Best Savings Account Ireland 2025 – Where to Get the Highest Rates

If you’re wondering about the best savings account in Ireland are you’re not alone.

With interest rates are changing and more savings products available, choosing the right savings account in Ireland has never been more important.

Whether you’re planning for a holiday, building an emergency or buffer fund, or looking to grow your money long term, Ireland offers a variety of savings solutions tailored to your financial goals.

Irish households currently hold approximately €140 billion in overnight deposit accounts, which are easily accessible but offer minimal interest—averaging around 0.13%.

In 2024 alone, Irish savers missed out on approximately €800 million in potential interest earnings due to the low returns on these accounts.

Moreover, broader analyses suggest that Irish savers could be forfeiting up to €3.5 billion annually by not moving their funds to higher-yielding options.

Savings and investments are a smart way to build wealth gradually by contributing fixed amounts over time into various investment options.

This approach helps you grow your savings while benefiting from potential investment returns.

We would always recommend a mixture of savings and investments to minimise risk and balance your investments.

We’ve broken a customer’s saving and investment journey into stages.

Many people will have parts of the below completed, but make sure you have the simplest most straight forward approach in place.

If you’re not sure where to start – just book a free initial meeting with us and we will help guide you.

For short-term savings goals or to establish a buffer fund, use a fixed-interest savings accounts with instant access.

These accounts provide low stable returns with minimal risk, making them ideal for regular saving where you may need to access it quickly or for short term goals that have a defined timeline

What is a short term savings goal?

A short term goal is anything that is between 0 – 3 years that you are building savings for and you can’t take any risk with the money. Normally things like:

1. Home purchase deposit.
2. Renovation costs.
3. Saving for car.
4. Education spending.
5. Saving for holiday.

Below we’ve outlined an example of a regular saving account. This would be suitable for your buffer/emergency fund and short term savings.

These types of bank accounts are guaranteed up to €100,000 per institution under the deposit guarantee scheme. If you have more than €100,000 with one bank move some to another provider.

Account Type: Regular Savings Account | Short Term Financial Goals

• Open a regular monthly savings account if you want to build up funds gradually.
• Compare Current Regular Savings Accounts: https://www.ccpc.ie/consumers/money-tools/regular-savings-comparison/

Benefits

• Encourages disciplined monthly saving habits.
• 2% – 3% interest depending on terms and conditions.
• Suitable for building an emergency/buffer fund or saving for short-term goals.
• Money is safe under deposit guarantee scheme.

Drawbacks

• Direct Debit Required.
• Normally a maximum amount that can be deposited each month.
• Inflation could erode earning of interest.

What To Keep In The Account

• Buffer/Emergency fund – 3 to 6 months expenses.
• Short term saving goal.
• After 12 months consider moving excess to higher return saving accounts.

Savings Account Ireland Example For Regular Savings

Income & Expenses

• Household monthly income = €5,370.
• Household monthly expenses = €4,102.
• Savings monthly amount = €1,268 / 23.6% saving rate.
• Build Buffer/Emergency Fund of  4 months: €4,102 *4 = €16,408.

Savings & Interest Earned

• Amount to keep in regular savings €16,408.
• Interest earned each year @ 2% AER = €328.
• DIRT (Interest earned* 33%) = €108.
• Net interest earned = €220.

Once your buffer fund is fully established and your have 12 months of saving for your goals you should consider moving some money to a more long term saving account.

This is to benefit from better interest rates, but keeps the money secure. Your options here are for fixed term savings account and state savings.

These options are designed to provide a secure investment path with guaranteed returns.

They offer stability and predictable growth while protecting your principal.

Checklist before proceeding. You have:

1. Buffer/emergency fund in place.
2. Specific saving goals you are trying to achieve but it will be at least 12 months until you need access to the money.
3. Be aware you may be locking the money away for a period of time.

Account Type: Lump Sum Fixed Interest 1-5 year.

