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 deposit accounts in 2020 are still very low. Many instant access accounts are only paying 0.01% interest. On a deposit of €50,000 you would only earn €5 in interest in a year at a rate of 0.01%. After tax this would be just €3.35.
As a general rule, you’ll usually get much better interest rates if you tie your money up for longer. You can get rates that are 100 times bigger than the tiny 0.01% offered by the main banks. Why accept €5 interest on €50,000 when you could get €500 or more ?
Note: DIRT (Deposit Interest Retention Tax) decreased from 35% to 33% from January 1st 2020 – so that will mean slightly more interest for savers. More details of DIRT here
Click on the links below to see the best savings rates on offer in Ireland in November 2020
- 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
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.