Interest rates on Savings Deposit Accounts in Ireland gradually fell lower and lower over the last few years. Many instant access deposit accounts were paying zero or a tiny 0.05% rate of interest in 2022.
On a deposit of €50,000 a rate of 0.05% would earn just €25 a year in interest – before tax.
The ECB started raising interest rates again in 2022 as inflation began to increase. Those ECB interest rate rises have continued in 2023 and are gradually resulting in higher interest rates for savers. The Irish banks weren’t in a big hurry to pass them on. (Despite massive increases in profits.)
If you have money sitting in a savings account paying just 0.1 % – you could get interest rates that are much bigger elsewhere.
Interest rates of up to 4.22% are available at Raisin.ie (fixed for as little as 1 year) .
On €50,000 – that rate of 4.2% would earn €2100 a year before tax . After tax, this would be €1407
By comparison – over five years – the 5 year National Savings certificate pays just 0.59% Tax-Free. (Interest of just €295 a year on €50,000)
Visit our page comparing the Best Deposit Interest Rates in Ireland
Check out the best instant access rates on our page of the Best Savings Rates in Ireland
Lightyear is an investment platform, not a bank , but it also pays interest on clients’ uninvested cash . The current rates are shown below. (Instant Access, no minimum deposit).
|Lightyear Interest Rates|
If you are interested in investing some money in stocks and shares, look at our page comparing the fees of various online stockbrokers in Ireland.
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