• Open Lump Sum Fixed Interest Savings Accounts to deposit cash each year.
• Compare Lump Sum Deposit Accounts: https://www.ccpc.ie/consumers/money-tools/lump-sum-deposits-comparison/

Benefits

• 2.57% – 2.61% (AER) annual interest earned depending on terms and conditions.
• Money is safe under deposit guarantee scheme.

Drawbacks

• Suitable for depositing lump sums only.
• Access can be limited depending on product.
• Additional Deposits may not be allowed – you will have to open a new lump sum account each time you make lodgement.
• Inflation could erode earning of interest.
• Dirt @ 33% charged on interest earned.

What To Keep In The Account

• Long term savings.
• Money you don’t need to immediate access to.

Account Type: State Savings 3 to 5 Years

• Saving Bond – 3 year or Saving Certificates – 5 year.
• See: https://www.statesavings.ie/

Benefits

• Money is safe.
• 1.32% – 1.74% (AER) annual interest earned depending on product.
• No Dirt on interest earned.

Drawbacks

• 3 Year and 5 year products only.
• If you access before end of term you lose some of the interest.
• Additional deposits not allowed.
• Inflation could erode earning of interest.

What To Keep In The Account

• Long term savings.
• Money you don’t need to immediate access to.

Once you are happy to lock money away for longer than 5 years, you have more options that will give you potentially better returns.

No Risk Saving Options: If you are particularly risk-averse and have a lump sum to invest, you still have the options to consider placing your money in National Solidarity Bond or Fixed Term accounts.

Account Type: Lump Sum Fixed Interest Savings Accounts +5 year.

• Open lump sum savings account to deposit cash each year.
• Compare Lump Sum Deposit Accounts: https://www.ccpc.ie/consumers/money-tools/lump-sum-deposits-comparison/

Benefits

• 2.75% – 3% (AER) annual interest earned depending on terms and conditions.
• Money is safe under deposit guarantee scheme.

Drawbacks

• Suitable for depositing lump sums only.
• Access can be limited depending on product.
• Additional Deposits may not be allowed – you will have to open a new lump sum account each time you make lodgement.
• Inflation could erode earning of interest.
• Dirt @ 33% charged on interest.

What To Keep In The Account

• Long term savings.
• Money you don’t need to immediate access to.

Account Type: State Savings 10 Year

• National Solidarity Bond.
• See: https://www.statesavings.ie/

Benefits

• Money is safe.
• 2.01% (AER) annual interest earned.
• No Dirt Tax.

Drawbacks

• 10 year product only.
• If you access before end of term you lose some of the interest.
• Additional Deposits not allowed.
• Inflation could erode earning of interest.

What To Keep In The Account

• Long term savings.
• Money you don’t need to immediate access to.

Some Risk Options: If you’re comfortable with some ups and downs in the value of your money and you’re aiming for better long-term returns, you have several choices for investing:

• You can save monthly into a saving and investment product.
• You can invest lump sums into savings and investment product.
• You might choose to use an investment app to pick your own shares or ETFs.
• Or you could work with a professional stockbroker who invests on your behalf.

Each option has its own benefits and drawbacks, which we’ve outlined in the next section to help you decide what suits you best.

Before you make any decision, call us to go through so you are aware of the risks.

With all investment products listed below remember:

Investing in different funds can offer the potential for higher returns over time. While these options come with greater risk compared to traditional savings accounts, they are often more suitable for long-term financial growth.

Diversifying your investments can help mitigate risk and improve your chances of achieving your financial objectives.

Account Type: Regular Saving Investment Product

• Monthly Saving from €50 per month.
• Offered by Aviva, Irish Life, New Ireland, Standard Life and Zurich
• Need to allow a minimum of 5 years to get growth.
• Good for regular saving for children’s education or future expenses.

