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Best savings accounts in Ireland

There's no one-size-fits-all savings account. Whatever you're looking for, we're here to help you find the one that suits you best. 

The best savings account for you is one with a good interest rate and extra conditions that you can easily meet. You can see some of our top picks below for different savings styles, or choose one for yourself using our comparison table.

Which type of savings account is best for me?

The best savings account for you will depend on the type of saver you are, what you want from a savings account and what your savings goals are.

💬 “I want a high interest rate.”

Best savings account option: High interest savings account

If you’re simply looking for the best savings rate, go for a high interest savings account. Because of the higher interest that is paid out, there may be certain conditions that need to be met in order to earn this rate – such as limited withdrawals or minimum monthly deposits.


💬 “I want to be rewarded for regular saving.”

Best savings account option: Bonus savings account

Bonus saver accounts reward you with a higher bonus interest rate each month you meet the account conditions. This usually involves depositing a certain amount of money each month. These are great accounts if you’re looking for an extra incentive to make regular deposits into your savings and be rewarded for good savings habits.


💬 “I’m looking for a special sign-up rate or new customer bonus.”

Best savings account option: Introductory saver account

An introductory saver account is best if you’re looking for a sign-up deal, as these accounts offer extra bonus interest to new customers. They’re often the best rates in the market, but after the honeymoon period is over (usually three to six months) the bonus rate will drop back down to the standard rate.


💬 “I don’t want to commit to a high monthly deposit amount.”

Best savings account option: Bonus savings account

Some bonus savings accounts offer bonus interest without setting a monthly deposit requirement. Instead, these accounts might require that you open a transaction account with the same bank and make a certain number of purchases a month, or they might require that you make no withdrawals.

If you’re happy to deposit some money each month but don’t want to commit to a high amount, you can also get a bonus saver that pays bonus interest when you deposit as little as £20 a month.


💬 “I’m young and want to kick-start my savings”

Best savings account option: A youth or student savings account

Youth and student savings accounts often offer a better interest rate with fewer account conditions to meet. By having a lower monthly deposit condition and more flexible access to your savings, these accounts can help you develop good savings habits while you’re starting your savings journey.


💬 “I’ve got a short-term savings goal.”

Best savings account option: Introductory saver account

If you’re saving for something for three to six months only (like a holiday or a special event), an introductory saver will offer a special high bonus rate for a few months only. The good thing about these accounts is they usually have no conditions to meet to earn the bonus rate, as long as you’re a new customer. So it’s a low-maintenance, set-and-forget option for short-term goals.


Do I need a savings account, a current account or both?

A current account is obviously what you use for day-to-day purchases and transactions and comes with a debit card. A savings account, on the other hand, doesn’t have any of these spending features. This is because the aim of a savings account is to keep depositing rather than spending the money. Plus – and the most important difference – a savings account gives you an interest rate.

You usually need tend to have a savings account and account linked together, because you’ll use the transaction account to move money back and forth from your savings when you need to.

Finding the best savings account: Tips and traps

Tips

  • Look for a good interest rate. You want a savings account that offers a competitive interest rate, but only if you can meet the deposit conditions. If you can’t meet the conditions, you won’t earn the good bonus rate anyway.
  • Make sure you can comfortably meet the account conditions. Don’t open a savings account with a high monthly deposit requirement if you’ll struggle to meet this each month. You’re likely better off opting for an account with a slightly lower interest rate and account conditions that are easier for you to meet.
  • Consider smaller, lesser-known banks. Don’t be afraid to consider a smaller bank that you might not have heard of. These banks often offer more competitive interest rates, and they’re regulated in the same way as the larger banks so your savings are still protected by the Deposit Guarantee Scheme.

Traps

  • The linked transaction account could charge high fees. Most savings accounts will require you to also open a current account with the same bank. This is how you can move money in and out of your savings account. When picking a savings account, make sure you check the fees charged on the linked current account. Some can charge monthly account fees of £5 or more, while with others it’s free. others change no monthly account fees.
  • The variable base rate could be very poor. Don’t fall into the trap of picking a savings account with a high bonus rate only to discover you can’t meet the account conditions. If this is the case, you’ll then earn the variable base rate instead which could be as low as 0.01%.
  • The bonus rate might only apply to a set balance. Some savings accounts offer a really attractive bonus interest rate, however it’s only applied on a set balance (for example up to £10,000). If you have a balance larger than the limit, you could actually earn no interest at all.

How do I open a savings account?

In most cases, you can apply and open the savings account online, as long as you’re able to provide documentation that confirms your identity and residency. If you’re a new customer of the bank, you’ll need to verify your identity for legal reasons.

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