We regularly monitor and compare the Interest Rates on Savings Accounts in Ireland. We check the highest interest rates on instant access deposits as well as regular savings accounts and fixed-rate deposits.
The interest rates on Irish bank deposit accounts in 2022 are still very low. Many instant access accounts are only paying 0.01% interest. The ECB started raising interest rates in mid 2022 – so that should eventually result in some increases to deposit interest rates in Ireland.
With an interest rate of 0.01% , on a deposit of €50,000 you would earn just €5 in interest in a year . After tax this would be just €3.35.
As a general rule, you’ll usually get slightly better interest rates if you tie your money up for longer
You can get interest rates at online banks in Europe that are as much as 200 times bigger than the tiny 0.01% offered by the main banks in Ireland. Why accept €5 interest on €50,000 when you could get €1000 or more at Trade Republic or Raisin ?
Note: DIRT (Deposit Interest Retention Tax) decreased from 35% to 33% in January 2020 – More details of DIRT here
ECB rates will be rising again in 2022 – so we expect some small increases in deposit rates over the coming months.
Click on the links below to see the best savings rates on offer in Ireland in January 2023
- Best Instant Access Deposit Rates
- Regular Saver Accounts
- Best 1 Year Fixed Deposit Interest Rates
- Highest Interest Rates on Fixed Terms Up To Five Years
You could also earn higher interest with a regular savings account or a fixed-term deposit. But remember, with a fixed term account you may not be able to access your money immediately (or even not until the end of the term) – and there could be a withdrawal fee.
If you are looking at alternative forms of investment – such as stocks and shares – you should take a look at these articles
Where to Buy Shares in Ireland
Buying Exchange Traded Funds in Ireland
How to Buy Cryptocurrency in Ireland
Whilst we strive to maintain the rates and update them when changes occur – customers should double-check with the financial institutions for confirmation of current rates.
Links to financial provider sites are provided solely as a convenience to the user and do not constitute any endorsement of such sites.