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 2023 are finally starting to increase following ECB rate increases. Some instant access accounts are still only paying 0.1% interest. The ECB started raising interest rates in mid-2022 – but most Irish banks have only increased rates recently.
With an interest rate of 0.1% , on a deposit of €50,000 you would earn just €50 in interest in a year . After tax, this would be just €33.50.
You can get interest rates at some online banks in Europe that are up to 4.21%. Why accept €50 interest on €50,000 when you could get €1000 interest or more at Lightyear or Raisin ?
As a general rule, you’ll usually get slightly better interest rates if you tie your money up for longer. For example – you can currently get 4.21% for 1 year fixed at Raisin Bank (Oct 2023)
ECB rates are rising again in 2023 – so we expect to see some small increases in bank deposit rates over the coming months.
Click on the links below to see the best savings rates on offer in Ireland in October 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.
Lightyear is an investment platform, not a bank , and they pay interest on clients’ uninvested cash . The current rates are shown below. (Instant Access, no minimum deposit).
| Lightyear Interest Rates | |
|---|---|
| Currency | Interest Rate |
| Euro | 3.25% |
| GBP | 4.5% |
| USD | 4.5% |
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
Note: DIRT (Deposit Interest Retention Tax) decreased from 35% to 33% in January 2020 – More details of DIRT here
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.