cover monthly payments for their GoalSaver account. So be sure to keep track of your accounts to avoid problems.
4. Ulster Bank — urFirst Account
Best Savings Account for Kids 11 And Under
|INTEREST RATE||0.95% AER variable (paid quarterly)|
|INITIAL DEPOSIT/MAX. BALANCE||€5 (no maximum balance)|
|WEBSITE||UR First Account|
For parents with kids under 11 years old, Ulster Bank’s urFirst Account is worth checking out. They currently have one of the highest interest rates for junior savings accounts in the market at 0.95% AER earned quarterly.
Your kids can already open an account with as little as €5 as the minimum balance. Furthermore, there are no limits on how much your kids can put in their accounts in order to qualify for the interest rate noted above.
What we like about urFirst Account is that kids are entitled to a free Henri Hippo moneybox, along with free learning materials available online, to encourage them to start saving early.
Keep in mind that kids above 12 years old won’t be entitled to this account. Instead, the bank may change their accounts to a urMoney, which you can learn more about on their website.
5. Ireland State Savings — Instalment Savings
Best Savings Account for Long-Term Savers
|INTEREST RATE||0.63% AER; total return of 3.5% upon maturity|
|MONTHLY DEPOSIT||€25 (min.) to €1,000 (max.)|
|WEBSITE||Ireland State Savings Instalment Savings|
If you’re thinking long term, you may also consider placing your money into Instalment Savings. Unlike other entries on our list, this account is a state savings product, meaning that you’re directly putting your hard-earned cash with the Irish Government.
In other words, the repayment of the principal amount and interest is an unconditional obligation of the Irish Government, so you can be sure that your money is secure and free from risk.
And because it is managed and protected by the State, Irish residents can also enjoy and receive a tax-free return. Holders of this product may pay a fixed minimum monthly instalment of €25 up to €1,000.
Perhaps the biggest catch is that there is a fixed 6-year term before you can receive its total return of 3.5%. You also have to inform them 7 days in advance should you decide to withdraw some cash, which may not be ideal for emergency situations.
While you can withdraw your cash early, bear in mind that your return will be lower than the published rates. Individuals aged below 18 years old may also be eligible for this product as long as their parent or guardian will provide written consent.
FAQs about Savings Accounts in Ireland
And that’s it! We hope our guide simplified your process in finding the best savings account for you and your family in Ireland.
Think there’s another savings account worth mentioning too? Leave us a message and we’ll get back to you ASAP!
Likewise, we’ve also got you covered with our list of the best mortgage brokers in Dublin if you’re looking to buy your first home.