Benefits

• Encourages consistent saving habits.
• Low Entry Barriers.
• Suitable for both beginners and experienced investors.
• Flexible payments €50-€100 per month.
• You can split your investment into different funds with different focuses and levels of risk.
• Spreads investment risk over time (useful for volatile markets).
• Your money is pooled with other investors and invested.
• Potential for better returns than savings accounts over the long term.
• Large well established companies offering this product.
• Taxes handled by product provider.

Drawbacks

• Don’t own the asset. The Fund owns the asset and you have units in the fund.
• Requires careful strategy to mitigate risks.
• Gross Roll Up Rule Tax at 41% vs dirt and capital gains at 33%.
• Can’t use previous capital gains loses to offset gains.
• Annual management charges of 0.5% to 1.5%.
• No guaranteed returns.

Example: Regular Saving €250 per month

*Assuming a total investment of €51,000 spread across 10-year, 5-year, and 3-year State Savings products over a 20-year period.

Upon maturity, each investment is reinvested in the next available product — the 10-year bond transitions into a 5-year certificate, followed by a 3-year bond.

**Figures below are net after fees and taxes.

Account Type: Lump Sum Investment Product

• Lump sum needed to open.
• Offered by Aviva, Irish Life, New Ireland, Standard Life and Zurich
• Need to allow a minimum of 5 years to get growth.

Benefits

• Suitable for both beginners and experienced investors.
• You can split your investment into different funds with different focuses and levels of risk.
• Your money is pooled with other investors and invested.
• Potential for better returns than savings accounts over the long term.
• Suitable for those with cash reserves seeking growth.
• Large well established companies offering this product.
• Taxes handled by product provider.

Drawbacks

• You don’t own the asset. The Fund owns the asset and you have units in the fund.
• Market timing risk — investing just before a downturn can hurt returns.
• Requires careful strategy to mitigate risks.
• Gross Roll Up Rule Tax at 41% vs dirt and capital gains at 33%.
• Can’t use previous capital gains loses to offset gains.
• Annual management charges of 0.5% to 1.5%.
• No guaranteed returns.

Example: Lump Sum €60,000

*Assuming a total investment of €60,000 spread across 2 x 10-year State Savings products over a 20-year period.

Upon maturity, each investment is reinvested in the next available product — the 10-year bond transitions into another 10 year bond.

**Figures below are after net after fees and taxes.

Account Type: DIY Investing: Self-Directed Investment Through Apps

• Best to allow 5-20 year time frame.
• Davy Select Revolut, Lightyear, Trade Republic etc.

Benefits

• Commission-free or very low-cost trading.
• Choose specific shares, ETFs, or other assets.
• Global markets, multiple asset classes, and thematic ETFs.
• Start investing with small amounts, including buying fractional shares.
• Easy to use on smartphones, often with intuitive user interfaces and learning tools.
• No exit penalties or early encashment charges.
• Can use Capital Losses to reduce CGT.

Drawbacks

• No guaranteed return.
• Market timing risk — investing just before a downturn can hurt returns.
• Requires careful strategy to mitigate risks.
• Execution only – no advice.
• You need to spend a more time learning about options – shares, ETFS, CFDs etc.
• Research suggests DIY investors underperform vs benchmarks.
• Current estimates are 70% of DIY investors lose money when purchasing CFDs or attempting day trading.
• You have to manage tax.
• Capital gains tax charged on profits @ 33%.

Account Type: Stockbrokers

• Best to allow 5-20 year time frame.
• Examples are Davy, Goodbody’s, Cantor Fitzgerald but many other firms exist.

Benefits

• Buy Irish Shares that would are not available in other markets.
• Professional Advice – personalised investment advice.
• Delegate day-to-day investment decisions to experienced professionals.
• Can use Capital Losses to reduce CGT.

Drawback

• Fees – Management fees, trading commissions, and potential entry/exit charges are generally higher.
• Higher account minimums (e.g., €50,000+).
• Capital gains tax charged on profits @ 33%.