The 6 Best Savings Accounts in Ireland [2023 ]

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.

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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. Trade Republic

Best Savings Account for Investors

INTEREST RATE	2% (monthly)
INITIAL DEPOSIT/MAX. BALANCE	50 000 euro max
MONTHLY DEPOSIT	NA
WEBSITE	Trade Republic

Trading Republic was founded in 2015 by Thomas, Marco, and Christian with the goal of creating an investment experience that they would recommend to their best friends. Between 2015 and 2019, a three-person team subtly constructed Trade Republic’s core in a garden in the center of Berlin, sought for a German license, and iterated the product.

Since then, they have served a large number of customers throughout Germany, providing a stunningly basic product that everyone can afford. Today, they have expanded to Ireland in 2022 and have provided their services to them thanks to Hugo who leads Trade Republic in Ireland.

Traditionally, you’d have to pay exorbitant fees since huge banks operate inefficiently by the book and see no need to change. They are determined to alter this and have created an entirely new service to provide you with modern access to capital markets.

They are building the bank of the future with cutting-edge technology, relentless automation, and best-in-class engineering that will pass through the full market interest rate, meaning that they will be able to offer consumers a 2% interest on their savings with them.

In addition, as part of the German deposit guarantee system your savings are guaranteed up to EU 100k and your savings are accessible at all times with no conditions for withdrawals. Their platforms are accessible via their app and website wherein they can track both ways.

If you need more guidance on investing and prefer someone to manage your investments for you, we recommend Trade Republic for a simple, easy-to-use platform for investing and starting a savings plan.

Pros

High interest rate paid on a monthly basis
All your savings are accessible at all times
Platform is accessible via mobile app or website
No order fee (Free savings plans and no order fee on any trades)

Cons

2. Ulster Bank — Special Interest Deposit Account

Best Savings Account for Low-Income Earners

Ulster Bank — Special Interest Deposit Account's Homepage

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.

Pros

Low initial/monthly deposit amount
Withdrawals permitted anytime
Online banking available
Relatively high-interest rates

Cons

Has a minimum age requirement of 18 years old
Low threshold for high-interest rates

3. 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.

Pros

Low initial/monthly deposit amount
Withdrawals permitted anytime
Online banking available
Bonus interest may be gained

Cons

Closed to regular account holders
Has a minimum age requirement of 18 years old

4. 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.

Pros

Low initial/monthly deposit amount
Withdrawals permitted anytime
Online banking available

Cons

Has a minimum age requirement of 18 years old
Low threshold for high-interest rates

5. Ulster Bank — urFirst Account

Best Savings Account for Kids 11 And Under

Ulster Bank — urFirst Account's Homepage

INTEREST RATE	0.95% AER variable (paid quarterly)
INITIAL DEPOSIT/MAX. BALANCE	€5 (no maximum balance)
MONTHLY DEPOSIT	NA
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.

Pros

Low maintaining balance
Quarterly frequency of interest rates
Free moneybox and educational materials
Flexible deposit amounts allowed

Cons

No ATM card
Not suitable for 12 years old and above

6. Ireland State Savings — Instalment Savings

Best Savings Account for Long-Term Savers

Ireland State Savings — Instalment Savings' Homepage

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.

Pros

High-interest rates
Tax-free return
No fees upon opening an account
Low monthly deposit amount

Cons

Has a fixed 6-year term
7-day notice period for withdrawals
Online application unavailable for new applicants

FAQs about Savings Accounts in Ireland

What is AER?

Simply put, AER, or Annual Equivalent Rate is the interest rate used for savings accounts. This shows you how much you’ll earn after a year or depending on the frequency your bank has stated.

How is the Deposit Interest Retention Tax (DIRT) calculated?

Before interest is paid to your account, your bank will deduct the amount that’s due, which is 33% of the total interest earned.

However, you may be exempted from paying DIRT under certain conditions. Some instances include when you and your partner are 65 years of age or older, and that your combined income is less than the exemption limit.

You may also be exempted if you are permanently disabled or if you aren’t a resident of Ireland. For more information, you may check out the Office of the Revenue Commissioners’ official website.

What is the difference between a standing order and a direct debit?

Both are forms of regular payment made from your bank account.

A standing order means that you’re instructing your bank to make a regular payment. The amount you’ll be paying will be the same unless you make changes.

On the other hand, a direct debit is set up by the organisation you’re making the payment to and in this case, your bank. It means that you’re allowing the bank to collect a certain amount from your account, which you’ll be notified days in advance.

Direct debits are also protected under the Direct Debit Guarantee, which entitles you to refunds should there be incorrect payments.

What are some tips can I consider when choosing a savings account?

First, ask yourself what your saving goals are and how you’d want to access your money.

Are you saving for your child’s college education or for emergencies? Do you need to have immediate access to your money?

Answering these questions will ultimately tell you what kind of savings account to go for.

Next, look at the minimum balance for each account. Banks may penalise you if your balance drops below the minimum requirement.

With this, it’s also important to consider the minimum and maximum amount of money you can deposit into your account each month, and ask yourself if it’s sustainable. Remember, the longer and bigger the amount of money stored in your account, the bigger the interest gained.

Lastly, compare interest rates per bank or types of account. Rates may be severely affected by the pandemic, but having a relatively decent rate is better than none.

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.

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Savings Account

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Comparison of Interest Rates

The Best Savings Accounts in Ireland

1. Trade Republic

2. Ulster Bank — Special Interest Deposit Account

3. Ulster Bank — Home Saver

4. Bank of Ireland — GoalSaver

5. Ulster Bank — urFirst Account

6. Ireland State Savings — Instalment Savings

FAQs about Savings Accounts in Ireland

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