The 8 Best Savings Accounts in Ireland [2024 ] (2024)

They say that money doesn’t grow on trees. It can, however, grow through smart investing, or by simply starting a savings account.

Opening a savings account is the easiest way to store or invest your hard-earned cash. Sure interest rates may not be as high, but they’re guaranteed to make your money grow risk-free.

Look no further, we’ve done all the research and rounded up the best savings accounts in Ireland here for you. We’ll also discuss some tips, along with answers to FAQs, to consider before opening an account.

The Best Savings Accounts in Ireland

In no particular order, take a look at our selection of the best savings accounts in Ireland!

1.Bunq

Best Flexible Mobile Banking

Easy Savings
Easy Bank Pro
Easy Bank Pro XL
General sign-up in 5 minutes
Business

Bunq’s savings account offers a straightforward and efficient way for businesses to grow their money with attractive interest rates. With a competitive rate of 3.36% interest, Bunq stands out in the market, providing users with a significant opportunity to maximize their savings.

The app’s user-friendly interface makes it easy to open a savings account in minutes and start earning interest immediately, with no minimum deposit required. For businesses looking to streamline their financial management, Bunq’s Easy Savings, Easy Bank Pro, and Easy Bank Pro XL accounts offer tailored solutions.

One of the major advantages of Bunq’s savings account is the frequency of interest payouts. Interest is paid out every week, allowing users to benefit from compound interest, which can significantly boost savings over time. This feature, combined with the high interest rate, makes Bunq an appealing choice for those looking to grow their money efficiently.

Another benefit is the integration of the savings account with Bunq’s other banking services. Users can easily transfer money between their savings and checking accounts, manage their finances in one place, and take advantage of Bunq’s advanced budgeting tools. The ability to have multiple savings accounts for different goals adds another layer of convenience and financial management. With Bunq’s general sign-up process taking just 5 minutes, businesses can quickly set up accounts and start managing their finances.

Despite these advantages, there are some downsides. As a digital-only bank, Bunq’s services are entirely app-based, which might not be suitable for businesses that prefer traditional banking methods. Furthermore, the reliance on internet connectivity means that access to the account could be limited in areas with poor service.

In conclusion, Bunq’s savings account offers a high-interest, user-friendly solution for to grow their money. The frequent interest payouts and integration with other Bunq services enhance its appeal, although the associated fees and digital-only nature may be drawbacks for some users. With features like Textlink – Travel, Bunq provides additional tools that support business travel and expense management.https://www.financeads.net/tc.php?t=56726C5042118028T

2.Raisin.ie

Comprehensive Savings Account

Raisin is a European savings platform that has rapidly grown to become a major player in the financial services industry. With a mission to provide “savings without barriers,” Raisin has attracted over a million customers worldwide, who have collectively invested more than €60 billion across all Raisin platforms.

Unlike others, they provide access to a wide variety of savings products, including Term and Demand Deposit accounts, from over 16 partner banks. This diversity allows customers to choose the best options that fit their financial goals, whether they seek higher interest rates or more flexible terms.

Raisin’s main draw is to give Irish savers access to competitive interest rates from banks across Europe. By comparing numerous types of savings accounts from multiple banks, customers can often find better rates than those available in Ireland.

We also love how their platform allows users to manage all their savings accounts through a single interface, making it simple to keep track of investments. Raisin Bank ensures a smooth savings process, which includes everything from opening an account to transferring funds.

Furthermore, Raisin’s partner banks are fully regulated within the European Union, customers’ deposits are protected under the European Deposit Insurance Scheme (EDIS) up to €100,000 per bank (or an equivalent in the local currency). If you want to save higher amounts, you can easily spread your money across different banks, as the guarantee applies per bank, per person. This ensures peace of mind, knowing that your savings are secure.

3.Lightyear

Best Savings AccountAlternative

Lightyear emerges as a standout player in the investment landscape, providing a user-centric platform with a myriad of features designed to optimize your financial journey.

Lightyear sets itself apart by offering live data for Germany and the US, ensuring real-time insights for informed decision-making. For other regions, the 15-minute update frequency strikes a balance between accuracy and efficiency.

Unlike traditional investment platforms, Lightyear doesn’t let your cash sit idle. With interest rates as high as 4.50% p.a. net for USD, 4.50% p.a. net for GBP, and 3.25% p.a. net for EUR, your uninvested funds actively contribute to your financial growth (these are true as of 20.10.2023).

Lightyear’s fee structure is refreshingly transparent. Charging minimal amounts for services such as US shares (0.1%, up to $1 max), EU shares (€1 per order), and UK shares (£1 per order), Lightyear emphasises fair pricing, ensuring clients pay only for essential services.

With a multi-currency investment account, Lightyear eliminates constant foreign exchange fees. Offering free ETFs with no execution fees (other fees may apply), a feature often charged for by other platforms, Lightyear empowers users to choose when and how much to convert.

While Lightyear offers attractive interest rates on uninvested cash for USD, GBP, and EUR, the 8.25% p.a. net for HUF is exclusively for Hungarian clients.

Risk Disclaimer:
Capital at risk. The provider of investment services is Lightyear Europe AS for the EU. Terms apply:lightyear.com/terms. Seek qualified advice if necessary.

4.Ulster Bank — Special Interest Deposit Account

Best Savings Account for Low-Income Earners

If it’s your first time opening a savings account, Ulster Bank’s Special Interest Deposit Account (SIDA) is a great choice. You can open an account for as low as €1 from the comforts of your home or a branch nearest you.

Interest rates have hit rock bottom since the pandemic. Despite this, SIDA currently has one of the highest annual interest rates in the market at 0.85% AED.

While you may store up to €100,000 in your SIDA account, the maximum amount you may have in order to benefit from the interest rate is €15,000. Amounts higher than that would be subjected to lower interest rates.

Due to a standing order, this account may not be suitable for those who don’t have a steady monthly income. The good news is that you may only pay a minimum of €1 per month, which can be maxed out to €1,000.

5.Ulster Bank — Home Saver

Best Savings Account for First-time Home Buyers

Now, if you’re saving for a new home, you might want to check out Ulster Bank’s Home Saver account. Like our previous entry, it also boasts of a relatively high-interest rate of 0.85% AER.

First time home buyers may be eligible for a bonus interest of €2,000—a unique feature of this account. But before you get too excited, you might also want to check out their criteria on their website to see if you qualify.

The standing order also requires account holders to deposit anything from €1 to €2,500 monthly, which provides a bit of allowance for higher-income earners who wish to save more.

Comparing this to Ulster Bank’s SIDA, you have a slightly higher threshold of €25,000 in order to qualify for the higher interest rate. Any amount higher but not more than €100,000 is subject to a lower interest rate of 0.15% AED.

6. Bank of Ireland — GoalSaver

Best Savings Account for Personal Current Account Holders

Next on our list is the Bank of Ireland’s GoalSaver account—a versatile savings account you can use to save for a new car, a holiday, or simply for a rainy day.

This year’s interest rates may have decreased to 0.25% AER due to the pandemic, but it remains to be one of the most decent rates in the market today.

Take note that you must already have an existing personal current account in the Republic of Ireland to open a GoalSaver account. If not, you may choose to open one with the Bank of Ireland, which only takes a few minutes to complete online or in your nearest branch.

Through direct debits, holders need to have sufficient balance in their personal current account to cover monthly payments for their GoalSaver account. So be sure to keep track of your accounts to avoid problems.

7. Ulster Bank — urFirst Account

Best Savings Account for Kids 11 And Under

For parents with kids under 11 years old, Ulster Bank’s urFirst Account is worth checking out. They currently have one of the highest interest rates for junior savings accounts in the market at 0.95% AER earned quarterly.

Your kids can already open an account with as little as €5 as the minimum balance. Furthermore, there are no limits on how much your kids can put in their accounts in order to qualify for the interest rate noted above.

What we like about urFirst Account is that kids are entitled to a free Henri Hippo moneybox, along with free learning materials available online, to encourage them to start saving early.

Keep in mind that kids above 12 years old won’t be entitled to this account. Instead, the bank may change their accounts to a urMoney, which you can learn more about on their website.

8. Ireland State Savings — Instalment Savings

Best Savings Account for Long-Term Savers

If you’re thinking long term, you may also consider placing your money into Instalment Savings. Unlike other entries on our list, this account is a state savings product, meaning that you’re directly putting your hard-earned cash with the Irish Government.

In other words, the repayment of the principal amount and interest is an unconditional obligation of the Irish Government, so you can be sure that your money is secure and free from risk.

And because it is managed and protected by the State, Irish residents can also enjoy and receive a tax-free return. Holders of this product may pay a fixed minimum monthly instalment of €25 up to €1,000.

Perhaps the biggest catch is that there is a fixed 6-year term before you can receive its total return of 3.5%. You also have to inform them 7 days in advance should you decide to withdraw some cash, which may not be ideal for emergency situations.

While you can withdraw your cash early, bear in mind that your return will be lower than the published rates. Individuals aged below 18 years old may also be eligible for this product as long as their parent or guardian will provide written consent.

FAQs about Savings Accounts in Ireland

And that’s it! We hope our guide simplified your process in finding the best savings account for you and your family in Ireland.

Think there’s another savings account worth mentioning too? Leave us a message and we’ll get back to you ASAP!

Likewise, we’ve also got you covered with our list of the best mortgage brokers in Dublin if you’re looking to buy your first home.